est. 2007

Barbados Underground

Bringing News and Opinions to the People

To Open a USD Account Under Threat

A member of the BU family messaged the blogmaster’s inbox to inform that Scotiabank and FCIB are placing hurdles for persons wanting to open USD Accounts. You will recall the government declared that effective August 2, 2019 Barbadians can open foreign currency accounts without restrictions. Relevant link: Barbadians Can Hold Foreign Currency Accounts Without Restriction…

A member of the BU family messaged the blogmaster’s inbox to inform that Scotiabank and FCIB are placing hurdles for persons wanting to open USD Accounts. You will recall the government declared that effective August 2, 2019 Barbadians can open foreign currency accounts without restrictions.

Relevant link:

Barbadians Can Hold Foreign Currency Accounts Without Restriction

The government is obviously trying to create an environment for Barbadians to bring hard currency into the island. Feedback indicates the two banks mentioned have decided to make it difficult to open a USD account. They are saying  unless you are earning USD or receiving USD dividends they will not open a USD ACCOUNT for a Bajan.

There is speculation banks do not want to increase the expense line by paying additional insurance on a growing USD deposit portfolio. It is unfathomable Barbados is struggling to earn USD and there are entities generating  distasteful profits in times of austerity inclined to put up hurdles to an initiative that would assist the country.

Is this payback for the haircut on bonds banks have had to suffer as part of the BERT program?

 

 

138 responses to “To Open a USD Account Under Threat”

  1. Piece the Legend Avatar
    Piece the Legend

    IF, and de ole man underscores that IF doubly, the government of Barbados truly wanted to dislodge these wicked banks THEY WOULD EMPOWER THE CREDIT UNIONS AND ERADICATE THEM FROM OUR LANDSCAPE.

    But there is no real desire to stop this rampant rape

    https://imgur.com/a/BwdeM?s=wa

  2. Piece the Legend Avatar
    Piece the Legend

    And having said that promotion for the credit unions vis a vis the pernicious banks WHU HAPPEN WID DE GUVMENT?

    WHY DEM SO HUNGRY FUH US CURRENCY FROM BAJANS?

    Wunna feel people Stoopid?

  3. WURA-War-on Avatar
    WURA-War-on

    Warned yall about this latest government scam a while back…there are no good intentions there re US/foreignbank accounts, never were……they never plan to make anything easy for the majority population, none of them, another form of bondage..

    The banks should LOSE every dollar of savings the people have in them…bajans are yet to realize that they are the ones keeping these banks open, without their money these parasites will have to shut shop and move on.

  4. Hal Austin Avatar
    Hal Austin

    Where is the regulator?

  5. WURA-War-on-U Avatar
    WURA-War-on-U

    And this COULD work out just as well for the banking system and the country… in Barbados if the wicked government in COLLUSION with the nasty criminal minorities were not so hellbent and intent in DISENFRANCHISING the Rasta Community…and ROBBING the majority population …OF EVERYTHING.

    BTW…from last year i have been hearing that CRIMINAL TIEF Maloney responsible for the Holder child’s death at the entrance to Coverley has been running around the island purchasing or attempting to purchase cannabis oil to see WHO has started any medical marijuana business…like if it is his concern…tell ya nasty, tiefing criminal minorities…TO STEP THE HELL BACK… from this one Mia..

    https://www.facebook.com/groups/485469478293065/permalink/1324461951060476/

  6. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “Former drug dealers should be recruited and trained to produce safe, legal cannabis if the UK decides to legalise marijuana, the head of an American programme overseeing the sale of the narcotic has urged.

    The Commissioner in charge of legal cannabis sales in Massachusetts has said Britain should follow her state’s example of recruiting ex-drug dealers and people from communities involved in what was once the underground market for marijuana.”

