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Forex Online is the Central Bank of Barbados’ online portal for submitting applications to purchase or transfer foreign currency.
Forex Online was introduced to enhance the ease and speed of conducting international business transactions from Barbados.
No. Forex Online is an online portal that centralises all foreign currency applications. Your commercial bank or other financial institution still has to approve most applications, but rather than you having to visit them physically, you complete the application electronically through the portal.
The Central Bank will only process your application if the type of application or the amount of money you are applying for falls outside what your financial institution is authorised to approve.
No. You use Forex Online to apply for permission to purchase foreign currency (it replaces the paper application forms used previously). You will still need to go to your commercial bank or other entity to purchase or transfer the foreign currency.
First, you create an account. Once you have done so (you will receive email confirmation once you have), you can apply to purchase or transfer foreign currency.
As part of the application, you must select which authorised dealer (commercial bank or other financial institution) you will be using to purchase or transfer the foreign currency. You will also need to provide information on who the money is for, how much you are applying for, and the purpose of the transaction.
Based on the type of transaction, you may be asked to provide supporting documentation, e.g. an acceptance letter and statement of fees from an overseas university if you are applying to make a tuition payment. The system will tell you what, if any, documentation you need to provide.
After you submit your application, you will receive an email confirmation. The email will also indicate whether the application will be processed by your authorised dealer or the Central Bank of Barbados. Which one generally depends on the type of application and the amount you are applying for.
You will receive another email after your application has been processed. If it has been approved, the notification will indicate how long the authorisation is valid for and instruct you to contact your authorised dealer.
N.b. If at any point in the process you do not see an email in your inbox, please check your spam or junk folder to see whether it was misdirected.
Anyone who needs to make a transaction that includes converting Barbados dollars to a foreign currency to complete a transaction can use Forex Online. This includes, for example, if you are purchasing foreign currency for holiday travel, paying tuition to an overseas university, or importing a car. Businesses and other entities can also use Forex Online. In addition, it is possible to apply to act as another person’s agent should they need someone to apply on their behalf.
You can use Forex Online if you are applying
You can choose from four types of applications in Forex Online:
Use this form if you are applying to purchase foreign currency for holiday or business travel or to make a one-off or infrequent payment that is not for imports.
Use this form if you’re purchasing foreign currency to pay for imports, e.g. if you’re purchasing a car from overseas.
Use this form if you plan to make several payments to a single person or entity over a period of 12 months. For example, if you are a parent sending money to your child who is studying abroad. Please note that you are allowed to make the payments either monthly, quarterly, or simply periodically.
Use this form if you are bringing foreign currency into Barbados for investment purposes. This could include purchasing property, purchasing shares or otherwise investing in a company, or providing funding for a loan to a company.
Use this form if you want to replenish or increase the foreign exchange limit on your debit or credit card.
To use Forex Online, you’ll first need to create an account. To do that, you’ll need your ID number and a valid email address so you can receive our notifications.
If someone you know is not computer savvy or does not have regular access to a computer or other device, you can register as their agent and apply on their behalf. To do this, you go through the regular registration process, but select “Agent” under “Applicant Type.”
After you register for Forex Online, a confirmation email will be sent to the email address you used to register. If you do not see the email, check your spam or junk mail folder to ensure it has not been misdirected.
N.b. Anytime that you apply to purchase foreign currency or receive approval for an application you submitted, a notification will be sent to this email address.
If you forget your Forex Online password or username, select “Forgot password/username” on the Forex Online homepage. You’ll be prompted to submit your email address. Once you do so, you’ll be sent an email that allows you to reset your password or recover your username. N.b. the email address you provide must be the same one you used when you registered for Forex Online.
After you submit an application, you will receive an email notification confirming that the application was received. The notification will also indicate whether your application will be processed by your commercial bank (or other authorised dealer) or by the Central Bank. If you do not receive an email notification, check your email’s spam or junk folder to ensure that it has not been misdirected.
After your application is processed, you will receive an email confirming whether it has been approved. For an approved application, the notification also states how long the approval is valid for.
The FC (Not for Imports) and the FC 1 (Imports Only) are both valid for 60 days while the PP (Application to Make Periodic Payments) is valid for 12 months. The FI (Application to Register Foreign Investment in Barbados) has no expiration date.
Yes. We will inform you by email that your application is either cancelled or declined and the reason why.
After you receive confirmation that your application has been approved, you can contact the authorised dealer (bank or other financial institution) you listed on the application to purchase the foreign currency or transfer the funds. Your authorised dealer will be able to see and process your application. You need only to give your name or the application number.
Credit union members are not permitted to use Forex Online at this time. Your credit union makes the application on your behalf.
Yes. If you are applying to send money using Western Union, you can select either Massycard (Barbados Limited) or New World Capital Inc. as the authorised dealer. If you are applying to send money via MoneyGram, you should select Caribbean World Travel Services Ltd. as the authorised dealer.
Updated on April 5, 2024.