Methods of Payment

A wide range of payment methods are used in Trinidad and Tobago, including letter of credit, cash in advance. The main credit cards used in TT are VISA and Mastercard.  For more information about the methods of payment or other trade finance options, please read the Trade Finance. Guide.

Banking Systems

The financial services industry in TT is one of the most developed in the Caribbean.  There are eight commercial banks in TT, comprising a mix of local and foreign banks.  Citibank is the only American bank operating in TT.  Two locally-owned banks have a commercial presence in various territories in the Caribbean: Republic Bank Limited and First Citizens Bank.  The Central Bank of TT determines monetary policy, sets rates and reserve requirements, and regulates the operations of the commercial and other financial institutions.  There are no restrictions on borrowing by foreign investors.

Foreign Exchange Controls

 The Central Bank of TT manages foreign exchange (forex) and has been combatting forex shortages since 2015 through regular injections of U.S. currency from the country’s sizeable but dwindling foreign reserves.  Companies must sometimes wait three to nine months to exchange their TT dollar profits to U.S. dollars.  The forex shortage is expected to persist through 2023 due to decreased export revenue and exchange rate management given the imbalance between forex inflows, import liabilities, and local demand.  The repatriation of capital, dividends, interest, and other distributions and gains on investment may be otherwise freely transacted without limits. 

U.S. Banks and Local Correspondent Banks: Citigroup is the only U.S. bank in TT but it does not offer retail services.  A full list of local and foreign banks can be found at https://www.central-bank.org.tt/core-functions/regulated-commercial-banks. For additional information, visit the U.S. Department of State Investment Climate Statements website