Foreign Currency Usage Limits on Credit Cards

[MaxPower]

Have ah $25k in the bank.

Feel i go look for a desperate chap to buy for 10-1 yes.

[eliteauto]

Have ah $25k in the bank.

Feel i go look for a desperate chap to buy for 10-1 yes.

That is recorded as being in your account, is whether you can actually withdraw it ( if it's a local bank i.e.). If you can, the Chinese or the South lawyers would be your best bet to get 10

[fokhan_96]

Have ah $25k in the bank.

Feel i go look for a desperate chap to buy for 10-1 yes.

That is recorded as being in your account, is whether you can actually withdraw it ( if it's a local bank i.e.). If you can, the Chinese or the South lawyers would be your best bet to get 10

South lawyers ...hmmm

[The Bamboo Online]

Have ah $25k in the bank.

Feel i go look for a desperate chap to buy for 10-1 yes.

That is recorded as being in your account, is whether you can actually withdraw it ( if it's a local bank i.e.). If you can, the Chinese or the South lawyers would be your best bet to get 10

If can’t get cash…Could be wired to a buyers overseas account if that’s allowed…I don’t know if it make sense to transfer to the buyers local bank account

[mero]

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.

Who looking for it? Talk to meh nice

[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.

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.

Alright so let's tackle this one by one...

1. I travel fairly often, i'm out of the country approx. 15 days out of every month - I spend "willy nilly" from time to time and i've never been declined. Not sure what your point was there.

2. Working for a MNC is relevant to me, yes I am paid in USD. I have several TT credit cards as well as US issued cards.

3. No USD is an economic issue that is a symptom of failed policies and initiatives implemented by the current administration, so yes - i'd consider this a political issue.

Lastly, I have no intention to continue a back and forth with someone who clearly an idiot. I won't be responding to you.

[mero]

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.

Barbados has a cap of about 20k us a year iirc on their credit cards. Im quite sure there are other countries.

[Dizzy28]

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.

Barbados has a cap of about 20k us a year iirc on their credit cards. Im quite sure there are other countries.

Barbados's limit is not on CCs only. You have a personal limit which is tied to cash purchases as well as your cards. So you can't double dip by using both.

[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.

Barbados has a cap of about 20k us a year iirc on their credit cards. Im quite sure there are other countries.

Barbados's limit is not on CCs only. You have a personal limit which is tied to cash purchases as well as your cards. So you can't double dip by using both.

Correct, Barbados doesn't have a limit on credit cards specifically - it's a individual annual ceiling. You can walk into any bank in Barbados and get US once you request it in advance. It's not the russian roulette we have here.

[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.

Alright so let's tackle this one by one...

1. I travel fairly often, i'm out of the country approx. 15 days out of every month - I spend "willy nilly" from time to time and i've never been declined. Not sure what your point was there.

2. Working for a MNC is relevant to me, yes I am paid in USD. I have several TT credit cards as well as US issued cards.

3. No USD is an economic issue that is a symptom of failed policies and initiatives implemented by the current administration, so yes - i'd consider this a political issue.

Lastly, I have no intention to continue a back and forth with someone who clearly an idiot. I won't be responding to you.

1) What an idiotic response that says absolutely nothing. The fact that you have never been declined actually shows that forex works for you. Alot of people suffer declines when they travel so clearly it isn't right across the board.

2) if you do work for an mnc and are paid in usd then you shouldn't have a problem accessing the forex that you earn. Why are you even in this discussion? I recieve foreign payments as well which I bank overseas and I simply use that money whenever I need to travel or conduct any business. I'm not going in the bank to line up for $200 usd when the day comes.

3) You clearly are stupid if you don't see that the forex problem is one of supply and demand where demand simply outstrips supply.

If what you are saying is true then you are frothing up about an issue that doesn't actually concern you. Earn your usd in peace and continue your travelling bro.

[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.

Barbados has a cap of about 20k us a year iirc on their credit cards. Im quite sure there are other countries.

Barbados's limit is not on CCs only. You have a personal limit which is tied to cash purchases as well as your cards. So you can't double dip by using both.

Correct, Barbados doesn't have a limit on credit cards specifically - it's a individual annual ceiling. You can walk into any bank in Barbados and get US once you request it in advance. It's not the russian roulette we have here.

Barbados don't have supply and demand problem that is why it is available. Do you think if each Bajan person were to go in the bank everyday and request 200usd then they wouldn't start suffering similar problems? Don't you think that if they had an influx of chinese and venezuelan migrants who also demand forex then they wouldn't start having the same problems as Trinidadians? The fact that you have to demand it in advance shows you that it is being managed and is not as easily available.

[Redress10]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

[pugboy]

what’s a typical bajan usd cc limit?

[Dizzy28]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

The economic rent from the extraction of natural resources in Trinidad and Tobago belongs to the people of Trinidad and Tobago. The Trini working for TT$ does not mean he is never eligible for US$ that the energy sector bought in.

