• Central Bank Of Barbados > Home

Is this your business?

Claim your listing for free to respond to reviews, update your profile and manage your listing.

Claim Your Business
Is this your business?

Overview

Central Bank Of Barbados > Home has a rating of 1 star from 1 review, indicating that most customers are generally dissatisfied with their purchases. Central Bank Of Barbados > Home ranks 225th among Banking sites.

How would you rate Central Bank Of Barbados > Home?
Top Critical Review

“AVOID doing business in Barbados!”

Tom J.
1/28/19

We have been operating a business in Barbados for just over 5 years and due to expansion there was a need to open another location (in another country). Due to a VERY POOR ECONOMY; Barbados has virtually NO foreign reserves and we were told that to wire any of OUR Barbados currency to another country... ie a foreign currency, we would need to apply to the Central Bank of Barbados for approval. This was done via an official letter and the truly unprofessional staff working there received the letter and left a responding letter at reception without any notification. It wasn't until calling a few days later we were told a letter was waiting to be collected. In short, the letter was received and based on their response we are unable to send any funds out of the country. Barbados is financial prison for businesses or individuals alike. You are limited to focusing any activities within Barbados only. The BBD (Barbados dollar) isn't accepted in other international countries so it's either spend your money on the island or... spend your money on the island. Things are currently so bad that they have also implemented a 2% tax for ALL foreign transactions if you have a local bank account. This includes online purchases, point of sales in other countries, ATM withdrawals in other countries... basically ANY transaction that involves a foreign currency. Financial Prison! BEWARE! AVOID AT ALL COSTS!

Reviews (1)

Rating

Timeframe

Other

Thumbnail of user tonyk27
47 reviews
137 helpful votes
January 28th, 2019

We have been operating a business in Barbados for just over 5 years and due to expansion there was a need to open another location (in another country).
Due to a VERY POOR ECONOMY; Barbados has virtually NO foreign reserves and we were told that to wire any of OUR Barbados currency to another country... ie a foreign currency, we would need to apply to the Central Bank of Barbados for approval.

This was done via an official letter and the truly unprofessional staff working there received the letter and left a responding letter at reception without any notification. It wasn't until calling a few days later we were told a letter was waiting to be collected.
In short, the letter was received and based on their response we are unable to send any funds out of the country.
Barbados is financial prison for businesses or individuals alike. You are limited to focusing any activities within Barbados only. The BBD (Barbados dollar) isn't accepted in other international countries so it's either spend your money on the island or... spend your money on the island.
Things are currently so bad that they have also implemented a 2% tax for ALL foreign transactions if you have a local bank account. This includes online purchases, point of sales in other countries, ATM withdrawals in other countries... basically ANY transaction that involves a foreign currency. Financial Prison!
BEWARE! AVOID AT ALL COSTS!

Sitejabber for Business

Gain trust and grow your business with customer reviews.

How do I know I can trust these reviews about Central Bank Of Barbados > Home?

  • Sitejabber’s sole mission is to increase online transparency for buyers and businesses
  • Sitejabber has helped over 200M buyers make better purchasing decisions online
  • Suspicious reviews are flagged by our algorithms, moderators, and community members
Have a question about Central Bank Of Barbados > Home?

Is this your business?

Claim your listing for free to respond to reviews, update your profile and manage your listing.

Claim Your Business