(Trinidad Guardian) RBC Royal Bank (T&T) has told its customers that it is imposing a 0.25 per cent transaction fee on international payments made by RBC-issued credit cards "to assist in managing limited foreign exchange supplies."
The bank notified its customers on Monday that it intends to introduce new fees on some accounts and increase fees on others by March 27.
Responding to a complaint from a bank customer on Tuesday, RBC Royal Bank explained: "Due to the challenges the Trinidad and Tobago market has been experiencing with the supply of USD foreign currency a fee will be instituted for cross-border spending which will assist with managing limited foreign exchange supplies.
"As a responsible bank, we are obligated to put measures in place that are aligned to the Central Bank of T&T," RBC said, in apparent reference to the increasing tightness in the supply of foreign exchange to local customers. That tightness has been caused by the sharp decline in the price and production of T&T's main petrochemical exports in the last two years.