Foreign Currency Usage Limits on Credit Cards

[renegade_wolf]

See Amazon accepting cards in tt currancy but their exchange rate is 7.11... works out a bit more than paying with ur card marked in US currency.

[Chimera]

i am being forced to use paypals conversion when making purchases online as well.
7.10 to one

[dogg]

[redmanjp]

vtm -reduce loading amount> stop issuance of new vtm cards> stop renewals of current cards.
all credit cards> reduce spending amount> ?> ?

maybe i should sign up for a proper credit card sooner rather than later because who knows what their next move is- maybe this time next year they go say they not issuing new credit cards only renewals?

are other banks doing these things?

[ProtonPowder]

vtm -reduce loading amount> stop issuance of new vtm cards> stop renewals of current cards.
all credit cards> reduce spending amount> ?> ?

maybe i should sign up for a proper credit card sooner rather than later because who knows what their next move is- maybe this time next year they go say they not issuing new credit cards only renewals?

are other banks doing these things?

when i signed up for my first cc, i was told that i can only use the cumulative limit per month, even if i paid it off immediately after

ie, if the limit is 10k, you can only spend 10k over that entire billing cycle, even if the balance is zero

it never stopped me though, not sure if the banker was pipsing me

[FrankChag]

Well if oil/ng is the only thing we selling....
All allyuh soap and ear-ring makers in these up-market tings better start pushing sales on etsy.. we low on USD...

sell sell sell

https://tradingeconomics.com/trinidad-and-tobago/foreign-exchange-reserves

Rowley and Imbert MC...

[paid_influencer]

credit-card-notice-banner.jpg

i clicking but nothing happening.

edit: found it:

https://www.republictt.com/credit-card-important-notice

As a result of the ongoing challenge with foreign exchange availability, the maximum US dollar spending limit per billing cycle on Republic Bank credit cards will be reduced from US$15,000 to US$12,000 effective January 20, 2020. Credit card limits below this amount will remain unchanged.

The US$ spending limit/cap of US$12,000 will also apply to all transactions conducted at merchants outside of Trinidad and Tobago (inclusive of online transactions) where the billing currency chosen is Trinidad and Tobago dollars. These transactions will now be included in the US$ calculations and will count towards the US$12,000 spend per billing cycle.

For example, when conducting a transaction online, upon checkout the website may provide an option to select the payment currency. If the TTD option is selected, they will proceed to process the transaction in TTD and therefore will appear on the TT side of the credit card account. This transaction will now be considered as part of the US$12,000 spending limit.

All local TTD transactions remain unaffected.

small businesses that use credit cards to buy goods, SOL.

[redmanjp]

No exception for business credit cards?

[88sins]

Nope, no exceptions, and that directive is not the brainchild of the bank eh. So expect all the other banks to do similar soon.
I've said it before, and I'll say it again.
This place doesn't have a government, we have a set of useless apes that only good for chattering loud and pounding on tables. They do absolutely nothing to promote entrepreneurship and the development of internationally marketable products that wouldbring in revenue, and from their decisions over the decades I really doubt they have a clue about running a country. How many billions in forex have they given away in written off debts, tax exemptions and concessions to international corporations, and failed/abandoned projects over the years? How many millions have been spent on paying foreign "experts" for their legal and technical opinions when locals could have done the same for less and get paid in TTD?

Trinidad is not a real place nah.

[zoom rader]

^^^ last time I said this county was run by apes I got ban and was told I am a racist.

The PNM tuners and mods did not understand what I meant at that time and I still think they don't. But glad you brought it up.

[hydroep]

At least we out of recession. Grate is the Pee oN deM...

Economist: Forex crisis deepening
Clint Chan Tack

ECONOMIST Dr Vaalmiki Arjoon on Monday said the decision by Republic Bank to lower the maximum US dollar spending limit on credit cards from $15,000 to $12,000, "signals a deepening of the forex (foreign exchange crisis that we have been facing since 2015."

Arjoon expressed this opinion as he weighed in on questions raised by UNC MP David Lee about whether the bank's decision suggested that TT is facing a forex crisis. "The bank is essentially rationing their supply of forex," he said.

Arjoon said such a measure will primarily hurt small and micro-sized enterprises (SMEs) like boutiques and cell phone merchants since "they are the ones that rely on credit card transactions to purchase items when they shop online or abroad for local resale."

But he added, "This, however, does not mean that the demand for forex will materially fall in the short run." Arjoon said forex is "a necessity because we are not well-diversified."

