RBC slashes forex limit on credit cards by 66%

RBC has announced a 66% reduction in the foreign exchange limits for its personal and business banking credit cards, effective December 1.

According to a notice issued by the bank today, credit cardholders’ monthly limits will be reduced from approximately $41,000 (US$6,020) to $14,000 (US$2,058).

“RBC is committed to being the bank for all of you and to providing optimal choices for our clients. Given the ongoing foreign currency supply constraints, we need to regularly review FX limits on our clients’ credit cards, while striving to balance the needs of our clients with the availability of foreign exchange (FX) supplies,” it stated.

“As a result, effective December 1, 2024, FX limits on RBC credit cards will be adjusted as follows: Personal Banking and Business Banking Clients (excluding Private Banking): Credit cardholders monthly limits will be reduced from TTD41,000 to TTD14,000 in FX equivalent to a maximum of the account’s credit limit, whichever is less,” the notice stated.

RBC stated that the local TT dollar transactions remain unaffected.

Private banking clients are encouraged to contact their Private Banker for further information, it stated.

This move by RBC follows one week after Scotiabank announced plans to lower the US-dollar spending cap on its credit cards.

Effective December 1, weeks before Christmas, Scotiabank customers with personal credit cards, with the exception of the Aero Mastercard Black, will face a reduced maximum limit of US$2,000.

“As we continue to navigate the foreign exchange considerations prevailing within our country, please be advised that, effective December 1, 2024, the maximum US dollar spending limit per calendar month on your Scotiabank credit card will be reduced as follows, until further notice:- Aero Mastercard Black US$5,000; all other personal cards US$2,000,” the bank stated.