September 25, 2017, 07:33:50 AM

Author Topic: Transferring money from TT to North America  (Read 523 times)

0 Members and 1 Guest are viewing this topic.

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Transferring money from TT to North America
« on: July 04, 2017, 01:58:27 PM »
Re. transferring money from TT to the USA or Canada.

Anyone know what is the limit per transaction?
Also is there a limit per month?
Does the money first have to be converted to US dollars or can it be transferred as TT and be automatically converted once it reaches your account?

Thanks,
VB
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline Tallman

  • Administrator
  • Hero Warrior
  • *****
  • Posts: 19926
    • View Profile
Re: Transferring money from TT to North America
« Reply #1 on: July 04, 2017, 08:36:58 PM »
How yuh doing de transfer?
The Conquering Lion of Judah shall break every chain.

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #2 on: July 04, 2017, 08:51:19 PM »
How yuh doing de transfer?

Didn't think about it but I guess bank to bank.

But I heard sometimes TT banks need a third party.

VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline Tallman

  • Administrator
  • Hero Warrior
  • *****
  • Posts: 19926
    • View Profile
Re: Transferring money from TT to North America
« Reply #3 on: July 05, 2017, 10:24:44 AM »
Yes, doing an international transfer to/from Trinidad and Tobago typically requires the use of an intermediary bank. But that is just specified as part of the wiring instructions.

International Wire Transfer - RBC

Transferring Funds - Republic Bank
The Conquering Lion of Judah shall break every chain.

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #4 on: July 05, 2017, 03:25:23 PM »
Appreciated. If you have any idea what the limits are, let me know.
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline Tallman

  • Administrator
  • Hero Warrior
  • *****
  • Posts: 19926
    • View Profile
Re: Transferring money from TT to North America
« Reply #5 on: July 05, 2017, 05:55:27 PM »
Appreciated. If you have any idea what the limits are, let me know.

As far as I know, there are no limits.
The Conquering Lion of Judah shall break every chain.

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10015
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Transferring money from TT to North America
« Reply #6 on: July 05, 2017, 06:47:01 PM »
Appreciated. If you have any idea what the limits are, let me know.

As far as I know, there are no limits.

There may be restrictions with the shortage of US in the country.  When I traveled to the US recently, I had to get $100 one day, a $150 ah next day and $200 another day.  I had to check with the bank first and make sure they had the money before I go and get it.

Thankfully my cousin had some and I got some from him as well.....
"Buy a little rag and put it in yuh pocket,
Buy a little flag,
That's de way dey do it,
Find yuh self ah band and
Find ah good position,
When de music blast,
You'll find how to play mas!!!!...."

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #7 on: July 05, 2017, 09:56:07 PM »
Appreciated. If you have any idea what the limits are, let me know.

As far as I know, there are no limits.

There may be restrictions with the shortage of US in the country.  When I traveled to the US recently, I had to get $100 one day, a $150 ah next day and $200 another day.  I had to check with the bank first and make sure they had the money before I go and get it.

Thankfully my cousin had some and I got some from him as well.....

This is what I mean. If everybody with money wanted to transfer to the US or Europe it might be a strain on the system, therefore, is there a limit, eg., if I have one hundred thousand TT and want to transfer to North America, can I do it in one shot and do I have to transfer to US dollars and the transfer. I am thinking logically there must be a limit. Some businessmen are dealing in millions etc.

VB
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline Michael-j

  • Hero Warrior
  • *****
  • Posts: 950
    • View Profile
Re: Transferring money from TT to North America
« Reply #8 on: July 06, 2017, 04:54:02 AM »
Appreciated. If you have any idea what the limits are, let me know.

As far as I know, there are no limits.

There may be restrictions with the shortage of US in the country.  When I traveled to the US recently, I had to get $100 one day, a $150 ah next day and $200 another day.  I had to check with the bank first and make sure they had the money before I go and get it.

Thankfully my cousin had some and I got some from him as well.....

This is what I mean. If everybody with money wanted to transfer to the US or Europe it might be a strain on the system, therefore, is there a limit, eg., if I have one hundred thousand TT and want to transfer to North America, can I do it in one shot and do I have to transfer to US dollars and the transfer. I am thinking logically there must be a limit. Some businessmen are dealing in millions etc.

