Central Bank of Barbados to Take Foreign Exchange Applications Online

Barbados’ banks and their customers will soon be able to complete foreign currency transactions more speedily. With the rollout of Forex Online on January 3, 2022, users of the system will benefit from the convenient and user-friendly electronic interface that allows them to apply to send funds abroad in just a few clicks. Director, Foreign Exchange & Export Credits, Ian Collymore in announcing this move, describes the system as “safe,  secure and convenient.”

According to Collymore, this solution, has been designed to “create a more efficient exchange controls platform that allows the Bank to better monitor trends and minimise irregularities across the system”.  Forex Online also makes it easier for customers to complete their applications and speed up their transactions. Collymore commented further that “the system aligns with both the Bank and national push towards becoming more globally competitive through the digital space and generally facilitates doing business in Barbados.”

Users of the system including commercial banks, Money or Value Transfer Services (e.g. Western Union) lawyers, agencies, businesses and the general public, will find  it “easy to navigate”, remarked Collymore.  Forex Online is available 24/7 and requires that the user sets up an account and has a reliable internet connection.  Most applications can now be processed within the same day, allowing for faster payment settlements.

Forex Online serves as a key pillar to greater efficiency within the financial services sector. The system will roll out with the application form FC, used to facilitate most foreign currency transactions, apart from those for imports. The Bank continues to work diligently to integrate other forms into this new system, and will announce further developments in due course.

To get started on creating your Forex Online account, visit the website at centralbank.org.bb Your gateway to international payments, that’s Forex Online.

Please submit any questions to forex@centralbank.org.bb.