Foreign Currency Usage Limits on Credit Cards

[Hyperion]

The FX situation gets worse by the day....

WITH foreign exchange in constant short supply, one commercial bank is alerting customers that from next week there will be a restriction on credit card use.

In a notice on Thursday, RBC Royal Bank stated that, effective January 9, a limit would be applied to credit card transactions originating outside of Trinidad and Tobago for both personal and business banking accounts.

It said these transactions include online purchases.

"In-country transactions are not impacted," the bank advised.

Business owners with RBC credit cards have already expressed concern over how they will be able to import goods necessary for their companies with such a stipulation in place.

But RBC assured in its notice to customers: "In cases where you may need to conduct foreign transactions at or beyond this limit we will work to provide you with the solutions and advice that will help in achieving your financial goals.

"As a responsible company, we will continue to look for approaches that are considered and measured, to ensure equity for all our clients as we manage the current challenges. If you have any questions please contact us at 625-4RBC (4722)."

Republic Bank's managing director Nigel Baptiste indicated that the bank has not adopted a similar policy.

He told CNC3 on Thursday: "Whether we adopt a similar policy will depend on how the situation unfolds regarding US dollar availability in the months to come."

Scotiabank's managing director Anya Schnoor and First Citizens chief executive officer Karen Darbasie could not be reached for comment on Thursday.

[hydroep]

Subject: RBC Credit Cards – International Transactions


Effective January 9, 2017, a limit will be applied to credit card transactions originating outside of Trinidad & Tobago (including online purchases) for both Personal and Business Banking accounts. The sum of your international transactions during any 30 day period will be limited to the equivalent of $120,000 TTD. In-country transactions are not impacted.

In cases where you may need to conduct foreign transactions at or beyond this limit we will work to provide you with the solutions and advice that will help in achieving your financial goals.

As a responsible company, we will continue to look for approaches that are considered and measured, to ensure equity for all our clients as we manage the current challenges.

If you have any questions please contact us at 1-868-625-4RBC (4722).

For the small man that limit is more than sufficient.

But I wouldn't be surprised if the "we will work to provide you with the solutions and advice..." assurance is nothing more than a surreptitious attempt to jam customers with additional fees for "preferred access" to forex.

[nos_specialist]

Trinidad gettin better and better by the day.... time to migrate

[bluesclues]

Trinidad gettin better and better by the day.... time to migrate

Why? U have no faith in the pnm awah? Rowley will save u.

[nos_specialist]

All ah dem politicians is d worse..every single one...

[desifemlove]

it will get worse. PNM isnt handling this crisis well enough, and the solution is to get more FOREX and not rely on hydrocarbons.

I have no confidence UNC would be any better.

[RMSTTL]

RBC's solution is to offer a US$ loan to "help in achieving your financial goals" and "to ensure equity for all our clients".

[Gladiator]

A question... with all the US$ shortage and thing, where Fireone get the US$ to bring in all them fireworks? I mean even the grocery people saying they cant get US to bring in they food stuff.

[V2NR 3.0]

Trinidad gettin better and better by the day.... time to migrate

I agree

[stev]

Trinidad gettin better and better by the day.... time to migrate

+1

[jackal]

Everybody quite on this boy..........

So I called them, its is TT120K limit per month, aprox US17K.

It will affect the business men who do a lot of high value transactions, but there are things in place that they can work with them to get these limits "adjusted".

Small money people like me who like to shop on Amazon and the likes, not affected.

[Allergic2BunnyEars]

This is just the beginning. You not affected right now.

[Redman]

it will get worse. PNM isnt handling this crisis well enough, and the solution is to get more FOREX and not rely on hydrocarbons.

I have no confidence UNC would be any better.

yeah boy
we should run down by Trinpad an print some USD.
Normel...

[***TRINISON***]

I cannot believe this. But I guess this is what was bound to happen. We in the way Dow that road ppl.



