Bypass forex limit: Here’s why Wise is a must-have in Trinidad.

How to bypass Trinidad and Tobago’s new US$500 forex limit

In May 2025, Republic Bank Limited (RBL), one of Trinidad and Tobago’s leading financial institutions, announced a significant policy change: newly issued credit cards would now carry a maximum limit of US$500 or the equivalent in T&T dollars.

This decision, attributed to ongoing foreign exchange (forex) constraints, has profound implications for consumers and businesses alike. As traditional banking avenues become increasingly restrictive, alternative financial solutions like Wise (formerly TransferWise) offer a viable path forward.

Understanding the forex restrictions

The recent policy by RBL is not an isolated incident but part of a broader trend among local banks responding to forex shortages. In December 2024, RBL had already reduced the limit for new credit card applicants from US$5,000 to US$2,000.

The latest reduction to US$500 underscores the severity of the forex scarcity. Moreover, existing credit card customers are now restricted from obtaining additional cards.

These measures are indicative of the challenges faced by financial institutions in managing limited forex resources. For consumers, this translates to restricted access to international markets, difficulties in online shopping, and challenges in meeting overseas obligations.

The implications for consumers and businesses

The forex limitations imposed by RBL have far-reaching consequences

Online shopping: With a US$500 limit, purchasing goods from international retailers becomes challenging, especially for high-value items.

Subscription services: Many digital services, including software subscriptions and streaming platforms, bill in USD. The new limit may hinder users from maintaining these subscriptions.

Travel and education: Paying for travel expenses or educational fees abroad becomes cumbersome, potentially affecting students and professionals.

Business operations: Small and medium enterprises (SMEs) relying on imported goods or services may face operational disruptions due to payment constraints.

In essence, the forex restrictions not only impact individual consumers but also have broader economic implications, potentially stifling business growth and international trade.

Introducing wise: A modern financial solution

Wise, formerly known as TransferWise, is a UK-based financial technology company that offers a transparent and cost-effective method for international money transfers. By leveraging local bank accounts and real exchange rates, Wise enables users to send and receive money across borders with minimal fees.

Key features of Wise:

Real exchange rates: Wise uses the mid-market exchange rate without any markup, ensuring users get the best possible rate.

Low fees: Transparent fee structures mean users know exactly what they’re paying, with no hidden charges.

Multi-currency accounts: Users can hold and manage balances in multiple currencies, facilitating easier international transactions.

Wise debit card: For a one-time fee, users can obtain a debit card linked to their Wise account, allowing for spending in various currencies at the mid-market rate.

Setting up a Wise personal account: A step-by-step guide

1. Sign up

Visit the Wise website or download the Wise app from your device’s app store.

Click on “Register” and choose “Personal Account”.

Enter your email address and create a secure password.

2. Verify your identity

Provide personal details, including your full name, date of birth, and residential address.

Upload a valid form of identification (e.g., passport or national ID card).

In some cases, a selfie or additional documentation may be required for verification.

3. Add funds to your account

Once verified, you can add funds to your Wise account using various methods, including bank transfers, debit cards, or credit cards.

Choose the currency and amount you wish to add.

4. Manage your money

With funds in your account, you can hold, convert, and send money in multiple currencies.

Use the Wise debit card for purchases or ATM withdrawals worldwide.

Who stands to benefit in Trinidad and Tobago?

1. Online shoppers

Individuals who frequently purchase goods from international retailers will find Wise’s real exchange rates and low fees advantageous.

2. Students and professionals abroad

Wise facilitates tuition payments and remittances, ensuring funds reach their destination efficiently.

3. SMEs and entrepreneurs

Businesses engaged in international trade can manage payments to suppliers and receive funds from clients seamlessly.

4. Freelancers and remote workers

Those offering services to international clients can receive payments in various currencies without exorbitant fees.

Ensuring safety and security with Wise

Wise prioritises user security through:

Regulatory compliance: Authorised and regulated by financial authorities in multiple jurisdictions, including the UK’s Financial Conduct Authority (FCA).

Data protection: Employs advanced encryption and security protocols to safeguard user information.

Two-factor authentication: Adds an extra layer of security to account access and transactions.

Transparent operations: Users receive real-time notifications and can track transactions, ensuring transparency.

The recent forex restrictions imposed by Republic Bank underscore the challenges faced by consumers and businesses in Trinidad and Tobago. As traditional banking avenues become increasingly restrictive, alternative solutions like Wise offer a practical and efficient means to navigate the complexities of international finance. By embracing such platforms, individuals and enterprises can maintain their global engagements without being hindered by local forex limitations.

Note: This article is intended for informational purposes and does not constitute financial advice. Users should conduct their own research or consult with financial professionals before making decisions.

Sources:

RBL: New credit cards limited to US$500; forex shortage to blame

Now RBC reduces forex limits on credit cards

Trinidad: Republic Bank to apply US$500 limit on new credit cards

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