Find the best ways to transfer money to Barbados

The exchange rate determines how much BBD the recipient will get when you transfer money to Barbados.

For example, today, the average exchange rate between US Dollar and Barbados Dollar is 2.0195.

The rate constantly fluctuates depending on the destination currency and the market conditions, so timing your transfer can help you save a lot of money.

Sometimes, waiting a day or two can help you get more BBD.

If you do need to send BBD now, we suggest using Wise. Their rate for BBD transfers was the best over the past 6 months.

The cheapest way to pay for your transfer to Barbados is via Bank transfer with MoneyGram. It is 0.5% cheaper than the next best option.

The way you pay affects the cost, speed, and the amount of BBD you receive.

Here are your cheapest options:

*Based on a $2,000 transfer to Barbados using our 6-month comparison data. Transfer time is based on averages from multiple companies.

Avoid using a Bank transfer option when sending money to Barbados, as it’s the most expensive.

Credit card transfers to Barbados come with cash advance fees and higher interest rates on BBD.

Xe, for example, charges $445 when paying with a credit card vs $0 via bank transfer by MoneyGram.

When possible, avoid sending BBD over the SWIFT network. Despite its name, SWIFT transfers to Barbados are slower with steeper fees.

Some services have limits on how much you can transfer, both minimum and maximum thresholds.

Different services might offer better rates or lower fees for different transfer amounts.

For example, we recommend using Wise if you need to send large amounts of BBD abroad.

In general, the quicker you need BBD delivered, the more it will cost you in fees.

Transfer speed to Barbados depends on the BBD amount, the time you initiate the transfer, and your payment method.

Take, for instance, an urgent need to transfer $2,000 from the US to Barbados.

Overall, of 6 companies serving Barbados, Xe is the fastest regardless of the deposit method, appearing 70% of the time in our searches.

For bank or debit card deposits, services like Xe excel in this regard, offering near-instantaneous and cheapest BBD transfers with $0 or $13,368.39 fees respectively and 3.2% markup.

Credit card transfers via Xe to BBD can take up to a day with a $445 fee and 2.92% markup (keep cash advance fees in mind). This is based on 6-month data from comparisons on MoneyTransfers.com.

If you urgently need to transfer money to Barbados, cash pickup will be the fastest, via Western Union or Ria Money.

Avoid SWIFT for BBD transfers as it's slower due to intermediary banks in Barbados.

Online

You can transfer money to Barbados with a money transfer provider. You can either choose to use a managed service like an FX broker, or an online-only company.

We found that Wise is the overall best online money transfer provider according to our 6-month analysis. They’ve appeared 85.7% of the time for BBD transfers in our search system.

App

Most money transfer services supporting Barbados transfers have an app, often, offering a better BBD rate. You can use our guide to the best money transfer apps to find the one that fits your needs.

In-person

Cash transfers to Barbados in person via Ria Money Transfers or Western Union are almost always instant, but require the recipient to visit the nearest agent to collect BBD.

Money orders

Another option is to send a money order using the postal service in your country. It is a less accepted method but often can be sent to harder-to-reach locations.

There are different ways to receive money in Barbados. You can make a direct bank deposit, send cash for pickup or home delivery, or use a mobile wallet.

If you want a direct transfer to your bank account, Wise offers the best service for bank deposits to Barbados.

And if you need cash right away, check if cash pickup is an option in Barbados.

Mobile wallet services and payment apps like PayPal and Xoom are popular too, but they come with more limitations and higher costs compared to money transfer providers like MoneyGram.

Please also note that CashApp is not available in Barbados.

To receive money in Barbados, you will need:

• Valid forms of ID: this could be a National ID, passport, or driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount of BBD to be received.

• Transfer reference number: will be needed for cash pickup or home delivery.

When you're sending or receiving money in Barbados, you have to be ready to share some documents.

The exact documents you need might vary by the company you use. Usually, you will have to:

• Show a government ID like a passport or driver's license.

• Give your contact details such as phone number and email address.

You will also need the recipients' details in Barbados. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Barbados, a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest Wise in this case. They know how to handle large BBD transfers and will help you get things done fast.

There might be tax implications to consider when sending money to Barbados.

Some BBD transfers may need to be reported to tax authorities, especially for larger amounts.

When in doubt, please contact a tax professional in your country or in Barbados.