Foreign Currency Usage Limits on Credit Cards

[widdyphuck]

Let me take swing at this forex issue.
Who is responsible for the DISTRIBUTION of forex (legally)? It's the banking system..ie FCB, RBC,SCOTIA JMMB etc.
So the issue of forex availability lies at the hands of the banks and the CRITERIA used by said banks to distribute forex.
The central bank can sell as much forex to the commercial banks as they want but it's ultimately up to the said commercial banks to distribute the forex to us either over the counter or electronically via there issued credit cards.
It seems as though the banks have a preffered set of customers they choose to distribute large amounts of forex to and the rest has to share the remaining amount.
Its a distribution issue.
Unc and PNM supporters come at me..am I wrong?

Trinidadians use 2b USD more a year than they generate. They is no distribution problem. There is an availability problem.
OFC Massy and Pricesmart gonna get more US$ than Rajesh and Kwamesh selling Jordans on Facebook. However when Pricesmart stocks their shelves and Massy/Ansa/SS their car lots the ultimate user of the forex is the public - its me and you and everybody else. Forex is not just what you personally get on your CC and from the bank. Its the fact that you can purchase any number of imported goods using TT$ at a merchant.

The thing about it is everyone wants forex to make purchases because no one really wants to shop locally.
Why buy a jeans for $800ttd locally when you can buy it import it and have it at your door step for less.
As such the business community will favor the restrictions of forex to the common man provided they get there regular share

[hover11]

Let me take swing at this forex issue.
Who is responsible for the DISTRIBUTION of forex (legally)? It's the banking system..ie FCB, RBC,SCOTIA JMMB etc.
So the issue of forex availability lies at the hands of the banks and the CRITERIA used by said banks to distribute forex.
The central bank can sell as much forex to the commercial banks as they want but it's ultimately up to the said commercial banks to distribute the forex to us either over the counter or electronically via there issued credit cards.
It seems as though the banks have a preffered set of customers they choose to distribute large amounts of forex to and the rest has to share the remaining amount.
Its a distribution issue.
Unc and PNM supporters come at me..am I wrong?

Trinidadians use 2b USD more a year than they generate. They is no distribution problem. There is an availability problem.
OFC Massy and Pricesmart gonna get more US$ than Rajesh and Kwamesh selling Jordans on Facebook. However when Pricesmart stocks their shelves and Massy/Ansa/SS their car lots the ultimate user of the forex is the public - its me and you and everybody else. Forex is not just what you personally get on your CC and from the bank. Its the fact that you can purchase any number of imported goods using TT$ at a merchant.

The thing about it is everyone wants forex to make purchases because no one really wants to shop locally.
Why buy a jeans for $800ttd locally when you can buy it import it and have it at your door step for less.
As such the business community will favor the restrictions of forex to the common man provided they get there regular share

The problem with that notion is the business community aren't the voters, it's the common man who goes out and votes. The business community already got a bligh as it relates no commercial property tax until the election year lol. Seems this government favours the business community because as far as I have seen they are the only community who seems to be shown preference. The common man will vote on his material conditions, can any one picture another Five years of this forex restrictions crap? The ppl will decide

[widdyphuck]

Let me take swing at this forex issue.
Who is responsible for the DISTRIBUTION of forex (legally)? It's the banking system..ie FCB, RBC,SCOTIA JMMB etc.
So the issue of forex availability lies at the hands of the banks and the CRITERIA used by said banks to distribute forex.
The central bank can sell as much forex to the commercial banks as they want but it's ultimately up to the said commercial banks to distribute the forex to us either over the counter or electronically via there issued credit cards.
It seems as though the banks have a preffered set of customers they choose to distribute large amounts of forex to and the rest has to share the remaining amount.
Its a distribution issue.
Unc and PNM supporters come at me..am I wrong?

