Central Bank clarifies remittance policy for non-residents holding Bahamian dollars

NASSAU, BAHAMAS- The Central Bank of The Bahamas has issued a directive confirming that non-residents—defined under Exchange Control regulations as individuals residing in The Bahamas without the right to work—may now convert Bahamian dollars into foreign currency for the purpose of remitting funds abroad through Money Transmission Businesses (MTBs) and commercial banks.

The updated guidance aims to address inconsistencies in how MTBs have handled such transactions. “In light of this, and with immediate effect, MTBs (and commercial banks) are permitted to convert non-residents’ holdings of Bahamian dollars into foreign currency for remittance abroad for current account payments,” the Central Bank stated.

The move builds on a 2018 policy shift that allowed non-residents to hold Bahamian dollar deposit accounts with balances up to $50,000. The Bank reaffirmed its oversight role, stating that it “will continue to monitor these transactions closely” and expects full compliance with delegated limits and customer due diligence protocols.

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