We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

A Barbados savings account

Sheffield, England
Level Contributor
5,353 posts
29 reviews
Save Topic
A Barbados savings account

On another thread I read something about opening a savings/deposit account in Barbados and drawing money out from that. I can't find the thread but I think it was Billydove that said that?? Is it right that you can do that as a non-Bajan - which is the best bank to do this with? Any advice appreciated.

Oakville, Canada
Level Contributor
3,454 posts
24 reviews
Save Reply
1. Re: A Barbados savings account

You can open an account at any bank as a non-Bajan, deposit money and withdraw as needed. You could then even wire transfer money from UK before your arrival and not have to deal with that eternal question of what currency to bring. The process could take some time what with all the financial troubles in the world, but it is possible.

Barbados
Destination Expert
for Barbados
Level Contributor
4,669 posts
34 reviews
Save Reply
2. Re: A Barbados savings account

and the only other problem will be taking the money out when you want to close it and turning it back into GBP. I'd suggest First Caribbean (which used to be CIBC and the bank it took over, Barclay's) or Scotia Bank. I'd also highly recommend that you only consider doing this if you really want to leave money here, and not just for a holiday account unless you plan to visit more than a couple of times a year.

Bridgetown, Barbados
Destination Expert
for Bridgetown, Barbados
Level Contributor
5,815 posts
31 reviews
Save Reply
3. Re: A Barbados savings account

I am not sure it is so easy these days what with the money laundering defences they have in place now. I know years ago you used to be able to open an external account but you could only deposit foriegn currency into it (ie pounds). Nowadays to open an account here you need to have a permanent address I think and proof of it, like bills in your name addressed to the address.

I do know that First Caribbean for instance, in other islands (I do have an account in another island which was very difficult to set up), ask for a large deposit - like US $50,000 before they will allow you to open the account and then there are monthly fees of US $25 per month. Also beware of First caribbean in Barbados as they have started charging on both chequeing and savings accounts unless you keep a balance of Bds $2,000 and Bds $1,000 respectively.

Sarah

Atlantic Shores...
Level Contributor
2,125 posts
Save Reply
4. Re: A Barbados savings account

Unless they've changed recently, there is no residency requirement for opening a savings account at the Royal Bank of Canada branches and you can deposit any type of currency. But as Scary mentioned there are monthly fees and I can't imagine it would be cost effective unless you have business in Barbados or plan to return often.

FWIW, we found RBC to be much more flexible and easier to deal with than First Caribbean.

Barbados
Destination Expert
for Barbados
Level Contributor
2,474 posts
15 reviews
Save Reply
5. Re: A Barbados savings account

You can deposit up to 10,000bds or the equivalent without any money laundering rules coming into play. So at the present rate thats roughly 3500pounds. It also maybe that you would get a better rate of interest on this money so thats something else to think about. You will need forms of id passport, drivers licence or birthcertificate - I would bring all 3 with you cos Barbados loves proofs of identity as well as what we call ping pongs - passport photos. I must have had at least 20 to go through the red tape required for citizenship. Thank goodness thats a thing of the past and I'm home clear. I'm with First Caribbean as well you can also get an ATM card so that you avoid the queues!!!! Good Luck

england
Level Contributor
552 posts
1 review
Save Reply
6. Re: A Barbados savings account

Yes it was me. We opened a savings account with BNB a couple of years ago, didn't take long and just needed our passports. The rules are you can only poay foreign currency in and draw bds out. We simply put our spending money in when we arrive and then draw it out via atm or use the flexicard they give you in restaurants/shops. Saves leaving money in our apartment and using uk cards which carry a charge.

Suits us very well.

Sheffield, England
Level Contributor
5,353 posts
29 reviews
Save Reply
7. Re: A Barbados savings account

Thanks everybody - very helpful information. I had wondered about the money laundering aspects (not about laundering it myself, you understand- more proof of identity etc!).

I've printed this off and will look into it some more but it's got potential.

Thanks again.

Atlantic Shores...
Level Contributor
2,125 posts
Save Reply
8. Re: A Barbados savings account

Actually, you can wire or deposit more than $10,000BDS in your account but it must be registered with the Barbados Central Bank.

Barbados
Destination Expert
for Barbados
Level Contributor
2,474 posts
15 reviews
Save Reply
9. Re: A Barbados savings account

The depositing with the Central Bank is the method used when buying a house here. You transfer the money to the attorney's account and they register that amout with the Central Bank so that this has a paper trail from a UK account. I will let you know what the rules are when a property is sold when mine goes through.

Burlington, Canada
Level Contributor
8,213 posts
65 reviews
Save Reply
10. Re: A Barbados savings account

Recently transferred funds to our account in BDS and it was just a straight bank to bank transfer. We were above the "reporting" limit but it wasn't a problem. No speacial steps to register with the Central Bank.

As for getting money out from a real estate sale, that's another issue. First you require permission from the Central Bank, then you have to show them that the money when it came in was registered with them. You should have a copy of the registration from when you bought the place. Then you will only be permitted to take out so much a year. So getting all the money out is not just based on a sale, it's incremental. I know this because I have several friends who have bought and sold property there and each one had the same procedure applied.