Trinidadians use 2b USD more a year than they generate. They is no distribution problem. There is an availability problem.
OFC Massy and Pricesmart gonna get more US$ than Rajesh and Kwamesh selling Jordans on Facebook. However when Pricesmart stocks their shelves and Massy/Ansa/SS their car lots the ultimate user of the forex is the public - its me and you and everybody else. Forex is not just what you personally get on your CC and from the bank. Its the fact that you can purchase any number of imported goods using TT$ at a merchant.

The thing about it is everyone wants forex to make purchases because no one really wants to shop locally.
Why buy a jeans for $800ttd locally when you can buy it import it and have it at your door step for less.
As such the business community will favor the restrictions of forex to the common man provided they get there regular share

The problem with that notion is the business community aren't the voters, it's the common man who goes out and votes. The business community already got a bligh as it relates no commercial property tax until the election year lol. Seems this government favours the business community because as far as I have seen they are the only community who seems to be shown preference. The common man will vote on his material conditions, can any one picture another Five years of this forex restrictions crap? The ppl will decide

I think the people have decided already. It's just a matter of time now. Calling of the elections etc

[MG Man]

Let me take swing at this forex issue.
Who is responsible for the DISTRIBUTION of forex (legally)? It's the banking system..ie FCB, RBC,SCOTIA JMMB etc.
So the issue of forex availability lies at the hands of the banks and the CRITERIA used by said banks to distribute forex.
The central bank can sell as much forex to the commercial banks as they want but it's ultimately up to the said commercial banks to distribute the forex to us either over the counter or electronically via there issued credit cards.
It seems as though the banks have a preffered set of customers they choose to distribute large amounts of forex to and the rest has to share the remaining amount.
Its a distribution issue.
Unc and PNM supporters come at me..am I wrong?

Trinidadians use 2b USD more a year than they generate. They is no distribution problem. There is an availability problem.
OFC Massy and Pricesmart gonna get more US$ than Rajesh and Kwamesh selling Jordans on Facebook. However when Pricesmart stocks their shelves and Massy/Ansa/SS their car lots the ultimate user of the forex is the public - its me and you and everybody else. Forex is not just what you personally get on your CC and from the bank. Its the fact that you can purchase any number of imported goods using TT$ at a merchant.

The thing about it is everyone wants forex to make purchases because no one really wants to shop locally.
Why buy a jeans for $800ttd locally when you can buy it import it and have it at your door step for less.
As such the business community will favor the restrictions of forex to the common man provided they get there regular share

The problem with that notion is the business community aren't the voters, it's the common man who goes out and votes. The business community already got a bligh as it relates no commercial property tax until the election year lol. Seems this government favours the business community because as far as I have seen they are the only community who seems to be shown preference. The common man will vote on his material conditions, can any one picture another Five years of this forex restrictions crap? The ppl will decide

I think the people have decided already. It's just a matter of time now. Calling of the elections etc

to choose between sht and sht in a bucket

[Dizzy28]

Barring a miracle there is no fix for our forex problem
A devaluation which some of you all seem to support is not going to increase the available forex pool. It will only make it more expensive and reduce the demand from those who cannot afford.

The USD6b demand side had to be bought down to below the USD4B supply side.
According to the CBTT "Based on reported data for transactions over US$20,000, credit cards (40.0%), retail and distribution (18.4%), energy companies (16.8%) and automobile companies (5.9%) made up the bulk of foreign exchange sales by authorized dealers to the public"

Which one of those you all think would suffer the most in any demand dampening measures?

[pugboy]

credit cards as a label is very vague
it is composed of many subsets
eg
- business users for stock and raw materials
- jet setters
- ppl who buy every little thing online

[Mmoney607]

Is it really a flex to comment on Facebook about "traveling to Miami" or owning a "business" but don't have access to US? Just live within your means, if you don't have US because of what ever grand conspiracy you believe in just accept it and move on.

[AlphaMan]

Alot of persons also engage themselves in what I would say useless traveling around the world.
Yes they entitled to do what they want with there cash but it's burning up valuable forex.

[FrankChag]

This thread could be renamed to TT Forex Concerns, Credit Card limits, etc, because the cc limits are just a symptom of the larger issue.

