FAQs

Controller of Exchange

What should I do if I wish to send funds to someone attending school outside of The Bahamas?

The prior approval of the Exchange Control Department is required to remit foreign currency to any individual studying abroad. Application in respect of it must be accompanied by documentary evidence confirming the enrolment of the student abroad (i.e. a copy of a letter of acceptance or I-20 form for U.S. based schools). However, persons regarded as resident for Exchange Control purposes may remit, without limit, foreign currency to educational institutions abroad upon presentation to an Authorised Dealer (Commercial Bank) of documentary evidence confirming the student's enrolment abroad.


  1. Are Bahamians permitted to open foreign currency accounts?
  2. Are Bahamians permitted to invest in financial securities abroad?
  3. What should I do if I wish to send funds to someone attending school outside of The Bahamas?
  4. As a non-resident am I permitted to enter into loan agreements denominated in Bahamian dollars?
  5. As a temporary resident in The Bahamas, would I be permitted to send funds to family etc. in my home country?
  6. Are there special provisions in respect of property transactions that involve non-residents?
  7. I am a Bahamian citizen who plans to take up residence outside of The Bahamas. Would foreign exchange restrictions still apply to me?
  8. How are external (foreign currency) reserves managed?
  9. How can we tell if external (foreign currency) reserves are 'too low'?
  10. How have external (foreign currency) reserves changed over the past few years?


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