    Only a TREACHEROUS black governemnt, so USED TO selling out their own people to minority criminals…CANNOT SEE THE VALUE…of allowing those who were ROBBED, CRIMINALIZED and beaten down repeatedly and FOR DECADES by 2 vicious colonial minded governments, just to line their own pockets……to carry the medical cannabis trade to it’s CORRECT and LOGICAL CONCLUSION..

    but ya uppity, arrogant, CORRUPT, sellout asses WILL PAY TO LEARN….we are NOT our grandparents or parents…ya will not pull that shite and get away with it this time….not this time..

  7. WURA-War-on-U Avatar
    WURA-War-on-U

    For those who are interested to see how a DUMB government can ROB the whole population on the island AGAIN for their minority BRIBER friends……AGAIN…leaving Black Bajans in POVERTY AGAIN….if not MONITORED AT ALL TIMES…., the whole article guiding governments on WHAT SHOULD BE DONE… can be found here..

    The LIVES OF FUTURE GENERATIONS OF BLACK BAJANS…is DEPENDENT on EVERYONE…being made AWARE of their ENTITLEMENTS…re medical marijuana…

    https://www.facebook.com/groups/485469478293065/permalink/1324756921030979/

  8. David Avatar
    David

    @Vincent, Sargeant, Miller, John A, fortyacresandamule, Norther Observer

    Looking forward to reading your comments on this subject. What are some of the hidden challenges we maybe missing here.

  9. Sargeant Avatar
    Sargeant

    @ David

    The Banks May be leery of money laundering or crime related activities where someone with no visible means of US income tries to deposit US funds

  10. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    That may also be a concern, but it is not the banks main concern, or government MINISTERS would not STILL be hiding BRIBE moneyiby the millions in theirs and their family members bank accounts…or TIEFING lawyers will would be STILL robbing clients and hiding the money in the banks in PLAIN VIEW…so that is not all that is going on here..

  11. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    ….or the TIEFING lawyers would NOT STILL be robbing THEIR clients and hiding the money in the banks in PLAIN VIEW…so that is not all that is going on here..

  12. Piece the Legend Avatar
    Piece the Legend

    @ Sargeant

    That is a very valid point especially considering the Pornville Incident.

    Which is why they are making these preventing requirements.

    My counter though has nothing to do with these Enablement BUT WITH “FUTURE DISABLEMENTS”

    More specifically when in 9 months the same government reneges on this agreement AS IT HAS DONE WITH SAVING BONDS, and seizes peoples monies because “the country needs your US CURRENCY TO MEET CURRENT US PAYMENTS” or some sort of similar ripoff scheme!!!

  13. John A Avatar
    John A

    The issue here is not the government, they have done their part to open the sector for USD deposits, it is now the dam banks that have decided they don’t want the expense of insuring the money.

    Leave the dam politics out of the discussion for once in wunna lives and try and understand what is happening here.

    In simple terms even though our PM has decided to allow us as a people to hold USD accounts, a bunch of foreign owned banks have gotten together and said that would be an added expense for us to insure these deposits, so Let us make the opening of these accounts as difficult as humanly possible.

    If you recall the PM when she made the announcement said she would leave the details to the banks, BIG MISTAKE!

    Government will now have to step in and ensure that these roadblocks are removed, so that as a country we can see the much needed foreign exchange held by Bajans deposited into the system. But we need to also do this so that the foreign owners of properties can also open USD accounts on the island. Imagine if they could do that and pay their Land Tax for example here from those accounts, instead of sending hard currency to the property management companies foreign accounts, who in turn keep it and then pay the said bills on their clients behalf here in BDS dollars! In other words let foreigners owning property here open a USD ACCOUNT on presentation of ID and proof of property ownership by a current land tax bill.

    What this has brought home though is the need for our regualtors to make their prsence felt. If they were doing their dam job this issue would have been addressed by them and not now by us Here on BU. Here is a classic case of how a few directors sitting in their plush boardrooms in Canada, can now derail the efforts of a small island trying to recover financially. I await the firm intervention of the PM into this matter that will remind these pompous people that our state requirements are not request, but in fact conditions of their presence here!

