We know that there are many limitations we are facing in Trinidad and Tobago when it comes to Forex and that has made conducting business in T&T a nightmare. If you are someone who has to pay vendors and suppliers, buy raw materials or travel, then this is something you are going to want to know, how to open up a US bank account from Trinidad and Tobago to minimize the reliance on getting USD from the local banks.

Why is USD in Trinidad and Tobago Such a Problem?

According to the Government of Trinidad and Tobago, there is a Foreign Exchange shortage in Trinidad and Tobago. Because of this, the banks have limited all access to Forex for the vast majority of the public. Our largest bank in T&T, Republic Bank, recently cut their USD cap on all credit cards from 10k USD to 5k USD (See article here) and we must pay attention to see if any banks follow suit after that.

These limitations hurt the purchasing power of businesses, especially Micro and Small businesses, who must purchase any materials from abroad to conduct their business.

The banks have also removed all prepaid credit cards from their systems, which has also hurt small businesses.

Our bank’s Linx Visa Debit Cards also don’t work outside of the country, which is a major problem for those who travel a lot. Scotiabank and RBC give you $ 100 USD per day with their Linx cards that you can use at the ATM or POS, it’s not much but it’s something.

I have seen people say things like “Just get a higher US limit on your Credit Card”, that’s not a solution because the Central Bank has stated that 10% of the country has a credit card to begin with. Not everyone can get a credit card.

Also, say you are travelling and you spend your $5kusd allotment for the month on your flights, but you still need to book your hotels, have money for food, spending time, accidentals, etc, you have already maxed out your USD allotment and your only options are to wait till your USD allotment resets or hopefully you have another credit card with USD access.

How Does The US Account Help Us?

The US account helps us in a few key ways.

1. If you are a business that gets paid from clients online, if you register your business in the US and have a US bank account, this will allow you to have full access to your funds.
2. If you travel, you now have full access to your funds and a card that you will be able to use anywhere Visa/Mastercard is accepted.
3. If you have friends or family who need to send you money from abroad, it is cheaper and easier for them to send it to a bank in the US and you will still be able to use that bank card here in T&T.

Can’t I Just Open a Local USD Account With a Bank in Trinidad and Tobago?

Even when you have a local USD account with a bank in Trinidad and Tobago, they still do not give you full access to your funds. You can have the cash in the account but you still need to apply for cash because of the forex shortage and they only give up to $250usd at your request.

Businesses can wire money from their USD account but again, there are still limitations to how much you can send from your accounts.

There are also no Debit Cards attached to these accounts, so you aren’t able to travel and conduct any transactions from this account.

How To Open a Personal Bank Account In The US

This is what you need to do to open up a personal account in the US.

1. You need to physically be in the US to open up a Personal Account
2. Banks – You can open up a Non-Citizens account with Bank of America, Chase, TD, Wells Fargo, Citibank.
3. ID – You will need 2 forms of ID from Trinidad and Tobago (I used my Passport & Drivers License)
4. Proof of US Address – You need to have a US address. I’ll break this down more below.

I have 3 suggestions for proof of address:

1) Have a family/friend add you to one of their bills, so you can show proof of address.

2) Have a family/friend download a Lease agreement, fill it out that you are renting and that can be used as proof of address.

3) You can also go to the USPS website and for a dollar and 10 cents do a change of address. You can enter any US address for the old address and put where you’re staying as the new address. You’ll get a physical letter in about 4 days as proof of change from USPS which BOA will accept. And BOA will send your debit card to the new address. If you’re only staying for a week you can start the change of address while you’re in Trinidad. (Click Here for this option)

For any questions about Tax, please consult an accountant.

How To Register a Business and Open Up a Business Account in The US

This is something you can do remotely via a 3rd party company. They will register your business in the US, get you the EIN number and open the bank account for you. Once you receive the EIN number, you are free to open up bank accounts with any institution of your choice.

Here are 3 companies to check out:

1. Start Global
2. First Base
3. Jump Start Filings
4. Doola

I would also recommend checking out Mercury as it is a Digital Bank and gives you some flexibility that traditional banks won’t.

How Do I Fund My USD Account From Trinidad and Tobago?

Every month I send money to my US account so that when I need USD, I am not scrambling to get it.

I do that through:

1) My Credit Card and PayPal…sending money from my TT Paypal account…to my US PayPal account and then depositing the funds to Bank of America. If you send over $500 USD to your US PayPal account, you need to have an EIN added to your US PayPal account, otherwise, they will hold the money.

2) I’ll use Western Union Direct as you can send money DIRECTLY to your US Bank account through Western Union. You will need the Name of the account holder, address, phone number, Bank Name, Act Number, and Routing Number. You can even Moneygram money to your friends/family and they can Zelle you the money to your US account.

3) I travel often…I take out USD cash and then deposit it into my Bank of America

4) When clients pay me online…I have those funds deposited into my US account.

This is so that I have 100% access to my funds and don’t have to line up in any queue or ask the banks to give me access to my USD.

When I use my Bank of America card locally in Trinidad…BOA charges me 30 cents USD per transaction. I have no issue with these fees as this gives me the access I need to my funds without restrictions.

The Wise Digital Bank

Let’s say you want to have a Digital Bank account, that gives you access to a physical and digital bank card, that’s accepted everywhere in the world and online but you cannot fly into the US…Then the Wise Account and Bank cards are what you need.

Wise allows you to have multiple currencies, over 50+ and the accounts allow you to spend $41k USD per month.

I have a full guide on Wise, how to set it up and get the cards right here –> Wise Account and Cards.

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I hope this helps you conduct your business, and access your USD without any limitations. Once again, if you have any questions, reach out to the companies directly that were mentioned and always consult your accountant for financial advice.