Foreign Currency Usage Limits on Credit Cards

[paid_influencer]

i am a hover alt account

[pugboy]

we hatta switch quick to hybrid and ev to save that forex

[Duane 3NE 2NR]

Thriving forex ‘black’ market in downtown Port-of-Spain

The foreign exchange crunch is getting worse by the week and many businesses have had to turn to the black market.

While commercial banks in downtown Port-of-Spain are selling members of the public and some business owners US$200 on a good day, at stores a stone’s throw away, one can purchase up to US$3,000 for either at a price of between $7.50 and $9 for US$1.

The Sunday Business Guardian visited a few stores last week to inquire how much US can be obtained.

While there are no signs indicating, who is selling US dollars, as the black market is illegal, it was through luck and chance finding the retail outlets that are selling.

One store on Charlotte Street indicated that they usually sell $7.50 for US$1, but at the time, which was 2:15 pm last Wednesday, the business owner did not have any more US to dispense. He indicated that the following day there would be a replenishment of the much-needed foreign exchange.

Asked if it was possible to get US$1,000, he said it was doable depending on how much he was getting from his supplier.

Across at another retail store on Frederick Street, the owner of another business was asked if he sells the US and if it was being sold for $7.50. The businessman said he did sell US, but not for $7.50.

“Foreign exchange is very critical right now. The black-market rate is $8 to US$1. How much are you looking for? I can sell you US$500 for $4,000 and if you want US$1,000 I will give you $8 to$1 and that will be $8,000.”

Questioned on whether the following day US$2,000 or US$3,000 would have been possible to purchase, the business owner said “Yes, once you walk with the TT dollars the transaction would be fulfilled.”

The Sunday Business visited other establishments that people said were selling the US dollar, but some were very sceptical to say yes, and only said “We accept US currency but do not sell. You can try the commercial banks.”

A Guardian team went to a popular retail store on Henry Street and asked whether US$500 was available for purchase. The cashier was about to respond in the positive, but received a look from her boss and she then said no.

Upon further investigation, the Sunday Business Guardian asked a business owner whether it was true a popular retail store sells US dollars, she said, “They do but not to people who just walk off the street asking for US. You have to be recommended by someone, or the person who they know has to walk in with you to obtain the US. They know me, so I was able to get US$50,000 last week to bring in my goods. Remember selling on the black market is illegal so you have to be cautious about who you are transacting this type of business with.”

Delving into other areas in Trinidad where businesses get their US on the black market, one business owner said the black market is thriving because companies that earn US dollars sell it on the black market for $7 to US$1 as it is more economical than the commercial banks.

“With the commercial banks, they are selling you for $6.20. How does that make sense? When a business can sell it for $8 or $9 and make a better profit. I keep saying the banks need to have attractive rates and if that happens you would have less of the black markets. I agree with the auction rate instead of the fixed rate that the banks want to impose on you,” said one clued-in businessman.

“I know of a company that gets US$100,000 a month from a supplier on the black market, as the banks only want to give the owner US$1,000. The reality is that the Government does not want to fix this issue but is trying to pacify the public by saying it would meet with stakeholders. That’s only because businesses are crying out on the issue,” the businessman explained.

A businessman from the South said he obtains his US currency from T&T companies who have businesses in Guyana.

“They sell me $8 for one US$1. On a monthly basis, I usually buy US$70,000 from a well-known company and this enables them to pay their workers in this country TT dollars. The banks are not being fair. And I am of the belief that they want to squeeze the SMEs out of the system.”

He said that the current situation cannot continue, as every month SMEs have to be looking for US dollars on the black market and what happens when a business pays $8 for US$1, the price of goods at their various stores will go up and the consumers will feel the pinch,” he lamented.

Another business owner in the East said due to the lack of foreign exchange at the banks, she gets forex from three people as the amount of she needs is quite a lot.

“For my business to run properly every month and be able to pay my staff I need US$250,000 a month, due to the nature of my business. Only a few people on the black market can get those huge amounts.”

Pressed further as to how these black-market suppliers are able to acquire this amount of US, the business owner said “I really cannot divulge that kind of information. We have to be careful about what we are saying about these suppliers as the black market is illegal and we must protect them, as they are keeping our businesses alive. Let’s also be real, who wants the black market to stop... it’s a very lucrative business,” she stressed.

