Foreign Currency Usage Limits on Credit Cards

[Redress10]

why do trinis need to travel tho

they could just stay here

use skype

Technically speaking. Where they getting usd to travel? If the average trini never earn usd in their entire life via legitimate means. How they accessing usd? If we all agree that ttd is useless then what we really exchanging when we want usd?

the average trini has a claim of the proceeds of oil and gas revenues extracted, as well as claim on any usd loans taken out on their behalf by the govt, and on any USD savings like the HSF fund being drawn down

the central bank issues ttd backed by that usd wealth. if the ttd is worthless paper then somewhere along the line the value of the oil/gas/loans/savings are being exchanged for something of worthlessness, which is theft

Yeah but does the average trini have a claim to hard usd or ia that claim paid via GATE, medicine in the hospital and other development projects that costs usd? I don't think being an oil and gas country entitles the citizens to USD in their hand? I think the people who earn it are entitled to it to keep the lights on etc. So oil and gas companies, the government to pay back loans etc. I think that any usd sold to the Bank should be treated via market conditions of supply and demand.

[pugboy]

well then float the currency and let the market decide

[paid_influencer]

maybe they could manage the float even, to prevent undue hardship

Wendell Mottley, probably the best finance minister this country every had, had the foreign exchange system figured out. Man thought he was putting in a system that could respond to everything and would never get outdated or put undue hardship on the population.

then came imbert and rowley and they shelved it to go back to an archaic fixed exchange rate system. two incompetents that completely screwed up one of the defining aspects of T&T financial progress, one of the biggest achievements of mottley/manning. the amount of forking pain it take to get we to that point and imbert and rowley with 0 financial expertise just throw it away and never look back. makes me so forking mad oui, backwardness from two big idiots destroy a beautiful thing this country had and we have no way to fix it without massive pain

[Redress10]

well then float the currency and let the market decide

Those of us old enough remember the days of money orders? When someone in another country used to send you a type of money that you can exchange in the bank I believe.

We keep forgetting that the average trini now has a credit card as well as the average venezuelan and chinese immigrant who sending money back via usd.

I think we have gotten to the point where demand simply outstrips supply and people asking for more usd are doing so to further increase consumption of goods and services etc and not necessarily to invest to earn more.

At the end of the day, the usd is from oil and gas sales that are continuously being depleted. We selling oil and gas and trinis turning around and buying shein with the money.

[Duane 3NE 2NR]

Alluh hear me out. Check this.

Trinis living nice. Trinis working in Trinidad. Let us say public service. Teacher etc. Every month they earning 8-15k TT. They never once in their life earned a single US dollar. Yet every single month, they online shopping on Amazon etc. Come summer they booking trips all over the world and paying for their ticket, hotel, meals etc just by swiping that credit card.

Where the USD coming from to meet that demand for the thousands of people who intend to live like this. If they want to spend USD then shouldn't they be working remotely etc? How can you realistically earn TTD but intend to spend USD at the rate that most trinis do and vex when the banks keep tightening the screws?

Countries acquire foreign currency primarily through exports of goods and services, attracting foreign investment and through other means like tourism. Each person of that country does not have to directly earn foreign currency to have access to foreign currency. They can buy foreign currency. That's what the whole global forex market is about. If there is too little exports of goods and services, little to no foreign investment and little to no tourism etc then there will be little demand for our local currency globally.

[st7]

well then float the currency and let the market decide

Those of us old enough remember the days of money orders? When someone in another country used to send you a type of money that you can exchange in the bank I believe.

We keep forgetting that the average trini now has a credit card as well as the average venezuelan and chinese immigrant who sending money back via usd.

I think we have gotten to the point where demand simply outstrips supply and people asking for more usd are doing so to further increase consumption of goods and services etc and not necessarily to invest to earn more.

At the end of the day, the usd is from oil and gas sales that are continuously being depleted. We selling oil and gas and trinis turning around and buying shein with the money.

and what are the local options?

we certainly don't manufacture sheit, but then again US hadda spend on raw materials. now only certain ppl (coughfinancierscough) allowed US who will make a killing on trinis with exorbitant prices because you say the typical trini don't earn US? a trini should stay in this country, fight up with local TV, eat ah bodi.

redress, how much subscription you have, how often you purchase from Amazon, and how often u does travel?

you and hover fighting first place for dotish oui

[Redress10]

Alluh hear me out. Check this.

