RBC has made the decision to decrease the monthly foreign currency spending limit for its credit card holders by $10,000 (US$1,500). In a notice to customers on July 19, the bank stated that the limit for personal banking and business banking clients (excluding private banking) will be reduced from TT$51,000 (US$7,500) to TT$41,000 (US$6,000) in forex equivalent, up to the maximum of the account’s credit limit, whichever is lower.
This reduction will come into effect on September 1, according to RBC. The bank explained that the adjustment is necessary due to current foreign currency supply constraints.
In their statement, they mentioned, “We are striving to balance the requirements of our credit card clients with the availability of foreign exchange (forex) supplies. To address this, we are revising forex limits on our credit cards.”
While this change impacts the monthly foreign currency spending limit, local Trinidad and Tobago dollar transactions will remain unaffected, RBC assured customers. The bank also apologized for any inconvenience this adjustment may cause.
Earlier this year, on March 1, 2020, Scotiabank Trinidad and Tobago Ltd informed customers that their monthly credit card foreign currency transactions should not exceed US$3,000.