Last week, economist Dr Vaalmikki Arjoon in a Guardian media article said the black market has intensified in the last decade due to a significant shortage of forex in the banking sector.

Noting that there is no single rate used in the black market, Arjoon said prices can also be artificially inflated. If a seller typically charges $7.50 but receives an offer of $8 from a different group of buyers, he may raise the rate to $8 across the board.

This, he noted, frequently occurs, for instance, when Venezuelan migrants offer to pay these higher rates in the black market to secure US dollars to send to their families in Venezuela.

As a result, many bypass banks and use the black market to meet their forex requirements, leading to two exchange rates—an official rate and a higher black-market rate.

https://www.guardian.co.tt/business/thr ... 599e8c75f3

[Mmoney607]

So ansa mcal struggling for US but men selling slippers and gyal doing eyelash on Charlotte Street have. Right cnc3....

[Alpha_2nr]

So ansa mcal struggling for US but men selling slippers and gyal doing eyelash on Charlotte Street have. Right cnc3....

It's almost like CNC3 has an agenda to make ANSA look good.

How shocking, since it's not like the former is owned by a major corporation.

Wait......

PM Rowley: Devaluation Not The Answer To Forex Challenges

The answer to FOREX challenges is to earn FOREX.

Has any media house or agency revealed the earned FOREX per year, vs. what's allocated and disbursed by the banks? Also has any said agency revealed if there's been a decline in earned FOREX over the past decade? If so, why?

[Dizzy28]

for traveling purposes?

Well Scotia has moved to an appt system for forex, no walkins. CSR say two weeks notice required.

What a change six months has made. I was by the counter for something else in May at SBTT and the CSR offered USD without me asking.

Yip

SBTT just told me I can come in today for a lil $500USD.
They generally pull through for me.

[zoom rader]

Years ago in order to get Forex for travel or even leave Trinidad you needed a Tax Clearance certificate.

When u brought Forex as a traveler u was only limited to $600 US and it was stamped on ur passport as want u got

[Mmoney607]

for traveling purposes?

Well Scotia has moved to an appt system for forex, no walkins. CSR say two weeks notice required.

What a change six months has made. I was by the counter for something else in May at SBTT and the CSR offered USD without me asking.

Yip

SBTT just told me I can come in today for a lil $500USD.
They generally pull through for me.

I really see a long line in Scotia ellerslie this morning lol

[hover11]

I love how Mariano Browne hits the nail on the head everytime and Imbert dare not respond to him

[pugboy]

the laws of market supply and demand and their relation to economics have been the same since before jesus was born

seems rowlee and impsbert feel they can prove otherwise

I love how Mariano Browne hits the nail on the head everytime and Imbert dare not respond to himFB_IMG_1732122324697.jpg

[hover11]

Idk which is worse the fool or those who follow him

the laws of market supply and demand and their relation to economics have been the same since before jesus was born

seems rowlee and impsbert feel they can prove otherwise

I love how Mariano Browne hits the nail on the head everytime and Imbert dare not respond to himFB_IMG_1732122324697.jpg

[Duane 3NE 2NR]

[hover11]

It will come a point where we will have to take a risk or a gamble on the HSF on an investment. Diversification by force. All the years we using the word but never actually meant it. What I know , if we continue touching , touching that fund and nothing is coming in. Well everybody here knows what happens when you spend more than you earn.

[Dizzy28]

It's really simple
- TT generally runs a trade surplus
- However our trade is dominated by the energy sector which is turn is dominated by foreign firms. They are not always going to bring all the money they earn on exports back to TT
- The public depends on purchases of Forex from the banks who depends on purchases from the public
- The energy sector is responsible for 70% of forex sales to the banks and the Govn't through the CBTT meets the shortfall.
- We have a voracious appetite for forex for many things including to purchase foreign items and we do not manufacture
- Forex into the system needs to increase somehow to match what is needed or we reduce the demand for forex to match what is bought in
- IT IS GOING TO BE A LONG HARD ROAD TO EVEN TRY AND REPLACE THE FOREX THE ENERGY SECTOR GENERATED
- GORTT KNEW THIS YEARS NOW