Trinis living nice. Trinis working in Trinidad. Let us say public service. Teacher etc. Every month they earning 8-15k TT. They never once in their life earned a single US dollar. Yet every single month, they online shopping on Amazon etc. Come summer they booking trips all over the world and paying for their ticket, hotel, meals etc just by swiping that credit card.

Where the USD coming from to meet that demand for the thousands of people who intend to live like this. If they want to spend USD then shouldn't they be working remotely etc? How can you realistically earn TTD but intend to spend USD at the rate that most trinis do and vex when the banks keep tightening the screws?

Countries acquire foreign currency primarily through exports of goods and services, attracting foreign investment and through other means like tourism. Each person of that country does not have to directly earn foreign currency to have access to foreign currency. They can buy foreign currency. That's what the whole global forex market is about. If there is too little exports of goods and services, little to no foreign investment and little to no tourism etc then there will be little demand for our local currency globally.

Where in the world, do citizens "buy foreign currency"? I'm not talking about a british citizen travelling to US from UK etc. I'm talking about people living in China, Argentina, Sudan, Chile, Venezuela etc purchasing US currency monthly to do their shopping, pay netflix etc. Our situation is very much unique due to our oil and gas sales. There are many countries in the world that only gives you access to a foreign currency when you're in the airport and travelling.

Trinis daily usage of the usd now rivals that of the ttd.

[Redress10]

well then float the currency and let the market decide

Those of us old enough remember the days of money orders? When someone in another country used to send you a type of money that you can exchange in the bank I believe.

We keep forgetting that the average trini now has a credit card as well as the average venezuelan and chinese immigrant who sending money back via usd.

I think we have gotten to the point where demand simply outstrips supply and people asking for more usd are doing so to further increase consumption of goods and services etc and not necessarily to invest to earn more.

At the end of the day, the usd is from oil and gas sales that are continuously being depleted. We selling oil and gas and trinis turning around and buying shein with the money.

and what are the local options?

we certainly don't manufacture sheit, but then again US hadda spend on raw materials. now only certain ppl (coughfinancierscough) allowed US who will make a killing on trinis with exorbitant prices because you say the typical trini don't earn US? a trini should stay in this country, fight up with local TV, eat ah bodi.

redress, how much subscription you have, how often you purchase from Amazon, and how often u does travel?

you and hover fighting first place for dotish oui

All those things you talking about only possible because of oil and gas. So basically manufacturing subsidised by oil and gas usd.

[MaxPower]

Venes have rel USD in T&T?

More than the average Trini?

[st7]

well then float the currency and let the market decide

Those of us old enough remember the days of money orders? When someone in another country used to send you a type of money that you can exchange in the bank I believe.

We keep forgetting that the average trini now has a credit card as well as the average venezuelan and chinese immigrant who sending money back via usd.

I think we have gotten to the point where demand simply outstrips supply and people asking for more usd are doing so to further increase consumption of goods and services etc and not necessarily to invest to earn more.

At the end of the day, the usd is from oil and gas sales that are continuously being depleted. We selling oil and gas and trinis turning around and buying shein with the money.

and what are the local options?

we certainly don't manufacture sheit, but then again US hadda spend on raw materials. now only certain ppl (coughfinancierscough) allowed US who will make a killing on trinis with exorbitant prices because you say the typical trini don't earn US? a trini should stay in this country, fight up with local TV, eat ah bodi.

redress, how much subscription you have, how often you purchase from Amazon, and how often u does travel?

you and hover fighting first place for dotish oui

All those things you talking about only possible because of oil and gas. So basically manufacturing subsidised by oil and gas usd.

i want to hear what are the local options, and you haven't answered the questions that'll make you sound like a hypocrite.


allyuh on here like to complain and make excuses, but offer no solutions.

[Duane 3NE 2NR]

Alluh hear me out. Check this.

Trinis living nice. Trinis working in Trinidad. Let us say public service. Teacher etc. Every month they earning 8-15k TT. They never once in their life earned a single US dollar. Yet every single month, they online shopping on Amazon etc. Come summer they booking trips all over the world and paying for their ticket, hotel, meals etc just by swiping that credit card.

Where the USD coming from to meet that demand for the thousands of people who intend to live like this. If they want to spend USD then shouldn't they be working remotely etc? How can you realistically earn TTD but intend to spend USD at the rate that most trinis do and vex when the banks keep tightening the screws?