VB

The $100,000 TT will first have to be converted to the USD equivalent then wired to your account in the US via the bank's intermediary (usually they use Bank of America). There is no charge for the conversion but there is for the transfer. Under normal circumstances there is no limit to how much you can transfer (as long as you can account for how you obtained the money)  but given the  Forex situation at the moment there might be limits imposed. However, as you are not obtaining any physical cash from the bank you may not have a problem.
 

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #9 on: July 06, 2017, 01:23:35 PM »
Appreciated. If you have any idea what the limits are, let me know.

As far as I know, there are no limits.

There may be restrictions with the shortage of US in the country.  When I traveled to the US recently, I had to get $100 one day, a $150 ah next day and $200 another day.  I had to check with the bank first and make sure they had the money before I go and get it.

Thankfully my cousin had some and I got some from him as well.....

This is what I mean. If everybody with money wanted to transfer to the US or Europe it might be a strain on the system, therefore, is there a limit, eg., if I have one hundred thousand TT and want to transfer to North America, can I do it in one shot and do I have to transfer to US dollars and the transfer. I am thinking logically there must be a limit. Some businessmen are dealing in millions etc.

VB

The $100,000 TT will first have to be converted to the USD equivalent then wired to your account in the US via the bank's intermediary (usually they use Bank of America). There is no charge for the conversion but there is for the transfer. Under normal circumstances there is no limit to how much you can transfer (as long as you can account for how you obtained the money)  but given the  Forex situation at the moment there might be limits imposed. However, as you are not obtaining any physical cash from the bank you may not have a problem.
 


Thanks Mike J, that is what I was wondering.

VB
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10015
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Transferring money from TT to North America
« Reply #10 on: July 06, 2017, 02:39:02 PM »
Appreciated. If you have any idea what the limits are, let me know.

As far as I know, there are no limits.

There may be restrictions with the shortage of US in the country.  When I traveled to the US recently, I had to get $100 one day, a $150 ah next day and $200 another day.  I had to check with the bank first and make sure they had the money before I go and get it.

Thankfully my cousin had some and I got some from him as well.....

This is what I mean. If everybody with money wanted to transfer to the US or Europe it might be a strain on the system, therefore, is there a limit, eg., if I have one hundred thousand TT and want to transfer to North America, can I do it in one shot and do I have to transfer to US dollars and the transfer. I am thinking logically there must be a limit. Some businessmen are dealing in millions etc.

VB

The $100,000 TT will first have to be converted to the USD equivalent then wired to your account in the US via the bank's intermediary (usually they use Bank of America). There is no charge for the conversion but there is for the transfer. Under normal circumstances there is no limit to how much you can transfer (as long as you can account for how you obtained the money)  but given the  Forex situation at the moment there might be limits imposed. However, as you are not obtaining any physical cash from the bank you may not have a problem.
 


Thanks Mike J, that is what I was wondering.

VB
VB, I'm curious about how the transaction goes down....let me know....

Sent from my SM-G920F using Tapatalk

"Buy a little rag and put it in yuh pocket,
Buy a little flag,
That's de way dey do it,
Find yuh self ah band and
Find ah good position,
When de music blast,
You'll find how to play mas!!!!...."

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #11 on: July 06, 2017, 11:48:40 PM »
Brown Sugar,

my family is selling some land in TT so it may be a while but just trying to be prepared.
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline biga84

  • Sr. Warrior
  • ****
  • Posts: 379
    • View Profile
Re: Transferring money from TT to North America
« Reply #12 on: July 16, 2017, 07:57:37 AM »
As many have mentioned given the Forex situation there will definitely be a limit imposed and there are also waiting lists at most major FI's. You will need to be put on a list by the FI and then wait for your 'turn' in order to send the funds.
Someone also mentioned that there might not be a limit as you don't need physical cash. The local FI will still need to perform a series or (bulk) FX transaction in order to have the USD to send on your behalf and most foreign FI's don't have a need for TTD in their inventory so this will take some time and limits will be in place. I've heard of people waiting a year + on the waiting list.

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10015
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Transferring money from TT to North America
« Reply #13 on: July 16, 2017, 08:13:12 AM »
As many have mentioned given the Forex situation there will definitely be a limit imposed and there are also waiting lists at most major FI's. You will need to be put on a list by the FI and then wait for your 'turn' in order to send the funds.
Someone also mentioned that there might not be a limit as you don't need physical cash. The local FI will still need to perform a series or (bulk) FX transaction in order to have the USD to send on your behalf and most foreign FI's don't have a need for TTD in their inventory so this will take some time and limits will be in place. I've heard of people waiting a year + on the waiting list.
I meant to come back to this topic and forgot.  Yes VB, even though its a wire transfer, there will be some restrictions......I'm surprised they haven't yet imposed restrictions on credit card transactions where USD  is required....