  14. Hal Austin Avatar
    Hal Austin

    Where s the dozy regulator?

  15. John A Avatar
    John A

    @ Hal

    That is my question too. How can they sit back and watch the recovery of their island be derailed by these foreigners in Canada? To say we are only opening USD accounts for people working for USD is a non statement. You don’t think people working for USD would not already have foreign USD accounts? In other words they are offering to open accounts knowing full well those people already have them.

  16. de pedantic Dribbler Avatar
    de pedantic Dribbler

    Mr Blogmaster, is this post a joke or to use the Dean’s style: a moment of risible interlude!

    Clarify for me the logic to the remark (1) “There is speculation banks do not want to increase the expense line by paying additional insurance on a growing USD deposit portfolio”

    Is the supposed expense line not covered by the fees charged by the bank in holding those deposits…and then particularly the automatic forex exchange charges incured..I absolutely do NOT understand that speculation.

    Also (2) how does SETTING up a forex a/c by itself help alleviate or assist the nation’s struggles “to earn USD”!

    If you can clarify those for me then also explain WHEN did you EVER know that a bank or financial institution in this modern era of stringent money laundering regs (@Sargeant’s point) of large fines and possible LOST of license would allow ANYONE to create an a/c that is not vetted as a legal and legitimate income stream….so unless you are indeed receiving a salary in US$ or some form of investment gains or running a legal forex revenue business WHY would you want to open a US denominated a/c at any bank??

    As I asked before is this post a joke! Actually @Pieces put it better “WHY DEM SO HUNGRY FUH US CURRENCY FROM BAJANS?…Wunna feel people Stoopid?”

    Seriously David…the bank officers have a duty of care to the law and too to commonsense …how could they NOT act as noted above!

  17. Hal Austin Avatar
    Hal Austin

    @ John A

    It is legal for people to open the accounts, so foreign-owned banks operating in Barbados cannot second guess the government. Someone must have a word with them. Who in the central bank or government has the balls to? Where is the bogus banking code? Make the banking code mandatory. Turkeys do not vote for Xmas.

  18. FearPlay Avatar
    FearPlay

    @Piece: “More specifically when in 9 months the same government reneges on this agreement AS IT HAS DONE WITH SAVING BONDS, and seizes peoples monies because “the country needs your US CURRENCY TO MEET CURRENT US PAYMENTS” or some sort of similar ripoff scheme!!!”

    This is an opinion the I too expressed and am concerned about. Notice the strong armed tactics being employed to bully citizens into complying? Threats of forfeiture and lengthy jail terms. Ah, what a pleasure it is to live in a free and democratic country.

  19. John A Avatar
    John A

    @ Hal

    I agree with you for sure. The thing is these banks will not make the forex profit on these accounts. As you know they accustom taking your USD at BDS 1.98 and selling it back to you tomorrow at BDS 2.02. So they don’t want to lose that revenue by making your dollars available to you.

    When I read excuses like ” they can’t take it because of money laudering” then pray tell how come I can walk into a bank in Miami or New York and they will take it? We look for every dam excuse why things can’t work here by first playing politics and if that fails playing ignorant.

  20. John A Avatar
    John A

    @ FearPlay

    I agree with you that the seizure of the hard currency by the state is a concern but I believe that fear can easily be availed by legislation. The concern now is that if these banks are allowed to get away with their roadblocks the risk of seizure will never arise to begin with. Plus hopefully investment opportunities will now develop through entities locally for hard currency deposit if this is allowed to grow. If it is blocked in its infancy we will never know where this could of taken us had it been allowed to.

  21. de pedantic Dribbler Avatar
    de pedantic Dribbler

    So @John A, if as you state folks who legitimately need forex a/cs already have them (since forever in many cases) then WHO exactly is this govt’s push for broader use of forex a/cs aimed at?

    What unserved sector of the Bajan citizens are going to be superbly enhanced by this wondrous new facility!

    Is there so MUCH forex in the underground market that the Mottley govt expects will so decisively assist with our overall forex riitual number crunching!….And how does one move underground earnings into above ground bank deposits???

