The Central Bank to put online foreign exchange applications

Barbados banks and their customers will soon be able to transact in foreign currencies more quickly. With the rollout of Forex Online on January 3, 2022, system users will benefit from a convenient and user-friendly electronic interface that allows them to request to send funds overseas with just a few clicks.

The director of foreign exchange and export credits, Ian Collymore, in announcing the decision, described the system as “safe, secure and convenient”.

According to Collymore, this solution was designed to “create a more efficient foreign exchange control platform that allows the bank to better monitor trends and minimize irregularities in the system.”
Forex Online also makes it easier for customers to complete their requests and speed up their transactions.

Collymore added that “the system aligns with both the Bank and the national push to become more globally competitive through the digital space and generally makes doing business in Barbados easier.”

Users of the system, including commercial banks, lawyers, agencies, businesses, and the general public of money or value transfer services (eg, Western Union), will find it “easy to navigate”, a Collymore points out.

Forex Online is available 24/7 and requires the user to create an account and have a reliable internet connection.

Most requests can now be processed within the same day, allowing for faster payment settlements.
Forex Online serves as a key pillar for greater efficiency in the financial services industry. The system will be deployed with the FC application form, which is used to facilitate most foreign currency transactions except those for imports.

The Bank continues to work diligently to integrate other forms into this new system and will announce further developments in due course.

To start creating your Forex Online account, visit the website at www.centralbank.org.bb. Your gateway to international payments is Forex Online. (Central Bank of Barbados)

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