Banks in Trinidad and Tobago
Know your options when banking in Trinidad and Tobago
The twin islands of Trinidad and Tobago in the southern Caribbean are home to roughly 1.3 million people with an economy based primarily on trade and tourism. The islands' gross domestic product was estimated at $20.9 billion (US) in 2007. The Central Bank of Trinidad and Tobago, established by an Act of Parliament in 1964, is responsible for the area's economic growth and development. It issues and redeems currency and is the banker to both the government and every other Trinidad and Tobago bank.There are no restrictions on foreign banks or foreign borrowers in Trinidad and Tobago, and most Trinidad banks offer a wide range of services. There are 6 commercial banks, several foreign banks and roughly 130 credit unions. In addition to the Trinidad and Tobago central bank, banks in Trinidad and Tobago include:
1. Traditional banks for citizens and merchants who simply want a safe place to protect and access their money
2. Investment and commercial banks for people and companies who want additional options and opportunities designed to grow their money
3. Credit unions, agricultural and female-oriented banks centered around the specific needs of these segments
Consider traditional Trinidad and Tobago banks
The average Trinidad or Tobago resident wants an easily accessible, customer-friendly bank that offers reliable products and services. Local merchants typically look for a similar type of financial institution that will protect their hard-earned money.
Try: An institution such as First Citizens Bank or Scotiabank is the perfect choice for typical citizens and merchants in Trinidad or Tobago. Both offer personal banking and small-business services. If you prefer a larger bank with ties that reach far beyond the Caribbean, you might want to consider Citibank Trinidad.
Explore investment opportunities
Banks in Trinidad and Tobago are great for those who are in a position to make their money grow by capitalizing on investment opportunities.
Try: Check out CLICO Investment Bank Ltd. and FirstCaribbean International Bank, among others. There are a number of safe havens that offer exciting opportunities to invest your money and watch it grow.
Determine whether you belong in a niche
Some Trinidad banks cater to certain segments of the population. Whether you're a small business, starting a woman-owned business or make a living from agriculture, there are some special products and services geared toward your unique needs. A number of credit unions are available for teachers, policemen and other government employees.
Try: One popular Trinidad and Tobago bank, The Inter-American Development Bank, offers loans and grants that help finance projects to reduce poverty and foster private-sector development. Women's World Banking offers credit to low-income women entrepreneurs. The Agriculture Development Bank caters to those in the business of agriculture. Spurred by low competitiveness and tight money-laundering controls on banks, there are more than 100 credit unions on the two islands, as well.
- There are many options for banking in Trinidad. Know your needs and explore your options to select the financial institution that best meets your requirements.
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