[Redress10]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

The economic rent from the extraction of natural resources in Trinidad and Tobago belongs to the people of Trinidad and Tobago. The Trini working for TT$ does not mean he is never eligible for US$ that the energy sector bought in.

But how do you access those economic rents? By hard usd or by having your roads be paved etc. We seem to believe that we are owed hard USD so that we can shop online etc. I think those of us old enough to remember when online shopping etc wasn't a thing, the only time ppl cared about accessing a foreign currency was when they were either travelling or sending money to a relative or friend about.

The average trini now expect usd on a daily basis and I expect that demand to be filled as a priority.

[Dizzy28]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

The economic rent from the extraction of natural resources in Trinidad and Tobago belongs to the people of Trinidad and Tobago. The Trini working for TT$ does not mean he is never eligible for US$ that the energy sector bought in.

But how do you access those economic rents? By hard usd or by having your roads be paved etc. We seem to believe that we are owed hard USD so that we can shop online etc. I think those of us old enough to remember when online shopping etc wasn't a thing, the only time ppl cared about accessing a foreign currency was when they were either travelling or sending money to a relative or friend about.

The average trini now expect usd on a daily basis and I expect that demand to be filled as a priority.

Well then a true float will balance expectations vs reality.

[VexXx Dogg]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

The economic rent from the extraction of natural resources in Trinidad and Tobago belongs to the people of Trinidad and Tobago. The Trini working for TT$ does not mean he is never eligible for US$ that the energy sector bought in.

But how do you access those economic rents? By hard usd or by having your roads be paved etc. We seem to believe that we are owed hard USD so that we can shop online etc. I think those of us old enough to remember when online shopping etc wasn't a thing, the only time ppl cared about accessing a foreign currency was when they were either travelling or sending money to a relative or friend about.

The average trini now expect usd on a daily basis and I expect that demand to be filled as a priority.

Well then a true float will balance expectations vs reality.

and that's what I suspect is coming.
The dirty float isn't working, plus we have less coming in, plus we have a voracious consumer appetite.

[mero]

what’s a typical bajan usd cc limit?

I'll verify later

[pugboy]

the correct term is our patrimony
according to the unions

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

The economic rent from the extraction of natural resources in Trinidad and Tobago belongs to the people of Trinidad and Tobago. The Trini working for TT$ does not mean he is never eligible for US$ that the energy sector bought in.

[Duane 3NE 2NR]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

Why do they need to earn USD directly?
You can use one currency to buy another currency.
There is foreign exchange for a reason. The current bank change rate is 1USD = 6.78TTD
Our problem in T&T is that there is not enough USD available to exchange for TTD. It's a supply and demand issue.
A country can earn USD and have enough to supply the demand of the entire country. If a country's currency is strong globally it can be used to purchase foreign currency. It is not based on an individual but the demand for their country's currency globally.

Here is a listing of foreign echange rates from Republic Bank
https://republictt.com/personal/forex-rates

[Redress10]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

Why do they need to earn USD directly?
You can use one currency to buy another currency.
There is foreign exchange for a reason. The current bank change rate is 1USD = 6.78TTD
Our problem in T&T is that there is not enough USD available to exchange for TTD. It's a supply and demand issue.
A country can earn USD and have enough to supply the demand of the entire country. If a country's currency is strong globally it can be used to purchase foreign currency. It is not based on an individual but the demand for their country's currency globally.

Here is a listing of foreign echange rates from Republic Bank
https://republictt.com/personal/forex-rates

But if they don't want to earn their own USD for their own consumption then why complain to the government. If we are saying that it's a matter of supply and demand then what is all the fuss about. The country is not in a forex crisis like some people like to claim. The country has enough forex I am sure to pay its internal debt, purchase critical medications etc.

The man who complains about forex shortages might be the man who imports electronics for resale. But if someone is struggling to keep their business afloat because they can't access enough forex to import the electronics then isn't it only natural that the business dies? Wouldn't the businessman who is able to generate his own forex be at an advantageous position to remain in business and flourish vs the one who can't? Why we keep acting as though "the government" owes us forex?

But the point is the TT currency is not strong globally. It probably will never be strong globally in our lifetimes and neither our children. I have never heard a trini enquire about purchasing nigerian currency or indian rupee? It's mainly USD, CAN and gbp. We also need to acknowledge geopolitics and why some currencies are used as a storage of value etc.

[Duane 3NE 2NR]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

Why do they need to earn USD directly?
You can use one currency to buy another currency.
There is foreign exchange for a reason. The current bank change rate is 1USD = 6.78TTD
Our problem in T&T is that there is not enough USD available to exchange for TTD. It's a supply and demand issue.
A country can earn USD and have enough to supply the demand of the entire country. If a country's currency is strong globally it can be used to purchase foreign currency. It is not based on an individual but the demand for their country's currency globally.

