New cash declaration rules for Bahamas entry and exit

Date Posted: 2015-08-13
Source: The Government of the Bahamas

Most cruisers load up on a fair amount of cash before heading across the Gulf Stream to the Bahamas. Many out island merchants and fishermen do not take credit cards – even the entry fees usually need to be paid in cash – and ATMs are often not convenient, not functioning, or out of money. When you can use your credit card (or ATM card), you'll often be hit with a sizable transaction fee. 

The Bahamas Parliament has enacted the Travellers Currency Declaration Act of 2014 which requires travelers to declare upon entry or exit if in possession of $10,000 or more in any currency. A "Travellers Currency Declaration Form" will need to be filled out and presented. Penalties for non-compliance can include forfeiture of the cash, plus up to a $2,000 fine on top of that.

The act is not yet in force but will most likely be by the end of the year – look for updates.

The act’s purpose is to combat money laundering, tax evasion, and for the Bahamas to comply with the USA’s Foreign Account Tax Compliance Act (FATCA) treaty.

Note: Both Bahamian dollars and U.S. dollars are accepted everywhere in the Bahamas and are equal in value (until you bring the Bahamas dollars back home and try to exchange them).

Back to News More News - Chesapeake Bay:

• Weather App Shootout – Round 3 – Across the Potomac
• Ets757 Food Trucks at Riverview Village Days Farmers' Market - Norfolk, VA
• Groovin In The Park - Deltaville, VA

• Read the latest News from Waterway Guide
• Read the latest Nav Alerts from Waterway Guide

Deltaville, VA
Current Conditions