Challenges for Visitors Due to Draconian Banking Measures in Trinidad and Tobago

The article discusses the challenges faced by visitors in Trinidad and Tobago due to stringent banking regulations. A case is presented involving a Canadian woman who struggled to cash her cheques without a local account. The author argues these measures are excessive and detrimental to tourism, urging for better provisions for visitors to access their funds while in the country.

In Trinidad and Tobago, the current banking regulations present significant challenges for visitors seeking to access funds. Richard Deane, a seasoned businessman, highlights a troubling incident involving a Canadian woman who, lacking a local bank account, faced obstacles while trying to cash her government-issued cheques. Despite owning shares in a local company, the bank denied the deposit as her cheques were not made out directly to the company. This situation raises concerns about the banking measures imposed on visitors and their implications for tourism.

Mr. Deane questions the rationale behind such restrictive banking policies. He argues that allowing the woman to endorse her cheques for deposit could mitigate risks for the bank, since any potential issues would be addressed via account debits. Furthermore, he expresses concern for visitors who, should they run out of money, might find themselves in dire situations without adequate provisions to access their funds during their stay. Deane asserts that these stringent measures are excessive and detrimental to the tourism sector.

In summary, the banking regulations in Trinidad and Tobago impose significant barriers for visitors, as exemplified by a recent case involving a Canadian woman. The restrictions not only hinder the ability of tourists to access their funds but also threaten to undermine the country’s tourism industry. There is a pressing need for a review of these policies to enhance support for visitors.

Original Source: newsday.co.tt