    Please help me grasp this deep financial mystery !…or am I completely missing the plot here!

  22. John A Avatar
    John A

    @de

    It is not just a case of underground money, stop and think about this. How many Bajans living abroad have either homes or land here? Right now how do they maintain these properties? Don’t you think if these people could open a USD ACCOUNT locally they would not then be able to pay their bills out of it? What about all the homes owned by foreigners here don’t you think the same would not benefit them? What about if say Mr Smith sold a piece of land to a foreigner don’t you think he too would not benefit from being able to deposit the hard currency too?

    I as you know have cuss this government when they do foolishness, but this is a good move by them as it opens the doors for untapped hard currency to be now held In the island. It also if allowed to blossom will open opportunities for hard currency investment. If the same dam banks were not so short sighted they would be working on that instead. Who knows maybe a regionally owned bank like Republic will use this to acquire larger market share.

  23. Hal Austin Avatar
    Hal Austin

    @John A

    Plse have a look at the (un)intended consequences. If a foreigner is opening a bank account in Barbados, they will almost certainly get legal advice to get the account approved by the central bank; this means when or if they want to remove their money they can easily do so.
    If an overseas Barbadian wants to open an account in Barbados, they walk in to a bank and set up the account, giving their overseas addresses, even if they use their Barbados passports as ID. If the account is not kept active, it will soon become dormant – and what hell to get it back as active.
    But if they want to withdraw any of that money in foreign currencies they can with difficulty. There is still capital controls in Barbados which the foreign-owned banks enforce with enthusiasm. They will give you the limit and write it in your Barbados passport.
    Overseas Barbadians with property, or hoping to buy property, are likely to fall in to the latter trap.
    By the way, 20000 Russians had bank accounts in Cyprus when the island ran in to serious economic trouble. The government used that money.
    Overseas Barbadians would be mad to transfer money from North America or Europe to a bank domiciled in Barbados unless they really have to.

  24. John A Avatar
    John A

    @ Hal

    Yes but remember what the PM said in parliament when this was enacted. She said ” it is their money so they put it in and take it out as they desire.” This would mean that the central bank would not be able to apply their garrison of red tape to these accounts. You would therefore have free access to what you have in the account. The PM was very clear on that.

    The reason these banks are making this so difficult is that they currently make good money on selling us a USD so by holding ours that profit is gone plus now they got to insure it. So instead of simply implementing an annual fee for opening a USD ACCOUNT the plan is to block it.

  25. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “What about all the homes owned by foreigners here don’t you think the same would not benefit them?”

    that facility has been available in Barbados for years, particularly for local and foreign businesses..

    …Bajans in the Diaspora have to be very careful…all their account information will be available for the TIEFING lawyers and the minority thieves who sit on these multiple boards, including the banks, as directors…

    millions of dollars have KNOWN to just UP and DISAPPEAR out of the accounts of a few millionaires domiciled in Barbados, whom they never thought would miss that much money cause some had upwards of 10 or more accounts…..

  26. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “This would mean that the central bank would not be able to apply their garrison of red tape to these accounts.”

    As long as you DEC;ARE from 1 dollar to 100 million dollars with the central bank when you BRING the money into the island…ya can leave with one dollar to one hundred million dollars…that faciltiy has also been available in Barbados for years…..

  27. Piece the Legend Avatar
    Piece the Legend

    @ John A (in this incarnation You have my total respect)

    I unfortunately have not drunk the Mugsbe coolaid.

    You said and I quote

    “…I agree with you that the seizure of the hard currency by the state is a concern but I believe that fear can easily be availed by legislation…”

    What Legislation?

    You mean the Constitution that Mottley changes as shd pleases to make a Canadian a Senator?

    Or the legislation that says government bonds should pay 12% p.a and she changes and pays people 4%

    And way forcing an almost 80 year old man to take that repayment in installments of 15 years WHDN THD MAN MIGHT BE DEAD?