Here is a listing of foreign echange rates from Republic Bank
https://republictt.com/personal/forex-rates

But if they don't want to earn their own USD for their own consumption then why complain to the government. If we are saying that it's a matter of supply and demand then what is all the fuss about. The country is not in a forex crisis like some people like to claim. The country has enough forex I am sure to pay its internal debt, purchase critical medications etc.

The man who complains about forex shortages might be the man who imports electronics for resale. But if someone is struggling to keep their business afloat because they can't access enough forex to import the electronics then isn't it only natural that the business dies? Wouldn't the businessman who is able to generate his own forex be at an advantageous position to remain in business and flourish vs the one who can't? Why we keep acting as though "the government" owes us forex?

But the point is the TT currency is not strong globally. It probably will never be strong globally in our lifetimes and neither our children. I have never heard a trini enquire about purchasing nigerian currency or indian rupee? It's mainly USD, CAN and gbp. We also need to acknowledge geopolitics and why some currencies are used as a storage of value etc.

T&T is borrowing money to supply its forex needs



And USD is in demand and not Nigerian or rupees because USD is the global reserve currency

[hover11]

Let me put another way for some trinis who just not understanding.

Let us say your child is going to school in the USA. Their school tuition each year is 50k usd. Which one of their parents ever earned and paid taxes of income of 50k usd when they have worked all their lives in Trinidad and earned ttd?

Why do they need to earn USD directly?
You can use one currency to buy another currency.
There is foreign exchange for a reason. The current bank change rate is 1USD = 6.78TTD
Our problem in T&T is that there is not enough USD available to exchange for TTD. It's a supply and demand issue.
A country can earn USD and have enough to supply the demand of the entire country. If a country's currency is strong globally it can be used to purchase foreign currency. It is not based on an individual but the demand for their country's currency globally.

Here is a listing of foreign echange rates from Republic Bank
https://republictt.com/personal/forex-rates

But if they don't want to earn their own USD for their own consumption then why complain to the government. If we are saying that it's a matter of supply and demand then what is all the fuss about. The country is not in a forex crisis like some people like to claim. The country has enough forex I am sure to pay its internal debt, purchase critical medications etc.

The man who complains about forex shortages might be the man who imports electronics for resale. But if someone is struggling to keep their business afloat because they can't access enough forex to import the electronics then isn't it only natural that the business dies? Wouldn't the businessman who is able to generate his own forex be at an advantageous position to remain in business and flourish vs the one who can't? Why we keep acting as though "the government" owes us forex?

But the point is the TT currency is not strong globally. It probably will never be strong globally in our lifetimes and neither our children. I have never heard a trini enquire about purchasing nigerian currency or indian rupee? It's mainly USD, CAN and gbp. We also need to acknowledge geopolitics and why some currencies are used as a storage of value etc.

Duane i like the point you made that the TTD simply isn't strong , in my view it's overvalued my question is what is propping it up at the moment? Wouldn't a devaluation be necessary to control and curb the demand for forex?

[Redress10]

USD isn't in demand because it is the global reserve currency. It is demand because ppl purchase etc from america. Nobody purchases anything from nigeria so there is no need to access its currency. Nobody in UK, europe, australia etc is exchanging their own currency for usd to hold it as a storage of value etc. The value of your currency is based on the goods and services that are in demand from it. You don't buy anything imported by Massy etc with ttd. That money is converted in the background. Massy etc can't take ttd to a foreign manufacturer and pay for their goods.

Trinis require forex to consume goods and services. Whether this is sneakers or netflix. Borrowing to fund consumption never ends well. What do trinis exchange in order to afford the forex they consume? If we already admit that ttd has no actual value. There was an article where Pricemart said they had difficulty exchanging their ttd for USD.

[pugboy]

it doesnt help that america simply prints more money and artificially props up their currency to keep usd the defacto base currency in the western world

[hover11]

Because they are the world currency the rule of inflation doesn't apply to them as the demand for the currency is always there

it doesnt help that america simply prints more money and artificially props up their currency to keep usd the defacto base currency in the western world

[Redress10]

So how does a local bank get forex?

[Redress10]

it doesnt help that america simply prints more money and artificially props up their currency to keep usd the defacto base currency in the western world

And trinis see nothing wrong with burning through oil and gas revenues just to get some usd to swipe a card. No alarm bells ringing whatsoever?

[pugboy]

and if anybody try to rock that boat they getting tariffs, sanctions or bombs in any order

Because they are the world currency the rule of inflation doesn't apply to them as the demand for the currency is always there

it doesnt help that america simply prints more money and artificially props up their currency to keep usd the defacto base currency in the western world

[triniterribletim]

Trinidad and Tobago is subject to currency controls. For people who actually have businesses or a decent amount of assets, it may be wise to get a residency and accounts in a country that doesn't have issues with forex access. Drop a chunk of change in an international bank there and you might eventually get a black card.