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Central Bank of Barbados Publishes Guidance on New 2% Foreign Exchange Fee

The Central Bank of Barbados has published guidance on the new foreign exchange fee (FXF) that was included in the Barbados Financial Statement and Budgetary Proposals for 2017 (previous coverage). Key points as provided by the Central Bank include:

  • The FXF is introduced in two phases: from 17 July 2017 for purchases of foreign cash, wire transfers, and bank drafts and from 1 September 2017 for foreign credit, debit, and prepaid travel card transactions.
  • The FXF is 2% and will be calculated based on the Barbados value of the transaction. It will also be clearly stated on transaction receipts.
  • The FXF applies to purchases of foreign currency and payments for foreign currency transactions only, so persons selling foreign currency to an authorized foreign currency dealer, depositing it into their account, or receiving wire transfers or bank drafts will not have to pay the FXF.
  • Credit card transactions billed in Barbados dollars will still be subject to the FXF.
  • Persons and entities (including entities in the International Business and Financial Services Sector) making payments from foreign currency accounts will not have to pay the FXF.

Click the following link for the FXF guidance page on the Barbados Central Bank website.

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