From the CBTT's data

[hover11]

It's really simple
- TT generally runs a trade surplus
- However our trade is dominated by the energy sector which is turn is dominated by foreign firms. They are not always going to bring all the money they earn on exports back to TT
- The public depends on purchases of Forex from the banks who depends on purchases from the public
- The energy sector is responsible for 70% of forex sales to the banks and the Govn't through the CBTT meets the shortfall.
- We have a voracious appetite for forex for many things including to purchase foreign items and we do not manufacture
- Forex into the system needs to increase somehow to match what is needed or we reduce the demand for forex to match what is bought in
- IT IS GOING TO BE A LONG HARD ROAD TO EVEN TRY AND REPLACE THE FOREX THE ENERGY SECTOR GENERATED
- GORTT KNEW THIS YEARS NOW

From the CBTT's data

Trade.JPG

Forex.JPG

In summation, we kicked the can down to the end of the road.

[SuperiorMan]

So people with US cards with high credit limits per month.....how they taking advantage of this?

[MaxPower]

So people with US cards with high credit limits per month.....how they taking advantage of this?

Personal Expenditure

Business

Making online purchases for other businesses and getting their desired USD rate in TTD via online transfer. E.g - a cell phone/goods purchased online from Apple, Amazon etc and shipped to the buyer’s skybox. Easy quick money.

[SuperiorMan]

So people with US cards with high credit limits per month.....how they taking advantage of this?

Business

Making online purchases for other businesses and getting their desired USD rate in TTD via online transfer. E.g - a cell phone/goods purchased online from Apple, Amazon etc and shipped to the buyer’s skybox. Easy quick money.

Hey Max,

How they getting the USD to pay off the cards though? Just curious.

[pugboy]

central bank sells usd to the local banks in a controlled manner who then ration it out to settle with the credit card companies visa mc etc
plus local companies who earn usd would deposit into local bank accounts and convert to ttd to pay local bill
but that is likely a minority now
plus any shrewd businessman would have been using a foreign based usd account to keep(hide) their money

[Supra GT-FOUR]

So people with US cards with high credit limits per month.....how they taking advantage of this?

Business

Making online purchases for other businesses and getting their desired USD rate in TTD via online transfer. E.g - a cell phone/goods purchased online from Apple, Amazon etc and shipped to the buyer’s skybox. Easy quick money.

Hey Max,

How they getting the USD to pay off the cards though? Just curious.

When the card is used the US purchases are paid for with TT dollars.
Have you never bought anything from Amazon or eBay?
Do you need to get US to repay those purchases???

Whatever is purchased is resold for TTD.

This is how/why it's being classed as a drain on Forex.

[triniterribletim]

So people with US cards with high credit limits per month.....how they taking advantage of this?

Business

Making online purchases for other businesses and getting their desired USD rate in TTD via online transfer. E.g - a cell phone/goods purchased online from Apple, Amazon etc and shipped to the buyer’s skybox. Easy quick money.

Hey Max,

How they getting the USD to pay off the cards though? Just curious.

Boy, you slower than syrup on a cold day. How many times are you going to ask the same question? Payments for credit cards issued in Trinidad and Tobago are settled in TT Dollars.

[MaxPower]

Hey Max,

How they getting the USD to pay off the cards though? Just curious.

Supes,

When you use the USD, it converts to TTD in your account.

Quick run down:

If you have a credit card limit of $100K TTD, you would also have a USD limit for example of $5K USD included in the $100k TTD.

If you blow out all $5K usd, that would come out as TTD on your account so you would see something like $35K TTD being owed and not the USD figure. You then have only $65K TTD to use and you have to wait until the USD resets for the next cycle to get back another $5K usd available.

If you blow out $90K TTD, you would only have $10K TTD available or the USD equivalent.

So yeh easy money. Men does buy goods for others and as soon as it show up on the app to pay off, they get the money transferred in TTD to pay off before interest is charged. Everything is done through the comfort of your home and device. Easy money

[pugboy]

max doh forget to mention everybody have extra cards housed in usa by a fren or famalee who going to atm everyday to do withdrawals

[zoom rader]

So people with US cards with high credit limits per month.....how they taking advantage of this?