    Surely you are jesting!

    But here is a reminder of how Mottley Cares for the citizens who voted for her, IN CASE YOU FORGOT

    http://imgur.com/gallery/PlZGQru

  28. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    …..that facility of holding US or Canadian bank accounts…… has been available in Barbados for years, particularly for local and foreign businesses..

  29. Piece the Legend Avatar
    Piece the Legend

    @ Mr Hal Austin

    Hal

    That’s precisely the point we are making here as you said and I quote

    “…By the way, 20000 Russians had bank accounts in Cyprus when the island ran in to serious economic trouble. The government used that money.

    Overseas Barbadians would be mad to transfer money from North America or Europe to a bank domiciled in Barbados unless they really have to…”

    Right now Mugabe is refusing to pay international creditors with real clout and money!!!

    Imagine if you were ingrunt enough to put your money in such an account AND MUGABE SEIZED IT!!

    What would be your recourse?

    Carry her to court?

    Where?

    In a cuntry where cases have not been heard for 20 years?

    Any idiot who takes up Mugabe on this Scam DESERVES TO BE ROBBED OF THEIR MONEY, FUH REAL!!!

  30. John A Avatar
    John A

    @ Pieces

    Yes I agree with both you and Hal that the risk of conversion to BDS dollars is a risk as occurred recently in Trinidad and other areas. So should the worst happen the $10000 USD could become $20000 bajan overnight, let us accept that. The thing is though if you were bringing it in for use in Barbados anyhow would this be a deterrent? I am not saying any sane person would put their life savings into one of these accounts. These accounts would be used for facilitation purposes mainly by Bajans. The main thing is once they are outside of the red tape of the central bank that is the major point. Another blogger here says the law is in place that you can move money in and out freely already through the central bank. No sir you can “apppy” to the central bank to move it out and depending on their situation reserve wise they will advise. Go and ask some who have applied to move large sums what has happened.

    The issue here is that it is not in the banks interest to facilitate you holding a USD ACCOUNT. When you going New York they want you to come and buy THEIR USD at 2.02 not spend yours.

    The mistake was made when the government said ” we will leave the banks to work out the details.”

  31. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    Hal..i left a message for you on the Natalie blog.

  32. Miller Avatar
    Miller

    @ David (BU):

    It would be interesting to find out if the balances in these new foreign currency accounts would be included as part of the country’s foreign exchange reserves.

    If so, it would make for good political optics in the reporting exercise undertaken quarterly by the Guv of the CB.

    What Barbados needs now, more than any thing and time is for some of that ‘stashed’ forex to be spent locally in the construction/purchase of houses and in the support of small to medium business enterprises involved in commercial and manufacturing activities other than the traditional import/retailing forex burning sectors.

  33. FearPlay Avatar
    FearPlay

    @John I agree with you that locally domicile foreign banks should never be allowed to frustrate the will of government but the concern expressed by Piece cannot be ignored. When a government holds 99.9% of the seats in parliament, cool aid and dark glasses will not preclude them changing the rules of the game whenever it suits them. Matter of fact, depositing money in a bank today is becoming more and more an exercise in futility.

  34. John A Avatar
    John A

    My point to all is that we will never know the potential of what a move like this could generate if we are blocked from exploring it. The commercial banks and central bank red tape are 2 hurdles that need removing from the landscape of doing business. If people want to bring in their own USD then open the doors and let them decide if they want to run the risk or not. They must however have free access to these funds.

    We can’t keep throwing up excuses for why ” it can’t wuk here” and then expect to ever get out of this hole we are in.

  35. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “Go and ask some who have applied to move large sums what has happened.”

    i can only talk about those who have been successful in MOVING large amounts…the ONLY PROBLEM THEY EXPERIENCED ARE THE THEFTS FROM THEIR ACCOUNTS..

    but i will no way be surprised if they gave depositors hell, depending on who they are or WHOM they are NOT connected to….OR the AMOUNTS they are moving..

