The official currency of Barbados is the Barbados Dollar (BBD), which is used exclusively in Barbados as a unit of exchange. Like many currencies in the region, the BBD is pegged to the US Dollar, the peg is at a rate of 2 BBD to 1 USD.
In this article, we’re going to answer the most common questions we receive about the currency used in the island country of Barbados and share important currency-related considerations if you are planning on banking here.
This article is part of our free series on how to open a bank account in Barbados, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Currency of Barbados
- Where Can You Exchange Money in Barbados?
- Can You Use Foreign Credit Cards in Barbados?
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Currency of Barbados
The currency of Barbados is the Barbados Dollar. It is abbreviated as BBD though uses Bds$ to differentiate from other dollar-denominated currencies. The Barbados Dollar is pegged at a rate of BBD 2:1 against the USD. Importantly, USD is also accepted locally, though change is given in BBD by local retailers.
In the following sections of the article, we will discuss currency exchange, local payments, product offerings, and Barbados banking services, and answer common questions we receive from our members. This will be important to understand, especially if you are looking to wire funds or send money to Barbados frequently. But also, for anyone considering personal financial management through a Barados personal bank account.
Likewise, businesses considering local operations, commercial funds management, or opening a Barbados business bank account will want to understand how their home currency compares to BBD or USD. The same goes for anyone looking for exclusive financial services, like private banking in Barbados.
That said, Barbados is an offshore banking jurisdiction. So, prospective customers should consider financial service fees, foreign transaction fees, and other Barbados banking costs before contacting banks directly. Not to mention, the exclusive bonuses and benefits of banking in Barbados and how your specific client profile can tap into them.
But, before diving in, it’s important to note that even though Barbados is a partially dollarized economy, banking firms with local operations and banks in Barbados offer access to a wide range of international currencies and multi-currency accounts are a given.
So, if you are looking to access USD and other currencies with a cross-border account, Barbados offshore banking could be an option worth considering. That said, the potential account holding concerns and risks of banking in Barbados could impact access to certain currencies, so they are worth considering before opening accounts.
To gain more insight on banking in Barbados, access any of our free resources covering the onboarding guidelines and Barbados banking requirements for opening bank accounts and much more. Of course, if you want to unlock instant access to the top-rated local financial groups and the best banks in Barbados, you can use GlobalBanks IQ to get started immediately.
Where Can You Exchange Money In Barbados?
Where you can exchange money in Barbados depends on the amount you want to exchange, the fees you’re willing to pay, and where in the country you are located. That said, most people elect to either exchange money at currency exchanges, the airport, local hotels, branches of major financial groups, or the largest banks in Barbados.
Of course, exchange rates and fees will vary drastically between each of these options. So, you must compare the exchange rates and fees that each of these options will charge you before choosing which method to use.
Can You Use Foreign Credit Cards in Barbados?
Yes, you can use foreign credit cards in Barbados. In fact, most major credit cards are widely accepted in Barbados. Of course, there are some instances where certain credit cards, like American Express, may not be accepted. But, for the most part, vendors do accept Visa, MasterCard, and Amex.
That said, it’s important to keep in mind that if you are using a foreign credit card to complete a purchase in Barbados, you will likely be charged foreign exchange fees. Of course, if you have a foreign credit card that has zero foreign exchange fees, this won’t apply to you.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the currency of Barbados. If you have further questions you would like answered, don’t hesitate to get in touch.
Besides the Barbados Dollar, Are There Any Other Currencies in Barbados?
There are no other currencies in Barbados. That said, since the Barbadian Dollar is tied to the United States Dollar at a fixed exchange rate, the USD is widely accepted by retailers, especially those that cater to foreign tourists. However, not all establishments will accept USD and in almost all cases, change will be given in BBD.
Do They Accept American Dollars in Barbados?
Yes, they accept American dollars in Barbados even though USD is not an official currency in the country. In fact, many tourist locations in Barbados, including stores and restaurants, will accept USD as an alternative currency. That said, if you are making a cash payment, your change will be in local currency, BBD.
What Is the Best Currency to Use in Barbados?
The best currency to use in Barbados is the Barbados Dollar, which is the official currency of the country. This is especially true when shopping at smaller establishments. That said, many spots in Barbados do accept USD for payment.
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