Barbados | Foreign Exchange Rates: Annual (2024)

FAQs

What is the best exchange rate for Barbados dollars? ›

What is the best Barbadian dollar exchange rate? The best Barbadian dollar exchange rate right now is 2.4588 from Travel FX. This is based on a comparison of 16 currency suppliers and assumes you were buying £750 worth of Barbadian dollars for home delivery. Where can I get the best Barbadian dollar exchange rate?

U.S. dollars are often accepted in Barbados. The BBD has been pegged to the U.S. dollar since 1975 at a rate of Bds$2 BBD to $1.

Barbadian residents travelling abroad on business are allowed to purchase foreign currency (at the rate of BBD1,000 per day) or BBD60,000 within a year. Individuals may travel with cash up to a limit of the equivalent of BDS$2,500 per person per trip.

"The exchange rate used for FBAR reporting is the year-end spot rate." The year-end spot rate is the rate at which a currency can be exchanged for another on the last day of the calendar year. It is also determined by market forces and is published by various financial institutions and government agencies.

Most shops and restaurants in Barbados are happy to accept US dollars as well as BBD, but you'll always get more for your money when paying in Barbadian dollars. You'll also receive any change in BBD, not USD. Budget-wise, Barbados isn't the cheapest destination, but it's well worth the price.

Best place to exchange currency in Barbados

Currency exchange providers are often in airports and hotels, although the exchange shops in a city centre are likely to be cheaper overall.

Many of the local small businesses are still primarily cash-based, so you'll need to carry dollars as well as a card. However, hotels, car hire companies, the majority of restaurants plus the ever-popular boat trip companies will all happily accept card payments.

You won't need much cash , I normally have £500 or so for a couple of weeks and that seems to last , cards are widely accepted with the exception being busses , taxis , rum shops and street vendors. You will spend more that you thought. Its not a cheap place.

You're allowed to purchase up to Barbados $7,500 in foreign currency each year. Of that, up to Barbados $1,000 can be in foreign cash per trip. Anything over $1,000 has to go on a Visa TravelMoney or Visa Debit card.

Is duty free cheaper in Barbados? ›

Duty Free Shopping

With no import duties or VAT charged, tax free shopping for visitors in Barbados is as much as a third cheaper than prices in Europe, the UK and North America. Barbados the ideal place to purchase luxuries such as jewellery, watches, designer wear and cosmetics.

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The full line item instructions are located at FBAR Line Item Instructions.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

The current exchange rate of 100 US Dollar to Barbados dollar is 200.00 BBD.

The best US dollar exchange rate right now is 1.2712 from Travel FX. This is based on a comparison of 15 currency suppliers and assumes you were buying £750 worth of US dollars for home delivery.