  36. Sargeant Avatar
    Sargeant

    @David

    In light of the rampant speculation about the reason(s) that the Banks have declined to open foreign currency accounts did your correspondent provide any more info? They must have told him/her why they wouldn’t, proceed and that’s missing from the conversation.

  37. John A Avatar
    John A

    @ Fear Play

    Agreed for sure. The thing that will make it interesting though and protect us here from this is politics and credit rating. Let’s work through it and tell me what you think.

    The money held in these accounts will be on island and hence form part of the reserves, so that will make for good politics and a happy IMF. it would therefore be wise for the government not to touch those USD accounts.

    Secondly a seizure of foreign accounts would not speak well for a country struggling to be seen as credit worthy and fighting to raise its credit ratings either would it?

    So in a round about way the same issues that got us in this mess will now protect our USD in these accounts.

    Lord you got to love a politician. Lol

  38. John A Avatar
    John A

    @ Fear Play

    Sadly it boils down to economics. The banks do not want to lose the foreign currency sales and profit nor do they want to increase their insurance cost on these accounts, seeing that they will be making nothing off of them. That reality is there for all to see.

    Government needs to now step in and address these issues.

  39. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @John A, your colleague @Hal responded well to your queries so what’s left to add but the mundane: this ploy by govt is damn fishy! I am much less enamoured of the govts intent than you as I still do not know who is the audience intended to be captured nor how will they react down the road …as others have bluntly noted above.

    I fall into one of your categories above and I have never really had difficulty facilitating local needs… for all practical and real terms the cost of opening a local US $ a/c and using other (legitimate) means to move funds do not appear overly beneficial to the former: Unless one has multiple properties and is doing extensive mods or ongoing significant update I see no particular benefit of the local US a/c.

    As was noted in an earlier post and @Hal succintly also noted the issue of forigners doing busineess in Bim is a non-point in this debate because they ALREADY had a clear and legitimate reason to have a forex denominated bank a/c… THIS thrust could NOT be intended to capture that ‘revenue’!

    As you know Central Bank authorized forex a/cs has been a central aspect of Bajan economic life for many years…

    Similarly selling land is a non-issue. That is also a clearly well established dynamic…know enough folks who have been there and done dat without issue. (BTW, after paying legal fees and all that do u find it enjoyable to give the damn bank forex exchange fees simply because they handled the money…unless Ms Mottley is telling the bank that for ever US$ deposited I must get the equivalent withdrawal amount without forex buy/sell fees then what’s my benefit really?)

    I have no issue with the policy itself…but just want to understand the real underbelly of it’s intent and benefits…if it’s a more complete offer to Bajans who travel often to manage their forex more easily then so be it….but to purport that it provides some exciting new opportunities re our “… [struggle] to earn USD” is difficult for me to grasp!

    That suggestion alone suggests that the govt can then use this forex either as part of its description of forex reserves on hand and/or then proceed to apportion citizens’ forex (and supposedly give them BDS)…

    …and neither of those thoughts make monetary govt operational sense, do they!!

    So I ask again …to what avail and benefit goes the ploy??…what am I missing??

  40. Miller Avatar
    Miller

    @ John A September 5, 2019 10:21 AM
    “Yes I agree with both you and Hal that the risk of conversion to BDS dollars is a risk as occurred recently in Trinidad and other areas. So should the worst happen the $10000 USD could become $20000 bajan overnight, let us accept that. The thing is though if you were bringing it in for use in Barbados anyhow would this be a deterrent? I am not saying any sane person would put their life savings into one of these accounts. These accounts would be used for facilitation purposes mainly by Bajans. The main thing is once they are outside of the red tape of the central bank that is the major point.”
    +++++++++++++++++++++++++++++++++++++++++++++++++++++=

    That’s a rather seriously big risk given the current state of affairs with the country’s overseas creditors.

    The foreign creditors and suppliers want to be paid in foreign money not Bajan Mickey mouse monopoly money.