Business

Making online purchases for other businesses and getting their desired USD rate in TTD via online transfer. E.g - a cell phone/goods purchased online from Apple, Amazon etc and shipped to the buyer’s skybox. Easy quick money.

Hey Max,

How they getting the USD to pay off the cards though? Just curious.

Boy, you slower than syrup on a cold day. How many times are you going to ask the same question? Payments for credit cards issued in Trinidad and Tobago are settled in TT Dollars.

He has autism, forgive him as he is gifted

[MaxPower]

max doh forget to mention everybody have extra cards housed in usa by a fren or famalee who going to atm everyday to do withdrawals

Correct.

You can get up to $1000 usd daily from certain ATMs.

Also many Trinis are opening US bank accounts easily with fraudulent “lease agreements” from relatives and getting their names put on utility bills. ATM cash withdrawals from relatives are then deposited into the US bank account where the Trini can then withdraw large sums of cash when they come up.

[SuperiorMan]

So people with US cards with high credit limits per month.....how they taking advantage of this?

Business

Making online purchases for other businesses and getting their desired USD rate in TTD via online transfer. E.g - a cell phone/goods purchased online from Apple, Amazon etc and shipped to the buyer’s skybox. Easy quick money.

Hey Max,

How they getting the USD to pay off the cards though? Just curious.

Boy, you slower than syrup on a cold day. How many times are you going to ask the same question? Payments for credit cards issued in Trinidad and Tobago are settled in TT Dollars.

LOL. How many times I asked this before? I never asked this before.

You are mixing me up with someone else.

I am talking about credit cards in USA, dolt.

[The_Honourable]

max doh forget to mention everybody have extra cards housed in usa by a fren or famalee who going to atm everyday to do withdrawals

Correct.

You can get up to $1000 usd daily from certain ATMs.

Also many Trinis are opening US bank accounts easily with fraudulent “lease agreements” from relatives and getting their names put on utility bills. ATM cash withdrawals from relatives are then deposited into the US bank account where the Trini can then withdraw large sums of cash when they come up.

Risky but smart...

I'm guessing that is a form of fraud, which can result in account closures or even worse for relatives who aided and abetted in this scheme.

[MaxPower]

max doh forget to mention everybody have extra cards housed in usa by a fren or famalee who going to atm everyday to do withdrawals

Correct.

You can get up to $1000 usd daily from certain ATMs.

Also many Trinis are opening US bank accounts easily with fraudulent “lease agreements” from relatives and getting their names put on utility bills. ATM cash withdrawals from relatives are then deposited into the US bank account where the Trini can then withdraw large sums of cash when they come up.

Risky but smart...

I'm guessing that is a form of fraud, which can result in account closures or even worse for relatives who aided and abetted in this scheme.

Yep, it is fraud.

[Supra GT-FOUR]

So people with US cards with high credit limits per month.....how they taking advantage of this?

Business

Making online purchases for other businesses and getting their desired USD rate in TTD via online transfer. E.g - a cell phone/goods purchased online from Apple, Amazon etc and shipped to the buyer’s skybox. Easy quick money.

Hey Max,

How they getting the USD to pay off the cards though? Just curious.

Boy, you slower than syrup on a cold day. How many times are you going to ask the same question? Payments for credit cards issued in Trinidad and Tobago are settled in TT Dollars.

LOL. How many times I asked this before? I never asked this before.

You are mixing me up with someone else.

I am talking about credit cards in USA, dolt.

Please change your name to Inferiorman.

[pugboy]

any part of the world a trini is a trini is a trini

max doh forget to mention everybody have extra cards housed in usa by a fren or famalee who going to atm everyday to do withdrawals

Correct.

You can get up to $1000 usd daily from certain ATMs.

Also many Trinis are opening US bank accounts easily with fraudulent “lease agreements” from relatives and getting their names put on utility bills. ATM cash withdrawals from relatives are then deposited into the US bank account where the Trini can then withdraw large sums of cash when they come up.

Risky but smart...

I'm guessing that is a form of fraud, which can result in account closures or even worse for relatives who aided and abetted in this scheme.

Yep, it is fraud.