RBC cuts credit card forex spending limit by US$1,500

RBC has cut its credit card holders' monthly foreign currency spending limit by $10,000 (US$1,500).

The bank, in a notice to customers on July 19, said, "Personal banking and business banking clients (excluding private banking) monthly limits will be reduced from TT$51,000 (US$7,500) to TT$41,000 (US$6,000) in forex equivalent to a maximum of the account's credit limit, whichever is less."

The reduction it said will be effective September 1.

RBC said this adjustment was made given current foreign currency supply constraints.

It added, "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."

The bank said local Trinidad and Tobago dollar transactions remain unaffected.

RBC apologised for any inconvenience this may cause.

On March 1, 2020, Scotiabank Trinidad and Tobago Ltd advised customers that their monthly credit card foreign currency transactions may not exceed US$3,000.