Countries acquire foreign currency primarily through exports of goods and services, attracting foreign investment and through other means like tourism. Each person of that country does not have to directly earn foreign currency to have access to foreign currency. They can buy foreign currency. That's what the whole global forex market is about. If there is too little exports of goods and services, little to no foreign investment and little to no tourism etc then there will be little demand for our local currency globally.

Where in the world, do citizens "buy foreign currency"? I'm not talking about a british citizen travelling to US from UK etc. I'm talking about people living in China, Argentina, Sudan, Chile, Venezuela etc purchasing US currency monthly to do their shopping, pay netflix etc. Our situation is very much unique due to our oil and gas sales. There are many countries in the world that only gives you access to a foreign currency when you're in the airport and travelling.

Trinis daily usage of the usd now rivals that of the ttd.

When you purchase something online with your credit card from another country you are effectively buying foreign currency. You paid the TTD equivalent for the purchase to be made in the foreign currency. You purchase the foreign currency at the bank rate.
Local businesses need to purchase foreign currency in order to buy stock for their business, whether it's food & general merchandise, raw materials or completed items.
You need to buy USD or Yen in order to buy a car from Japan. We don't manufacture vehicles here in T&T anymore.

[pugboy]

Venes are a vital part of the local underground economy,

usd is avail over there on the black market openly in venez
their supply will be fuelled by contraband/narco exports some allegedly by maduro govt itself

likewise when they pay the local pirogue transport in usd here
that usd will be sold on the local black market and bought up by importers of anything more legitimate
also bought by local narco folks to pay their south american suppliers who require payment in usd

local landlords should ask the venes to pay their rent in usd, who knows they may actually be able to source usd across

Venes have rel USD in T&T?

More than the average Trini?

[Dizzy28]

Going in Scotia today to get some USD for an upcoming trip. This is not a walk in as I made a request last week and was given today as the day to come in. Dunno why they ask how much I wanted when I know there is a max amount they will give. Last year it was US$500 at any one time.
Dunno how much they will actually give till I reach in because they didn't say.

[widdyphuck]

More restrictions to come...they only holding out until after elections.

[redmanjp]

Scotiabank to apply US$100 limit on some credit cards

https://trinidadexpress.com/business/scotiabank-to-apply-us-100-limit-on-some-credit-cards/article_34cd4042-804e-4168-906f-10273013611c.html

[paid_influencer]

Scotiabank to apply US$100 limit on some credit cards

https://trinidadexpress.com/business/scotiabank-to-apply-us-100-limit-on-some-credit-cards/article_34cd4042-804e-4168-906f-10273013611c.html

A Scotiabank customer with a joint credit card shared with her son, who is studying overseas, has been informed that the monthly limit has now been reduced to US$100.

A Valsayn businessman also contacted Express Business, expressing his frustration about the situation, as he too was notified of the change.

They are among several customers who received notice from Scotiabank announcing yet another adjustment to its credit card limits, in light of the ongoing foreign exchange challenges facing the country.

Starting May 1, all customers who hold more than two credit cards with Scotiabank will only be able to access US$100 on the third card and any additional cards.

These changes follow a previous adjustment made by the bank on December 1, 2024.

“As we continue to navigate the Foreign Exchange considerations prevailing within our country, please be advised that effective December 1, 2024, the maximum US dollar spending limit per calendar month on your Scotiabank credit card will be reduced to USD $2,000,” Scotiabank stated in the previous notice.

“This change includes all transactions conducted outside of Trinidad and Tobago along with all international online transactions. All local TT dollar transactions conducted online or at merchants remain unaffected,” that release stated.

Scotiabank issued an updated release yesterday further cutting the limit on some credit cards

“Following the last correspondence you would’ve received about the ongoing foreign exchange supply constraints, we are writing to advise that upon further review of FX limits on all credit cards, additional adjustments have become necessary,” it stated.

"We recognise that the situation is challenging, and we sincerely thank you for your business and continued understanding as we navigate the foreign exchange considerations prevailing within our country,” it stated.

This move comes as Prime Minister Stuart Young has begun meeting with members of the banking sector in an effort to address the ongoing foreign exchange situation.

ah put it in big in case anybody didnt hear

[redmanjp]

Yes it only applies to ppl who have more than 2 cards, the 3rd card is limited to $100 US.

[Chimera]

LOL
with scotia i gone from being able to spend 9k a month USD across 3 cards

to 5000+2000+100 with this new development

[paid_influencer]

the joint card holder is a scratcher tho. If a parent have 2 children, so 3 card holders (with 3 cards), does that count? normally it would be considered 1 shared limit

[redmanjp]

The shared limit is the credit limit. But this is a US$ limit.