Because small retailers cannot switch to the local market to access items for resale, and small manufacturers cannot source machinery and parts locally, Arjoon said, "Since it is a dire necessity, slowing down the forex tap means that many in the short run will turn to the black market to source the additional forex whenever it is needed."

He also opined that the less available foreign exchange becomes over time "it is possible that prices on the black market could even rise over time."

Arjoon said many people will recognise this as a clear signal of a continued depression in forex earnings, and "may opt to increase the level of US dollar hoarding."

This, he continued, would be "an indication that confidence in our forex earnings have been shattered even more. "The solution is not a devaluation of the TT dollar. This will not eliminate the necessity for forex, given that the non-energy sectors are nowhere near mature enough to render us with greater self-sufficiency."

He suggested a series of policies be created "to boost non-energy business activities especially for SMEs thereby increasing our forex earnings." Arjoon also said measures such as fixing the ease of doing business locally, attracting further foreign direct investment in the non-energy private sector and lowering the level of corporation taxes that SMEs have to pay could help to boost forex earnings in TT.

https://newsday.co.tt/2020/01/07/economist-forex-crisis-deepening/

[Dizzy28]

IMO the signal of the continuing decline in supply was that decrease in the US$ cash you could have purchased in the FCB exchange in the airport back in July.

A 30% decrease

[death365]

Well if oil/ng is the only thing we selling....
All allyuh soap and ear-ring makers in these up-market tings better start pushing sales on etsy.. we low on USD...

sell sell sell

https://tradingeconomics.com/trinidad-and-tobago/foreign-exchange-reserves

Rowley and Imbert MC...

ok i went on the site, then went to https://www.central-bank.org.tt/statistics/data-centre/foreign-reserves-monthly to double check cause u kno na ... never take only one source of infomation

2020 - 2025 we go be down to zero ... if trini go back red

[hydroep]

RBC, Scotia: No policy changes for forex
Clint Chan Tack

RBC has no plans to change its policies as it pertains to providing foreign exchange (forex) to its clients. In a statement on Tuesday, RBC managing director Gretchen Camacho-Mohammed said, "Right now in TT, the demand for forex, particularly for US dollars, outstrips the available supply." She added this has been a trend for several years now.

Camacho-Mohammed also said, "While we continually monitor the forex situation, we do not have plans at this time to make any changes to our existing policies and procedures for clients." In a separate statement, Scotiabank said it is doing what it can to provide foreign exchange (forex) to its customers.

Scotiabank said it "continues to fully support the economy by providing forex to our corporate, small business and retail clients across all sectors of the economy." The bank said, "There has been less available foreign currency for some time. The Central Bank continues to provide stability to the local forex market via the periodic injections of forex into the market."

Scotiabank said these injections are used by forex dealers to sell to clients for forex demand for trade purposes. As a relationship bank, Scotiabank said, it focuses on the distribution of forex for meeting trade-related demand as well as retail demand for medical, travel and educational purposes.

Neither statement made reference to questions raised by UNC MP David Lee about whether TT was experiencing a forex crisis. Lee based his statement on Republic Bank's decision last month to reduce the maximum US-dollar spending limit on credit cards from US$15,000 to US$12,000.

https://newsday.co.tt/2020/01/08/rbc-scotia-no-policy-changes-for-forex/

[maj. tom]

Did Doctor Esquire Professor Imbert ever answer the question?

Pointe-a-Pierre MP David Lee is calling on government to state for the record, whether or not TT is facing a foreign exchange crisis.In a media release yesterday, Lee cited the lowering of Republic Bank’s maximum US dollar spending limit on credit cards from $15,000 to $12,000.
Lee said the PNM Administration must explain to the country why are these “ongoing challenges" being encountered as it relates to foreign exchange availability especially when they “boasted about an economic turnaround, when the Ministry of Trade is boasting about increased non energy exports while a report produced by Research and Marketing also stated that our economy was out of a recession.”
https://newsday.co.tt/2020/01/05/lee-tt ... ex-crisis/

[zoom rader]

Did Doctor Esquire Professor Imbert ever answer the question?

