Banks in Barbados

The six commercial banks listed by the Central Bank of Barbados in June 2026 are CIBC Caribbean Bank (Barbados) Limited, First Citizens Bank (Barbados) Limited, RBC Royal Bank (Barbados) Limited, Republic Bank (Barbados) Limited, Sagicor Bank (Barbados) Limited and Scotiabank (Barbados) Limited. Credit unions are member-owned alternatives that can provide deposit accounts, loans, cards and online banking; larger examples include AffinityPlus, Barbados Public Workers Co-operative Credit Union and City of Bridgetown Credit Union. The Central Bank of Barbados supervises commercial banks, payment service providers and money-transfer services through reporting, off-site monitoring and on-site examinations. The Financial Services Commission uses risk-based supervision for credit unions. Establishing a financial institution also requires prior approval from the Minister of Finance. Common products include personal and business savings accounts, chequing accounts, junior and senior accounts, foreign-currency accounts and fixed or term deposits. Minimum balances, interest rates, fees, early redemption rules and automatic renewal depend on the institution and product. A fixed deposit normally remains tied to its maturity date and may not be freely cashable before then. Banks commonly apply know-your-customer checks, known as KYC, and anti-money-laundering and counter-terrorist-financing controls, known as AML/CFT. A valid photo ID, proof of residential address and proof of income or occupation are typical requirements. Non-residents and non-nationals may also need a foreign-bank reference or statement, proof of foreign address and work-permit, CSME or student documentation. Minors generally use a birth certificate together with documents from an adult signatory. Under the Central Bank's market-conduct rules, an application decision or a status update with an estimated timeline should usually arrive within 3 to 5 business days. The Barbados Deposit Insurance Corporation covers up to BBD 25,000 per depositor per commercial bank or eligible deposit-taking institution. The ownership category and product determine whether a deposit qualifies, so balances above the stated cap may remain uninsured. Barbados also uses BiMPay, launched on 12 June 2026 as the national interoperable payment rail replacing ACH and RTP. BiMPay operates 24 hours a day, every day, and transfers between participating institutions typically arrive in under 10 seconds. Users can send BBD from participating accounts with a phone number, email address or national ID alias, or by QR code. The system-wide maximum for one transfer is BBD 500,000, although each institution may apply lower risk-based limits. Payments are generally irrevocable; a wrong transfer should be reported to the bank or custodian immediately and handled through a Request-for-Recall process. A traditional bank account is not required for every BiMPay e-wallet. The wallet links to one payment service provider and can connect several accounts held with that provider; the app itself does not store the funds. An unbanked resident can access this service through a licensed custodian, with Sagicor Bank identified for the initial rollout. The usual information includes a national ID or residence permit, name, date of birth, address, email address, mobile number and access to a smartphone and internet. Low-risk verification can take about 30 minutes, while enhanced due diligence can take up to 5 business days. Receive limits are BBD 750 per transaction, BBD 2,500 per month and BBD 30,000 per year; a Tier 1 spending cap was not stated in the available research. A SIM swap or device change can trigger stronger verification and a 24-hour cooling-off period. Each commercial bank must offer at least one no-fee account, and tailored low-fee accounts apply to vulnerable groups. Individual BiMPay use has no fee. Small businesses with daily revenue below BBD 10,000 are fee-exempt, and no BiMPay fees apply before 15 September 2026; later business fees may be set by institutions if justified, reviewed by the Central Bank and announced in advance. Banks generally need to give at least 30 days' notice before changing fees. Foreign-currency services are provided through authorised dealers, and exchange-control requirements may apply to cross-border transactions. Customers can first use a bank's free internal complaint process and escalate an unresolved matter to the Central Bank or, where applicable, the Financial Services Tribunal. Account closure normally requires at least 30 days' written notice with reasons or required actions, except where anti-money-laundering, legal or other recognised exceptions apply. Use unique passwords, protect one-time codes and PINs, ignore suspicious links or calls and contact the bank through independently verified official channels. Report unusual activity immediately; suspected online fraud may also be reported to the Barbados Police Service Cyber Crime Unit.