[hover11]

Let me take swing at this forex issue.
Who is responsible for the DISTRIBUTION of forex (legally)? It's the banking system..ie FCB, RBC,SCOTIA JMMB etc.
So the issue of forex availability lies at the hands of the banks and the CRITERIA used by said banks to distribute forex.
The central bank can sell as much forex to the commercial banks as they want but it's ultimately up to the said commercial banks to distribute the forex to us either over the counter or electronically via there issued credit cards.
It seems as though the banks have a preffered set of customers they choose to distribute large amounts of forex to and the rest has to share the remaining amount.
Its a distribution issue.
Unc and PNM supporters come at me..am I wrong?

Trinidadians use 2b USD more a year than they generate. They is no distribution problem. There is an availability problem.
OFC Massy and Pricesmart gonna get more US$ than Rajesh and Kwamesh selling Jordans on Facebook. However when Pricesmart stocks their shelves and Massy/Ansa/SS their car lots the ultimate user of the forex is the public - its me and you and everybody else. Forex is not just what you personally get on your CC and from the bank. Its the fact that you can purchase any number of imported goods using TT$ at a merchant.

The thing about it is everyone wants forex to make purchases because no one really wants to shop locally.
Why buy a jeans for $800ttd locally when you can buy it import it and have it at your door step for less.
As such the business community will favor the restrictions of forex to the common man provided they get there regular share

The problem with that notion is the business community aren't the voters, it's the common man who goes out and votes. The business community already got a bligh as it relates no commercial property tax until the election year lol. Seems this government favours the business community because as far as I have seen they are the only community who seems to be shown preference. The common man will vote on his material conditions, can any one picture another Five years of this forex restrictions crap? The ppl will decide

I think the people have decided already. It's just a matter of time now. Calling of the elections etc

to choose between sht and sht in a bucket

Hear me out , which piece of shi were you in a more Comfortable position economically? Are you in a better position now than you were nine years ago?

[Dizzy28]

Let me take swing at this forex issue.
Who is responsible for the DISTRIBUTION of forex (legally)? It's the banking system..ie FCB, RBC,SCOTIA JMMB etc.
So the issue of forex availability lies at the hands of the banks and the CRITERIA used by said banks to distribute forex.
The central bank can sell as much forex to the commercial banks as they want but it's ultimately up to the said commercial banks to distribute the forex to us either over the counter or electronically via there issued credit cards.
It seems as though the banks have a preffered set of customers they choose to distribute large amounts of forex to and the rest has to share the remaining amount.
Its a distribution issue.
Unc and PNM supporters come at me..am I wrong?

Trinidadians use 2b USD more a year than they generate. They is no distribution problem. There is an availability problem.
OFC Massy and Pricesmart gonna get more US$ than Rajesh and Kwamesh selling Jordans on Facebook. However when Pricesmart stocks their shelves and Massy/Ansa/SS their car lots the ultimate user of the forex is the public - its me and you and everybody else. Forex is not just what you personally get on your CC and from the bank. Its the fact that you can purchase any number of imported goods using TT$ at a merchant.

The thing about it is everyone wants forex to make purchases because no one really wants to shop locally.
Why buy a jeans for $800ttd locally when you can buy it import it and have it at your door step for less.
As such the business community will favor the restrictions of forex to the common man provided they get there regular share

The problem with that notion is the business community aren't the voters, it's the common man who goes out and votes. The business community already got a bligh as it relates no commercial property tax until the election year lol. Seems this government favours the business community because as far as I have seen they are the only community who seems to be shown preference. The common man will vote on his material conditions, can any one picture another Five years of this forex restrictions crap? The ppl will decide

I think the people have decided already. It's just a matter of time now. Calling of the elections etc

to choose between sht and sht in a bucket

Hear me out , which piece of shi were you in a more Comfortable position economically? Are you in a better position now than you were nine years ago?