Pointe-a-Pierre MP David Lee is calling on government to state for the record, whether or not TT is facing a foreign exchange crisis.In a media release yesterday, Lee cited the lowering of Republic Bank’s maximum US dollar spending limit on credit cards from $15,000 to $12,000.
Lee said the PNM Administration must explain to the country why are these “ongoing challenges" being encountered as it relates to foreign exchange availability especially when they “boasted about an economic turnaround, when the Ministry of Trade is boasting about increased non energy exports while a report produced by Research and Marketing also stated that our economy was out of a recession.”
https://newsday.co.tt/2020/01/05/lee-tt ... ex-crisis/

Maybe Redman and Eliteauto can answer on his behalf

[88sins]

Did Doctor Esquire Professor Imbert ever answer the question?

Pointe-a-Pierre MP David Lee is calling on government to state for the record, whether or not TT is facing a foreign exchange crisis.In a media release yesterday, Lee cited the lowering of Republic Bank’s maximum US dollar spending limit on credit cards from $15,000 to $12,000.
Lee said the PNM Administration must explain to the country why are these “ongoing challenges" being encountered as it relates to foreign exchange availability especially when they “boasted about an economic turnaround, when the Ministry of Trade is boasting about increased non energy exports while a report produced by Research and Marketing also stated that our economy was out of a recession.”
https://newsday.co.tt/2020/01/05/lee-tt ... ex-crisis/

Maybe Redman and Eliteauto can answer on his behalf

What does the GoRTT export/do to earn the aforementioned foreign currency?
So they watching what little uptick in exports by local companies, but they failed to realize that that have practically nothing to do with their claims, , because the bulk of that forex doesn't return here.

[zoom rader]

Did Doctor Esquire Professor Imbert ever answer the question?

Pointe-a-Pierre MP David Lee is calling on government to state for the record, whether or not TT is facing a foreign exchange crisis.In a media release yesterday, Lee cited the lowering of Republic Bank’s maximum US dollar spending limit on credit cards from $15,000 to $12,000.
Lee said the PNM Administration must explain to the country why are these “ongoing challenges" being encountered as it relates to foreign exchange availability especially when they “boasted about an economic turnaround, when the Ministry of Trade is boasting about increased non energy exports while a report produced by Research and Marketing also stated that our economy was out of a recession.”
https://newsday.co.tt/2020/01/05/lee-tt ... ex-crisis/

Maybe Redman and Eliteauto can answer on his behalf

What does the GoRTT export/do to earn the aforementioned foreign currency?
So they watching what little uptick in exports by local companies, but they failed to realize that that have practically nothing to do with their claims, , because the bulk of that forex doesn't return here.

Smart bussiness keep their US earned from TT abroad in Tax havens.

Sell you stuff in US and pay natives in TT.

Big bussiness are evading corporate tax. I don't blame them cause as a citizen we see little in returns.

1% is root cause of this

[screwbash]

whats is the minimum amount can someone get on a credit card ?1-200 USD ? or is it in denominations like $500, $1000. $10000

[88sins]

screwbash
Generally speaking, unless you were preapproved for a higher limit most banks would start you off with a minimum
USD$1000.
Increases to your limit can go up as you request providing you qualify for what you want, and you have a good relationship and history with the institution issuing you the facility, but you can request and get increases by increments of USD$500 without any problems

[shogun]

Confirmed this to be true. You can accept it for goods and list prices in usd. I put out a list of prices with discounts if you pay in usd. The banks swing and limit all my cards for using too much usd.

Can't buy or sell it but you can use it for trade.

Damn.

[QM]

Hi,

Anyone else had their credit card limit reduced to 3000 USD per cycle with Scotia?

[pugboy]

Which scotiacard you have?
This was instituted months ago but I think it varies depending on card.

[Kenjo]

Aero credit cards got the email a few weeks now . Seems like a waste to have this platinum card now because they seemed to have the lowest limit now compared to the other banks

[The_Honourable]

Cards are reduced to $3000USD at the beginning of March. They reduced sometime last year also.

[A172]

was 10k, then 5k now 3k

$500 usd soon

[QM]

Its on their website. this forex shortage getting worse. at what point we going to drop the ttd? isn't that the only solution?

[slacker_83]

Scotia - Limit 3000USD
RBC - Limit 100,000TTD Equivalent
FCB - Limit 20,000USD
RBL - Limit was 10,000USD last I heard.

Just waiting to use out my aero points before I throw those aero cards in the trash.

[RedVEVO]

^^

Bank of America ..

Unlimited

Easy to get ..

Apply Online ..

[A172]

Scotia - Limit 3000USD
RBC - Limit 100,000TTD Equivalent
FCB - Limit 20,000USD
RBL - Limit was 10,000USD last I heard.

Just waiting to use out my aero points before I throw those aero cards in the trash.

12k rbl