As a back up plan you could go into  car sales because the amount of new cars on de road...I eh know where the forex coming from.... like it have no problems for car dealers......

Sent from my SM-G920F using Tapatalk

"Buy a little rag and put it in yuh pocket,
Buy a little flag,
That's de way dey do it,
Find yuh self ah band and
Find ah good position,
When de music blast,
You'll find how to play mas!!!!...."

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #14 on: July 16, 2017, 08:02:31 PM »
So taking  into consideration that there will be limits and that there is a waiting list.
If your turn is a year plus, it could theoretically take years to transfer your money considering the amount and the limits in place.

VB
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #15 on: July 16, 2017, 08:03:36 PM »
So taking  into consideration that there will be limits and that there is a waiting list.
If your turn is a year plus, it could theoretically take years to transfer your money considering the amount and the limits in place.

VB

A thought just occured to me, if you live in the UK or Canada and you wanted your money in that currency would it make a difference?
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10015
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Transferring money from TT to North America
« Reply #16 on: July 16, 2017, 08:11:35 PM »
So taking  into consideration that there will be limits and that there is a waiting list.
If your turn is a year plus, it could theoretically take years to transfer your money considering the amount and the limits in place.

VB

A thought just occured to me, if you live in the UK or Canada and you wanted your money in that currency would it make a difference?
I'm not sure.  At one point they had some kinda restrictions on other currencies but I'm not sure which one.......

Sent from my SM-G920F using Tapatalk

"Buy a little rag and put it in yuh pocket,
Buy a little flag,
That's de way dey do it,
Find yuh self ah band and
Find ah good position,
When de music blast,
You'll find how to play mas!!!!...."

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #17 on: July 16, 2017, 08:15:02 PM »
So taking  into consideration that there will be limits and that there is a waiting list.
If your turn is a year plus, it could theoretically take years to transfer your money considering the amount and the limits in place.

VB

A thought just occured to me, if you live in the UK or Canada and you wanted your money in that currency would it make a difference?
I'm not sure.  At one point they had some kinda restrictions on other currencies but I'm not sure which one.......

Sent from my SM-G920F using Tapatalk



I am asking because I live in Colombia where you can just go to any exchange office and buy US. I never buy more than 200 or 300 at a time. I never pay a commission so I wasn wondering if I could buy US here with straight TT or just buy pesos and then change them.

Or simply buy Can dollars or have it sent to a Can acct as I am a citizen. But again back to restrictions.

But I would still need to get actual TT dollars out of the country.
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10015
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Transferring money from TT to North America
« Reply #18 on: July 17, 2017, 05:29:55 PM »
So taking  into consideration that there will be limits and that there is a waiting list.
If your turn is a year plus, it could theoretically take years to transfer your money considering the amount and the limits in place.

VB

A thought just occured to me, if you live in the UK or Canada and you wanted your money in that currency would it make a difference?
I'm not sure.  At one point they had some kinda restrictions on other currencies but I'm not sure which one.......

Sent from my SM-G920F using Tapatalk



I am asking because I live in Colombia where you can just go to any exchange office and buy US. I never buy more than 200 or 300 at a time. I never pay a commission so I wasn wondering if I could buy US here with straight TT or just buy pesos and then change them.

Or simply buy Can dollars or have it sent to a Can acct as I am a citizen. But again back to restrictions.

But I would still need to get actual TT dollars out of the country.


Boy I eh know what to tell yuh but unless that forex crunch ease any time soon, I feel you will encounter challenges with your transaction.  You'll have to contact the bank when you are ready....
"Buy a little rag and put it in yuh pocket,
Buy a little flag,
That's de way dey do it,
Find yuh self ah band and
Find ah good position,
When de music blast,
You'll find how to play mas!!!!...."

Offline vb

  • Board Moderator
  • Hero Warrior
  • *
  • Posts: 7828
    • View Profile
    • http://www.caribsport01.homestead.com/caribsport.html
Re: Transferring money from TT to North America
« Reply #19 on: July 19, 2017, 11:21:45 PM »
I told my family to contact the bank and ask.

A friend told me a TT family living in Canada had this problem so they just use their TT visa card abroad to mitigate the matter.
VITAMIN V...KEEPS THE LADIES HEALTHY...:-)