Banking in Barbados can present a challenge because Anti Money Laundering (AML) and Know Your Customer (KYC) checks and compliance are strictly enforced.
Local banks must do this in order to preserve their correspondent banking relationships with foreign banks and jurisdictions. This can make the process of dealing with local banks feel bureaucratic and slow.
One of the significant advantages of the Welcome Stamp visa is that it makes it easier for visitors to deal with local banks. The Welcome Stamp desk at Barbados Tourism Marketing Inc. gives the following guidance:
- Barbados has exchange controls which regulate the conditions under which persons can access foreign currency and conduct business with persons from abroad. In addition, persons from abroad investing or borrowing in Barbados are regulated.
Persons living in Barbados under the 12-Month Barbados Welcome Stamp are considered as non-residents for exchange control purposes. As a non-resident they may:
- Open and maintain foreign currency accounts funded from abroad
- Open and maintain Barbados dollar accounts (External Accounts) funded from abroad or eligible for remittance abroad
- Remit foreign currency abroad without restriction
- Customer Requirements:
- Sight of a 12-month Barbados Welcome Stamp visa (with expiry date)
- 2x forms of picture ID
- Date/place of birth and nationality (if dual, should be indicated)
- Proof of Address;
- permanent address overseas (were the applicant normally resides)
- local Barbados address (confirmation from hotel, guest house, villa or other accommodation)
- Proof of occupation and business, or principal activity
- Bank reference (home bank)
- Contact details
- Purpose of account