    The overdraft-type forex ATM has been unplugged and Barbados must now earn foreign money in order to not only repay its loans but also settle with its suppliers of imported goods and services in order to live the big and easy life Bajans have grown accustomed to.

    What do you think would happen when the Central Bank cannot find the foreign money to pay for the country’s oil or to meet its unnecessarily high food import bill?
    Borrow from the same foreign creditors whom Persuad recently told to buzz off for the next four years?

    One thing which needs to be highlighted in this move by government is the creation of the golden opportunity to make those who want to buy luxury vehicles with powerful engines (totally unsuitable for the Bajan makeover cart roads) pay for them with their own foreign currency from their own forex-earning accounts.

  41. de pedantic Dribbler Avatar
    de pedantic Dribbler

    Oppps, I wrote /posted that 10:45 before I saw all that had gone prior…the points were made already by others…so tally-ho!

  42. John A Avatar
    John A

    @ de

    Every single USD that is obtained through the central bank is sold at 2.02 roughly. Each single dollar taking in by the banking system is taken in at 1.98. So on every single USD we the public pay a minimum of 4 cents to the “system” for the privilege of acquiring.

    These USD accounts as the PM outlined will be free of the central bank regulations and limits. You will put in say $100,000 USD and have free access to the same $100,000 USD with it at no time being converted to BDS dollars. You will not be limited to x amount for holiday travel or y amount for annual credit card use for example. As she said ” it is your money so you can put it in and take it out as you like.”

    As it now stands if you want $15000 USD for school fees abroad or $15 to buy a magazine, it goes through the central bank and a garrison of forms and red tape.

    Now as for people saying you can sell a property and get paid in USD Once it comes through the central bank that is incorrect. Once the funds are registered by coming through the central bank previously 70 percent of the amount had to be converted to BDS dollars at entry. When people come here and make statements they are unaware many times of the small print.

    The move by this government to facilitate the free movement of USD BY those who can generate it while having it domiciled in Barbados, is therefore a positive thing and should not be frustrated by a handful of Canadian bankers. Or do we prefer to continue to let bajans take it to Miami and deposit it there?

  43. Sargeant Avatar
    Sargeant

    BTW

    We have heard of the people in Toronto boardrooms conspiring against Bajans, what about the other Financial Institutions including the one that is named for the island and purports to be serving the interests of Bajans,are they rushing to fill the void?

  44. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    What is being proposed is for those who can afford to be robbed…the banks are already not willing to cooperate…they know why.

  45. Hants Avatar
    Hants

    #CanBajans

    https://www.savvynewcanadians.com/best-usd-dollar-bank-account-options-canada/

  46. John A Avatar
    John A

    Hants any of those options could work here if they wanted to make it work. Even if the banks went with a fixed yearly fee of say $100 to avoid the ” nuisance deposits” as they like to term it that is an option.

    To try and stand in the way though is not an option!

  47. Dullard Avatar
    Dullard

    Why doesn’t the govt stop pussy footing and abandone the mickey mouse BBD in favor of the USD?

    Apart from issues of convenience, I’m not sure how all this tinkering at the margins will propel the economy forward.

  48. David Avatar
    David

    @John A

    From our check a big part of the problem seems to be uncertainty about how the accounts should be operated. For example, should the holder need to withdraw full balance in foreign cash what?

    Also money laundering mentioned before has come up as it applies to individuals wanting deposit unexplained funds.

    A few other reasons were mentioned.

  49. Enuff Avatar
    Enuff

    David
    The currency being US does not eliminate AML procedures. This is another example of the rabble trying hard to create a story.🤣🤣

  50. FearPlay Avatar
    FearPlay

    Don’t be lulled into thinking that there isn’t a vast underground movement of US dollars in Barbados. It is highly unlikely that a drug dealer or someone wanting to pay for a shipment of firearms would walk into a bank with the intention of purchasing fifty thousand or a million US dollars in foreign currency. What mechanisms are they using to be able to harvest that quantum of US currency with such apparent ease?

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