But it might make sense to have a shared US$ limit too instead of inconvenience the 3rd card holder while the other two may not even reach their higher limit.

[Chimera]

Time to open some more company accounts and get more cards yes

[pugboy]

you have spare companies that running a while ?

they want 2-3yrs audited accounts and now also want you to take out a loan as well.

Time to open some more company accounts and get more cards yes

[hover11]

The devaluation is coming for sure regardless of who wins. We have nothing proping our economy up now that dragon is gone

More restrictions to come...they only holding out until after elections.

[jsm1985]

Alluh hear me out. Check this.

Trinis living nice. Trinis working in Trinidad. Let us say public service. Teacher etc. Every month they earning 8-15k TT. They never once in their life earned a single US dollar. Yet every single month, they online shopping on Amazon etc. Come summer they booking trips all over the world and paying for their ticket, hotel, meals etc just by swiping that credit card.

Where the USD coming from to meet that demand for the thousands of people who intend to live like this. If they want to spend USD then shouldn't they be working remotely etc? How can you realistically earn TTD but intend to spend USD at the rate that most trinis do and vex when the banks keep tightening the screws?

not sure if you're aware but this is how credit cards work. Trinidad is the only country that I know of that has restrictions like this on USD spending. I work for a MNC and Trinidad is by far and large the worst performing market that we have in terms of ability to convert USD. It is a literal hell hole here.

[hover11]

Alluh hear me out. Check this.

Trinis living nice. Trinis working in Trinidad. Let us say public service. Teacher etc. Every month they earning 8-15k TT. They never once in their life earned a single US dollar. Yet every single month, they online shopping on Amazon etc. Come summer they booking trips all over the world and paying for their ticket, hotel, meals etc just by swiping that credit card.

Where the USD coming from to meet that demand for the thousands of people who intend to live like this. If they want to spend USD then shouldn't they be working remotely etc? How can you realistically earn TTD but intend to spend USD at the rate that most trinis do and vex when the banks keep tightening the screws?

not sure if you're aware but this is how credit cards work. Trinidad is the only country that I know of that has restrictions like this on USD spending. I work for a MNC and Trinidad is by far and large the worst performing market that we have in terms of ability to convert USD. It is a literal hell hole here.

Don't feed the troll man,
Any way If you all thought the forex crisis was bad then brace yourselves.

[Chimera]

you have spare companies that running a while ?

they want 2-3yrs audited accounts and now also want you to take out a loan as well.

Time to open some more company accounts and get more cards yes

Yea I have a few that active from 5 to 10 years

Next week all them banks seeing me

[Chimera]

Even them casino paying $8 and up for usd

[mero]

Feel i go sell a lil 4k usd from meh cc at 8-1 every cycle yes.

[pugboy]

dat going on long time
how yuh think all the containers come in the bamboo?

Feel i go sell a lil 4k usd from meh cc at 8-1 every cycle yes.

[Redress10]

Alluh hear me out. Check this.

Trinis living nice. Trinis working in Trinidad. Let us say public service. Teacher etc. Every month they earning 8-15k TT. They never once in their life earned a single US dollar. Yet every single month, they online shopping on Amazon etc. Come summer they booking trips all over the world and paying for their ticket, hotel, meals etc just by swiping that credit card.

Where the USD coming from to meet that demand for the thousands of people who intend to live like this. If they want to spend USD then shouldn't they be working remotely etc? How can you realistically earn TTD but intend to spend USD at the rate that most trinis do and vex when the banks keep tightening the screws?

not sure if you're aware but this is how credit cards work. Trinidad is the only country that I know of that has restrictions like this on USD spending. I work for a MNC and Trinidad is by far and large the worst performing market that we have in terms of ability to convert USD. It is a literal hell hole here.

That is not how credit cards work and I dare you to travel all over the world and try to swipe ya card willy nilly and see if you don't get a surprise or a decline. Your bank is a customer who purchases USD and then sells to you which you then use on your credit cards etc. This is based on availability. The laws of supply and demand still exists here.

USD is not something that grows on trees. It needs to be earned. You earn it by exporting something that the world needs and you are paid in USD. The problem is that you also need to import using USD. The majority of trinbagonians now use USD in their daily lives and use USD in their daily consumption patterns. The added demand has caused stress on the supply.

You working for a MNC is an irrelevant point. Does that MNC pay you in USD. I'm guessing no. Not being able to convert to USD is matter of supply and demand and not some political issue.