Take advantage of these tips and tricks to save when sending money to Barbados.
Don't spend more than you need to when transferring money to Barbados.
This guide explains how to get the most cost-effective money transfers and lets you compare your options.
Compare money transfer services for Barbados
You can use the table below to check different options.
Enter how much you want to send, then the table will do the maths. You'll be able to see how much it'll cost in fees and exchange rates to use different services.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
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How to send money to Barbados in a few simple steps
- Choose your service. Sometimes this can just be the cheapest, but other times you may want to look for cash pick-up options, faster transfers or higher limits.
- Create an account. This usually involves providing some form of identification, like your driver's licence or passport, and proof of address.
- Pick your payment method. The usual options are bank account, credit card or debit card.
- Choose your delivery method. Do you want to send money directly to a bank account in Barbados? Do you want to arrange a cash pick-up in Bridgetown?
- Enter your transaction details. These are who you're sending the money to, how much you're sending and similar information.
- Review your transfer. Make sure the recipient's details are right, that yours are correct and double-check the fees and exchange rates to make sure everything's in order.
- Send your funds. The money will be deposited into your recipient's account in Barbados.
- Receive email/SMS confirmation. You'll receive email or SMS confirmation once the transfer is underway. If the recipient is picking up cash in Barbados, they'll need to present the transfer details at the pick-up point.
How to compare Barbados money transfer services
Work out what's most important to you, then balance the pros and cons of different options.
- Exchange rates. How many Barbadian dollars to each Australian dollar? Different money transfer services will offer different exchange rates. The Barbadian dollar is pegged to the US dollar and USD is relatively widely accepted in Barbados so it may be possible to save on exchange rates by sending USD instead.
- Fees. There will often be flat fees for a transfer. Compare these before sending and combine them with the exchange rates and any other costs to find the cheapest way to send money to Barbados.
- Pick-up methods. Does the recipient need cash? Do they want it in their bank account? Would they prefer to have it deposited in a mobile money app? Compare your options to find a pick-up method that suits.
- Transfer methods. You can send money online, but if you'd rather do it over the phone, or by paying with cash at a 7-Eleven or MoneyGram store, that may also be an option.
- Transfer times. If the money needs to arrive fast it could be worth looking for the quickest option. Cash pick-up is typically the fastest, but this convenience will often come with higher fees.
- Limits. Different Barbados money transfer services have different limits. There will often be lower limits as well as upper limits, so if you need to send a very big or very small amount of money your options will be more limited.
- Customer service. Make sure you know how to get in touch with the service if something goes wrong, especially if you know you'll be using it regularly.
Exchange rates explainedAn exchange rate is how much two currencies are worth compared to each other and sending money at different times can make a significant difference in how much arrives.
Generally, you'll get better value for money if the currency being sent is strong relative to the currency being received, at the time you're sending it.
The Bajan dollar, or Barbadian dollar, is pegged to the US dollar at a rate of 2:1. This means it's worth paying attention to AUD/USD exchange rates when sending money to Barbados.
Below you can see a real-time update of the mid-market (average) rate for Australian dollars (AUD) to Barbadian dollars (BBD).
AUD to BBD: Historical rate chart
What are the ways I can send money to Barbados?
Not all banks and money transfer services will offer Barbadian dollars, so options may be limited.
- Bank transfer. Some banks will transfer money to Barbados through a wire transfer, but be careful as the rates and fees will sometimes be among the highest of all options.
- PayPal. PayPal offers money transfers and can be a convenient option, but it's worth comparing it against other options since its fees can add up.
- Specialist money transfer service. These services will typically be among the most cost-effective and convenient options available, depending on the circumstances.
- Cash pick-up services. Cash pick-up money transfers are often the speediest way of sending money, but this convenience will typically come at premium prices.
Let's crunch the numbers: Two Barbados money transfers compared
Let's look at how two example money transfer services compare if you're sending $1,000 to Barbados.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||1 AUD = 1.392 BBD||1 AUD = 1.416|
|Transfer speed||Minutes||1 hour|
|Total Barbadian dollars received||BBD$1,329.25||BBD$1,410|
|Receiver gets||BBD$80.75 less||BBD$80.75 more|
In this example you would be paying a lot more for a slightly faster transfer and cash pick-up.
How long will it take to send money to Barbados?
How long it takes to send money to Barbados depends primarily on how you pay for your transfer and how it's sent. Bank transfers are typically the slowest part of the procedure, so by avoiding them you'll often find faster transfers. For example, if you pay with card or cash for the recipient to make a cash pick-up it will often be quicker than paying with a bank transfer to get funds sent straight to the recipient's bank account.
Emergency cash transfer
Sometimes you might need to send cash to Barbados fast, such as if a family member had their wallet stolen while holidaying there.
If you need to get funds there in a hurry, you can compare options to find the most efficient way of getting funds from A to B.
But even if speed is the number one priority, there's still room to find more cost-effective options.
How to send money to Barbados without a bank account
If you don't have a bank account, you can still use cash transfer services to get the money to its destination.
Similarly, a recipient can get the money with a cash transfer if they don't have a bank account.
These cash transfer services are widely available around the world and although they'll typically not be the cheapest available service they can be fast, convenient and usable without bank accounts.
Tips for picking up cash in Barbados
As a tourist-friendly destination, there are plenty of ATMs and banks in the more heavily populated parts of Barbados and there are several pick-up points for services such as MoneyGram and Western Union around the islands.
The Department of Foreign Affairs and Trade (DFAT) considers Barbados to be a safe country compared to many other Caribbean nations, but it's always advisable to be careful when handling large amounts of cash or travelling.
Try to pick up cash in well-populated, well-lit areas during the day and avoid doing it alone where possible.