What is your suggestion to the forex issue? What do you think Govnt and its agencies should do differently?

[hover11]

Let me take swing at this forex issue.
Who is responsible for the DISTRIBUTION of forex (legally)? It's the banking system..ie FCB, RBC,SCOTIA JMMB etc.
So the issue of forex availability lies at the hands of the banks and the CRITERIA used by said banks to distribute forex.
The central bank can sell as much forex to the commercial banks as they want but it's ultimately up to the said commercial banks to distribute the forex to us either over the counter or electronically via there issued credit cards.
It seems as though the banks have a preffered set of customers they choose to distribute large amounts of forex to and the rest has to share the remaining amount.
Its a distribution issue.
Unc and PNM supporters come at me..am I wrong?

Trinidadians use 2b USD more a year than they generate. They is no distribution problem. There is an availability problem.
OFC Massy and Pricesmart gonna get more US$ than Rajesh and Kwamesh selling Jordans on Facebook. However when Pricesmart stocks their shelves and Massy/Ansa/SS their car lots the ultimate user of the forex is the public - its me and you and everybody else. Forex is not just what you personally get on your CC and from the bank. Its the fact that you can purchase any number of imported goods using TT$ at a merchant.

The thing about it is everyone wants forex to make purchases because no one really wants to shop locally.
Why buy a jeans for $800ttd locally when you can buy it import it and have it at your door step for less.
As such the business community will favor the restrictions of forex to the common man provided they get there regular share

The problem with that notion is the business community aren't the voters, it's the common man who goes out and votes. The business community already got a bligh as it relates no commercial property tax until the election year lol. Seems this government favours the business community because as far as I have seen they are the only community who seems to be shown preference. The common man will vote on his material conditions, can any one picture another Five years of this forex restrictions crap? The ppl will decide

I think the people have decided already. It's just a matter of time now. Calling of the elections etc

to choose between sht and sht in a bucket

Hear me out , which piece of shi were you in a more Comfortable position economically? Are you in a better position now than you were nine years ago?

What is your suggestion to the forex issue? What do you think Govnt and its agencies should do differently?

First things first remove the present minister of finance, put someone who is qualified. Second , follow the IMF guidelines remove the restrictions, however we need to be realistic with our supply. Just as there are quotas on roro dealers, new car dealers need to have a quotas as well, it cannot be restriction on one and a free for all with the other. Focus on the manufacturing sector to export more, implement incentives for business to export. Make it easier for small businesses to export to bring US in the country and finally reopen the refinery that should have never been closed in the first place

[Dizzy28]

^ None of things will offer any easement in the short to medium term wrt to getting forex.
You will end up with a lower purchasing power as an individual though.

[widdyphuck]

News Flash.

[Dizzy28]

News Flash.
Screenshot_20241111-151223_Facebook.jpg

That is not accurate information.Scotia is not US$500, maybe it is for some people with low TT$ limits on their card.
I prepaid for a hotel using my Scotia Mastercard two days ago and it's more than that US$500 listed there and it went through normal.

[mero]

My credit card is 7500usd.

2nrs always posting some some cacahole news dey see on fb

[pugboy]

they treating that person like a real sufferer yes,
where the tuner sufferer thread

News Flash.
Screenshot_20241111-151223_Facebook.jpg

That is not accurate information.Scotia is not US$500, maybe it is for some people with low TT$ limits on their card.
I prepaid for a hotel using my Scotia Mastercard two days ago and it's more than that US$500 listed there and it went through normal.

[Mmoney607]

News Flash.
Screenshot_20241111-151223_Facebook.jpg

I think this person trolling

[pugboy]

for a person off the straight off the street it is easy to open a regular savings account and then eventually get a credit card,
but it will be with limits like this.
to get a checking account and credit card with higher limits you need to have some standing in the bank
and even then the banks giving trouble, like pulling teeth

News Flash.
Screenshot_20241111-151223_Facebook.jpg

I think this person trolling

[screwbash]

The bank dont want to give you USD ? No problem, just take your TT out of their bank.

