Banking and Finance Guide to Trinidad & Tobago: Banking, Business Information on Trinidad and Tobago

Banking and Finance Guide to Trinidad & Tobago: Banking, Business Information on Trinidad and Tobago

Whether it is business travel to Trinidad or a Tobago vacation Trinidad and Tobago has various and numerous financial centers and services to accommodate every traveler. The Trinidad economy is the most durable in the Caribbean driven by the island’s continually blossoming industrial and energy sector and Tobago’s steady tourism industry. From shopping to business startups Trinidad economy makes it simple and possible.

Banking and Finance

Trinidad and Tobago has four banking service centers, which are First Citizens Bank, Republic Bank, Royal Bank of Trinidad & Tobago and Scotiabank. Divisions of all four service centers are conveniently located in the heart of the city of Port-of-Spain while others can be found in other towns and cities on the island. These centers are equipped with fast service ATMs within banks and debit and credit card machines at most stores, restaurants and any business where monetary transactions are conducted.

While the US dollar is the popular currency on the island and can be used at some hotels, restaurants and even sidewalk vendors in place of the local TT$ all financial banking institution do trade other currencies. The other currencies traded are the Canadian dollar, Pound Sterling, Barbados Dollar, Eastern Caribbean Dollar, German Mark, and Euro Dollar. In addition to US currency travelers cheques and international credit cards are accepted nationwide.

Currency exchange is also available at other financial institutions such as Unit Trust Corporation, Fx trader companies and Central Bank of Trinidad and Tobago. Unlike some Latin American/Caribbean countries there is no black market exchange on foreign dollars. US currency can be traded in stores and restaurants at a rate of TT$6 to US$1. The exchange in banks and other financial institutions usually floats at TT$6.18 to US$1. It is always more profitable to exchange currency in the banks. There are also US$ ABM at the Piarco airport and other limited locations that allows the withdrawal of US currency

Finance and Business Investment

Trinidad and Tobago are members of a number of free trade agreements that allows for ease of exporting and importing for businesses. As a result of this no exchange controls and total foreign ownership of companies Trinidad and Tobago has the largest direct foreign investment per capita in the Caribbean. Some of the free trade agreements are Cotonou, The Caribbean Basin Initiative and CARIBCAN.

Tobago’s incentive is on the real estate front whereby non-citizens are allowed to own a maximum of five acres of land for commercial use. Both Trinidad and Tobago are home to foreign hotel chains such as The Hilton Hotel, The Hyatt Regency, The Mariott Hotel and Holiday Inn. Tobago’s lush unaffected landscape and Trinidad aggressive business center make the twin island the perfect business investment opportunity.