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How Valuable are T&T Debit Cards?
- wealthchecktt
- Jun 5
- 5 min read
Can't get a credit card? Maybe you don't want or trust yourself with one, but you still want the convenience of going cashless when shopping.
Debit cards let you access the money in your bank account so you can quickly pay for food, bills, e-tickets, streaming services...or whatever else your heart desires. There are some interesting options available from various institutions in Trinidad and Tobago. Read on to learn which one may best suit your shopping needs:
ANSA Bank VISA Debit Card
ANSA Bank may be one of the smaller banks in the country but their debit cards can be used at any of the 250+ ATMs nationwide and all local Point-of-Sale (POS) terminals free of charge. Unfortunately, they cannot be used for local or international online purchases or at ATMs and POS terminals outside of Trinidad and Tobago.
CIBC Caribbean Bank VISA Debit Classic Card
Like ANSA Bank, CIBC has also waived most ATM and POS fees for their debit card when it's used locally. It can even be used for local and international online purchases. While withdrawals at international ATMs attract a fee, customers can make purchases at stores outside of Trinidad and Tobago without paying a fee.
First Citizens Bank VISA Debit Card
This debit card comes free with most savings or chequing accounts and it can only be used locally. Luckily, the feature that supports local e-commerce has been enabled so customers can use it on any local website that accepts VISA payments. Unfortunately, fees apply when using this debit card, even if the ATM or POS machine is owned by First Citizens Bank!
JMMB Bank International VISA Classic & Gold Debit Cards
Unlike most other debit cards offered by banks in T&T, these debit cards are not free. Customers have to pay an annual fee of TT$150 or TT$200 to maintain the Classic and Gold debit cards respectively.
They can be used locally, however, since they are only on the VISA network and not on the LINX network, customers are a bit limited as to where they can use them. Naturally, they can be used at any of JMMB's 4 ATMs free of charge, but they can only be used at other ATMs and POS terminals that are VISA-enabled. As more merchants upgrade their machines to accept VISA payments, this will become less of an issue. At least there's no fee for making local purchases, but customers will be charged for declined transactions or making withdrawals from other banks' ATMs.
Although withdrawals at international ATMs have been disabled, customers can still use the VISA debit cards to make purchases when shopping abroad. The monthly USD limit is extremely restrictive though and a fee applies to all international POS and online purchases so customers have to weigh the pros and cons to determine if it's worth it to pay to get these debit cards.
RBC Caribbean Bank VISA Classic Debit Card (TTD)
Like most of the other banks, RBC issues a free debit card linked to their TTD-denominated savings and chequing accounts. However, unlike the other major banks, this debit card can be used locally and internationally, in-person and online. Even before they switched over to VISA, RBC debit cards could be used overseas wherever Cirrus/Maestro was accepted.
As expected, customers can use the debit card at RBC ATMs for free but they will be charged a fee if they use other local banks' ATMs, as well as, international ATMs. Sadly, making purchases at local and international POS machines also attract fees. While it's great to be able to use a regular debit card overseas, the daily ATM withdrawal and POS USD limits are quite low and the fees are beyond exorbitant. So, outside of an emergency, it doesn't seem to be an attractive option to rely on when planning a trip.
RBC Caribbean Bank VISA Debit Card (USD)
Customers who open a USD Savings account with RBC can apply for a free USD-denominated VISA debit card that can be used both locally and internationally. This is the only foreign currency bank account in the country that allows you to access your funds directly via debit card.
As revolutionary as this debit card is, there are still ATM fees involved regardless of where you use it. Fortunately, POS fees are waived both locally and internationally once the transaction is successful. Unlike the TTD-denominated debit card, this debit card enjoys much higher ATM and POS USD limits. Keep in mind, though, that since it is linked to a USD bank account, the account must already have the amount of USD available for the transaction to go through. The bank will not lend any USD or allow it to be purchased with TTD to facilitate the transaction. Currency conversion (TTD to USD) would only be done for cash withdrawals, in-store or online purchase made locally since all transactions on the account are reflected in USD.
All in all, this debit card is best suited for those who already have access to USD.
Republic Bank OneCard VISA Debit Card
The OneCard is a basic debit card that can only be used locally, at ATMs, POS terminals and online. It comes free with savings and chequing accounts offered by Republic Bank. Sadly, there are costs associated with using this debit card at ATMs, although they are significantly lower if used at one of the 70+ Republic Bank ATMs nationwide. Customers can look forward to fee-less transactions when making purchases though.
Scotiabank ScotiaCard VISA Debit Card
As of late 2024, the ScotiaCard can no longer be used internationally so now, it only works at local ATMs, POS terminals and on local e-commerce sites. Like all of the other banks, this debit card is free to customers who have at least one bank account with Scotiabank. ATM and POS fees apply but only at those owned by other banks.
Unit Trust Corporation TT$ VISA Debit Card
UTC started offering VISA debit cards to investors in the TT$ Income Fund a decade ago, long before commercial banks. The ability to use it internationally was unfortunately turned off a couple of years ago but fortunately, the latest upgrade allows it to be used for local online purchases. Investors must pay an annual fee of TT$100 in order to keep it active so they can use it locally. While they won't pay any fees at any UTC ATMs or when making purchases online or in-store, the fee to make a withdrawal at other VISA-enabled ATMs is almost twice the industry standard.
Unit Trust Corporation US$ VISA Debit Card
Investors in the US$$ Income Fund have the option of getting a VISA debit card for an annual fee of US$20. Unlike the other VISA Debit Card, this one can be used overseas, as well as, at local VISA-enabled ATM and POS machines. With very generous USD limits both locally and internationally, it might be well worth it to get this card when traveling despite the high USD account charge per use. Just as with the USD-denominated RBC VISA Debit card, there must be sufficient USD funds available in the account that the card is linked to in order for transactions to go through as there is no overdraft facility.
Overview
It's no secret that a debit card could never match the features of a credit card but it's great to have an alternative cashless option when shopping in and outside of Trinidad and Tobago. Although a few can be used internationally, the fees and restrictive limits don't allow them to be viable replacements for credit cards, especially when traveling abroad. Still, something is better than nothing; they offer good value to customers who prefer to shop without racking up debt.
Which debit cards do you prefer?
ANSA Bank
CIBC Caribbean Bank
First Citizens Bank
JMMB Bank
You can vote for more than one answer.
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