Banking in Barbados is regulated by the Central Bank of Barbados. The Central Bank was established in 1982 by an act of Parliament to give Barbados control of their monetary system. Even though the Barbadian currency is divided into the dollar system, similar to United States currency, its economic value differs.

It is important to carefully research banks in Barbados especially if you are banking with them from a substantial distance. Easy access to your Barbados bank account is supremely important. When choosing which bank of Barbados you wish to work with, there are several aspects to consider.

1. Examine the Barbados banking system in order to familiarize yourself with their currency and policy.

2. Investigate the various banks in Barbados for convenience and ease of banking.

3. Check out the services offered by Barbados banks to insure that you receive the most for your money.

Action Steps
The best contacts and resources to help you get it done

Acquaint yourself with banking in Barbados

Since the Barbados banking industry is run by the Central Bank of Barbados, researching this organization is a very good place to start.

I recommend: Contact the Central Bank of Barbados for a wide variety of information. They post exchange rates, licensed financial institutions, economic data and even counterfeit detection tips.

Consider the distance you will be from your bank in Barbados

If you will often be a substantial distance away from your choice of Barbados banks, it is imperative that you have ease of access to your account. Most likely the best way to do that is by online banking.

I recommend: Use FirstCaribbean National Bank and their Internet banking system. Through this system the account holder can do account transfers, third party payments and international wire transfers. They also offer telephone banking as another option for bill paying.

Get familiar with the different Barbados banks

There may not be many banks in Barbados, however, it is still very important to know the difference between private banks in Barbados and an international bank in Barbados.

I recommend: FirstCaribbean International Bank has several locations scattered around the Caribbean. They also offer money management with a personal relationship manager that provides local service that ranges from negotiating local business to making your money accessible in whatever currency you require. Some other choices available for private banks in Barbados, are the privately owned Amphora Bank or CXE International Bank Ltd. and the chartered Bayshore Bank & Trust. These organizations are fairly exclusive and cater to private individuals and corporations.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The Barbadian coin currency is divided into the following increments: 1 cent, 5 cents, 10 cents, 25 cents and 1 dollar. The paper currency is divided into $2, $5, $10, $20, $50 and $100.