October 24th, 2017

Re: Foreign Currency Usage Limits

Dear Valued Client,

Thank you for your continued patience over the past few months as we have been dealing with the challenge of accessing foreign currency to facilitate your use of our International VISA Debit Cards. Due to the precipitous decline in the availability of US Dollars across the board in the country, it has become necessary to implement a transaction limit on purchases or withdrawals originating outside of Trinidad and Tobago.

The drastic reduction in the supply of foreign exchange has impacted and will continue to impact our ability to facilitate your online purchases from international vendors, overseas withdrawals at ATMs, and international Point of Sale (POS) purchases. As a result, a foreign currency limit equivalent to TT$3,500 per month will be effective from Sunday, October 29th, 2017 for all foreign currency online transactions including wire transfers and international point of sale purchases. This limitation will impact access to US Dollars and all other foreign currencies. You should note that you will not be able to access foreign currency cash via ATMs. However, your TT$ limits will NOT be impacted. You will still be able to access TT$2,000 daily at ATMs and make purchases at local merchants up to TT$10,000 daily for Classic Card holders and TT$20,000 daily for Gold Card holders respectively.

As we make this transition to reduce USD transactions in line with the reduction in the supply of foreign exchange, we recognize the potential negative impact and so we do understand that it may become necessary for you to use your card for travel or emergencies overseas and to access your funds in foreign currencies. In these instances, we ask that you contact your home branch or call our Help Desk at 800-JMMB (5662) ext 2022/2023, in order to assess and facilitate your request for foreign currency.

We understand that this is a significant inconvenience, and we underscore our continued commitment to partnering with our clients in the best interest of all.

We thank you for your continued loyalty and support of the JMMB brand.

Regards,

Nigel Romano
Managing Director and Chief Executive Officer
JMMB Bank
Copyright 2017 JMMB Bank Limited, All rights reserved.
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[hydroep]

Quickly approaching restrictions that were implemented in the 80s. Get what you can while you can...

[Dizzy28]

Its Nothing like the restrictions in the 80s. Back then it was illegal to even be in possession of forex. Upon returning any extra cash had to be returned.

[***TRINISON***]

Does this impact our buying power online as well? Such as amazon Ebay etc? This is madness....

[vaiostation]

$3500 per month???
That rough....

[stev]

i thought JMMB was bigger in d game...

[pugboy]

Jmmb took over intercommercial, small fry
Republic and rbtt sent out similar recently but larger limits

[***TRINISON***]

JMMB is not a “small fry” as you think. Can anyone say what is the limit in the other banks?

[vaiostation]

I know first citizens is $1200usd daily.
Not sure if the might have changed it.

[Chimera]

$3500 per month???
That rough....

3500tt equivalent eh

so 500 US a month

that can't even pay for pokerstars

[***TRINISON***]

$3500 per month???
That rough....

3500tt equivalent eh

so 500 US a month

that can't even pay for pokerstars

Ent? Smh

[Monkey Man]

this a rich ppl ting? hm ok word.

[Ben_spanna]

that could never be applicable to Commercial- $ 3500TT equivalent in USD Wire? Steups- that could not even pay to ship a 20' container.

[vaiostation]

I regret getting my jmmb visa debit card now...
Atleast I still have my First Citizens card...

[***TRINISON***]

JMMB is not a “small fry” as you think. Can anyone say what is the limit in the other banks?

Anybody else can give info on any other banks? Because I am sure in order for JMMB to make that decision it would have been a decision across the banking community. I doubt they would shoot themselves in the foot like that. To be honest, I actually liked my Debit Visa. It worked all over the world for me, even when other person’s with “black” FCB and RBC cards wasn’t working.

Anybody can update on other banks?

[triniringo]

Aero credit union has d same us500 monthly

[Ghost hunter]

That the plan to stop online shopping.

Its time for all caricom countries to form a single currency.. Or join the EC...

Regarding USD... Better shift to Chinese yen asap.