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tags: money-service
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# TTD - Money Services
This report is a research exercise that aims to outline step by the step, the procedures by which money is received and sent in Trinidad and Tobago.

The procedures outlined in the institutions listed may not be applicable to every institution that falls in their category. For example credit unions which are entitiies that are independent and privately managed, have their own way of conducting business.

In addition to this some banks may have procedures that differ slightly in the way that they choose to conduct business with their customers.

Internationally managed financial institutions such as Western Union and MoneyGram may have slightly different internal procedures that assist with adhering to international standards.

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This list provides an idea of the the various financial institutions that exist within Trinidad and Tobago, that are often used for the exchange or currency for services or goods.

1. Commercial Banks
2. Credit Unions
3. Mobile Wallets/ Digital Payments
4. International Money Transfer Options

## Commercial Banks

Currently the following commercial banks exist in Trinidad and Tobago:
1. Bank of Baroda
2. CIBC FirstCaribbean International Bank Citi
3. First Citizens Bank
4. JMMB Bank
5. RBC Royal Bank
6. Republic Bank
7. Scotiabank

## Commercial Banks
At present there are eight commercial banks operating in Trinidad and Tobago with an extensive network of 123 branches.
The commercial banks remain the single largest group of financial institutions in terms of assets. Two of the locally owned banks have established a commercial presence in various territories in the Caribbean.

There has been considerable growth in the2use of ATMs for the provision of banking services, and there are now 254 ATMs in the country (an average of 1 ATM per 5000 persons). Banks have also been providing telephone and Internet banking services.

Four banks share a linked network of ATMs and debit point-of-sale operations.

Banks now offer a relatively sophisticated menu of services.

There is some blurring of the distinction between banks and non-banks and many banks offer a variety of innovative financial products, including retirement plans denominated in US currency, individual annuity plans, and mutual funds including offshore equity funds.

1. Online banking is available in all of the commercial banks in Trinidad and Tobago. Members can access their account on the go, anytime, anywhere safely and securely
2. Most terminals have a 3% charge per credit card transaction
3. Merchant pays a rental fee to faciliate LINX payment per month.
4. Customers usually have access to their money through VISA Debit card of LINX card that can be used in any terminal that accepts VISA Debit Cards.
5. ATM cards can be used at any bank to withdraw funds from your account, fee for withdrawal and inquiries ( balances on account) vary from $1.25 - $ 4.00 ( TTD) per transaction
6. Some merchants have terminals that can facilitate payment via VISA Debit or other ATM card. This facility is called LINX
7. Each transaction completed on the LINX machine is an average of $0.75 - $ 1.00 which is charged to the merchant.

### What is LINX?

InfoLink Services Limited (‘ISL’) was incorporated on the 13th of September, 1994. A Joint Venture between the four Major Financial Institutions in Trinidad and Tobago, InfoLink was created initially to provide a local debit card switching infrastructure with the vision for providing further co-operative financial service initiatives in the future.

Main Products and Services (Commercial Banks ) to transfer, receive or send money

1. Online Banking ( Internal) Tele/ Mobile Banking ( Internal)
2. Wire Transfers ( External)
3. ACH ( Local Commercial Use)

### Online Banking

- All local commercial banks offer online banking
- Customers can initially register online for this facility once they have an active account in the bank
- In addition to this users can use telebanking/ mobile banking to perform transactions such as transfer to other user accounts, between accounts, as well as pay bills and loans.

### Wire Transfer
- Offered by local commercial banks
- Customers can begin the transaction online once they have access to online banking and complete the transaction by liasing with bank officials via email or physically visiting the branch

### ACH
- Offered by local commercial banks
- This is mainly used to facilitate payments such as payroll in companies that have employees whose salaries collectively do not exceed $500, 00.
- It is an automatic system that can be scheduled to release payment at specific dates and times

### How Online Banking Works
#### Steps to Sign Up

Must have an active Savings or Chequing Account in Bank. This is a free service once the user has this particular relationship with the said institution.

To sign up for an account in a commercial bank in Trinidad and Tobago, you must meet the following requirements.
- 2 Valid forms of picture ID in the form of driver's license, passport or national ID card.
- Must be 18 or older to do this independently, parental assistance is required if the applicant is younger
- Must produce proof of address via a utility bill or rent receipt in the name of the person wishing to have the account
- Must have a job letter no older than 3 months old as proof of employment OR payslip not older than 1 month old

### Who can do it?

- Once a customer has online banking they can transfer funds from their account to another account in the same institution or another institution.
- The sender must have online banking to do this transaction online but the receiver does not have to have online banking activated in order to receive the funds
- Customers of the same bank will receive funds instantly users of other bank wait 3 - 5 business days before funds appear in their accounts

#### Steps
1. Add account as a payee custom payee or standard payee through online system
2. Determine the amount to be sent to recipient
3. Enter amount and send and confirm transaction complete
4. Keep records in online statements as proof of transaction

**Custom Payee** - A payee who has a personal account with the bank the transaction is being conducted with or has account with another bank that can facilitate transfers.

**Standard Payee** - Standard payees are already installed as part of the users online banking features. These are inclusive of local utility companies, mortgage companies, furniture stores etc.