Foreign Exchange Fee on Card Transactions Takes effect 1st September 2017
The Central Bank of Barbados is reminding Barbadians that the two percent (2%) fee on foreign purchases and payments made using credit, debit and travel cards goes into effect from Friday, September 1, 2017.
The Foreign Exchange Fee (FXF) is applicable to purchases made while overseas, as well as to items purchased from companies outside of Barbados, e.g. Amazon.
However, if transactions are cancelled, the fee is refundable.
The FXF, which Finance Minister (sic), Christopher Sinckler, announced during the 2017 Financial Statement and Budgetary Proposals has been in effect on cash, bank drafts and wire transfers since mid-July. The Foreign Exchange Fee does not affect one’s annual foreign currency allowance.
For more information about the Foreign Exchange Fee, please click here.