[pugboy]

do like chinee grocery
keep money under mattress and keep buying street usd and carry out

The bank dont want to give you USD ? No problem, just take your TT out of their bank.

[mero]

for a person off the straight off the street it is easy to open a regular savings account and then eventually get a credit card,
but it will be with limits like this.
to get a checking account and credit card with higher limits you need to have some standing in the bank
and even then the banks giving trouble, like pulling teeth

News Flash.
Screenshot_20241111-151223_Facebook.jpg

I think this person trolling

All about DSR for the average man(debt service ratio) . Banks need to know you could pay back the loan or card little as possible and as long as possible once you paying it. Once u cyah pay it off daz licks for them, write off.

If you have good standing from long and long term business in the bank, they go be pelting credit card behind you.

[zoom rader]

The level of idiots complaining of forex, yet still they voting PNM

How more stupid can a country be

[pugboy]

our banks operate on close to zero dsr, they take little risks
which is why they are very liquid as well

thats why they often want a loan fully secured up front and usually in liquid form

for a person off the straight off the street it is easy to open a regular savings account and then eventually get a credit card,
but it will be with limits like this.
to get a checking account and credit card with higher limits you need to have some standing in the bank
and even then the banks giving trouble, like pulling teeth

News Flash.
Screenshot_20241111-151223_Facebook.jpg

I think this person trolling

All about DSR for the average man(debt service ratio) . Banks need to know you could pay back the loan or card little as possible and as long as possible once you paying it. Once u cyah pay it off daz licks for them, write off.

If you have good standing from long and long term business in the bank, they go be pelting credit card behind you.

[Chimera]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

Lol allyuh does post info as if it's factual without knowing anything about it

I have 9 credit cards myself.

People who realize what was coming and what needed to be done prepared themselves.

[hover11]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

Lol allyuh does post info as if it's factual without knowing anything about it

I have 9 credit cards myself.

People who realize what was coming and what needed to be done prepared themselves.

Dam how much fees do you pay the bank monthly

[paid_influencer]

yuh have to give Imbert credit.

Friday evening (after work hours to boot), news break about 66% cut in credit card forex limit. By Sunday, Imbert had completely overshadowed the news with a three-page proclamation of nothing but status-quo. Now monday morning reach and nobody taking about the cc cut.

If anybody hasn't watched the Mariano Browne video posted earlier, scroll back and make time to watch it. The man makes a good point about shortages. Just as the price of tomatoes goes up when there are shortages, expect the price of USD-denominated goods to go up as well when those go into shortage.

Lewwe just hope the banking cartel and their anointed businessmen give we a lil grease up when they decide to ram we tail with high prices this christmas and next christmas.

[paid_influencer]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

Lol allyuh does post info as if it's factual without knowing anything about it

I have 9 credit cards myself.

People who realize what was coming and what needed to be done prepared themselves.

plenty ppl doing this

when RBL and FCB cut, it going to be a bloodbath across all kinda sectors

[pugboy]

since last year or before scotia was saying get another card if you need more usd
i have 3 with them

[The_Honourable]

Even if you try, you wouldn't be allowed to have so much credit cards anyway. The banks will do a credit check and once they see you have a credit card with another bank, it is unlikely they will give you another one especially if your income is tight.

The best way so far is for family members to also have credit cards.

Lol allyuh does post info as if it's factual without knowing anything about it

I have 9 credit cards myself.

People who realize what was coming and what needed to be done prepared themselves.

Actually, I do

I'm speaking about new applicants for credit cards. It will be obviously harder for them now to get one especially if they don't have enough income to service one. If they do get one, it is unlikely they will get a second one.

Legacy personal and business customers who have been with the bank or banks for years and took out credit cards long before this forex crunch just have to worry about depreciating forex and managing their debt on the cards. If your credit report is excellent and your income far exceeds the stipulated credit card limits, you are more likely to qualify for more than one credit card.

If you have 9 credit cards, congratulations.