Due to the status of Trinidad and Tobago dollars (TTD) as an exotic currency, and lack of trading volume, only a few money transfer companies can send money to Trinidad and Tobago, and even fewer can send TTD.
What’s the best way to send money to Trinidad and Tobago?
Online money transfer providers typically offer the strongest exchange rates and lowest fees to send money to Trinidad and Tobago. Banks, PayPal and other options are available, but come with high fees, weak rates and longer turnaround times.
Digital money transfer services
Companies like XE and Ria specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Trinidad and Tobago bank account, often in as little as a day or two.
Services like Western Union allow you to transfer cash for pickup at a local branch in Trinidad and Tobago, often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, look to digital services like Ria.
Trinidad and Tobago dollars aren’t a popular currency, so your local bank probably won’t be able to exchange them. If your bank does support the Trinidad and Tobago dollar, beware of high fees and wide margins on the exchange rate compared to digital and other options.
How to send money to Trinidad and Tobago
Sign up and send money with a digital money transfer specialist in four steps:
Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Trinidad and Tobago bank account details.
Confirm transfer details. Double check your payment method, expected fees and destination.
Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Trinidad and Tobago. Some money transfer providers send a text or email when your transfer is complete.
Let’s crunch the numbers: Sending €1,000 to Trinidad and Tobago
Let’s say you need to send €1,000 to family in Trinidad and Tobago. Here’s what you might face as far as fees and exchange rates as of 6 November 2020.
Digital money transfer service
€25 + additional correspondent bank fees
1 EUR = 8.01 TTD
1 EUR = 7.91 TTD
1 EUR = 7.62 TTD
Slowest and most expensive
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with TTD 392 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Trinidad and Tobago in as little as 15 minutes.
How to get the most out of your money transfer
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Trinidad and Tobago to meet your needs:
Exchange rates. The EUR to TTD relationship tends to remain moderately stable, often only fluctuating during large events. Buying currency ahead of time could lock you into a strong rate now in case the TTD to EUR ratio goes against your favour later.
Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of Trinidad and Tobago dollars you’re sending.
Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, look for a digital specialist that offers instant transfers to Trinidad and Tobago.
Minimum limits. Average incomes vary widely between Ireland and Trinidad and Tobago, which means companies with high minimum transfers may not be your best choice when trying to send smaller amounts at once.
Transfer methods. Whether you want money sent to a bank account in Trinidad and Tobago or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
How to send an emergency cash transfer
When it’s more important to get your money to Trinidad and Tobago quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Trinidad and Tobago without a bank account
If you don’t have a bank account, you can still use cash transfer services to send money to Trinidad and Tobago. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.
Trinidad and Tobago’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Updated: 23 Nov 2020 16:22:10 UTC
Documents needed to send money to Trinidad and Tobago
To send money to Trinidad and Tobago from Ireland, you’ll need government-issued ID and other documents, while documents needed to pick up money in Trinidad and Tobago may be different by company.
Documents to send money from Ireland
To send money from Ireland to Trinidad and Tobago, you’ll need documentation and details that include:
Identification. Most services require a driver’s licence, passport or other government-issued ID.
Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Trinidad and Tobago bank account and routing number.
Documents to receive money in Trinidad and Tobago
To pick up money in person, documentation can include:
Transfer number. The person sending you money can forward the transfer’s confirmation details – called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
Government-issued ID. A National Republic of Trinidad and Tobago Identification Card or a similar government-issued ID is typically required to pick up cash.
Amount sent. You may need to know how much was sent, usually within 10% of the total.
Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
What to watch out for
Participants in the United Nations Development Programme (UNDP) will never be asked to send a money transfer to cover any fees. UNDP does not charge a fee for any stages of its recruitment process or procurement process, so never send a money transfer for these reasons. Learn about money transfer scams through our guide money transfer scams.
There are a number of ways to send money to Trinidad and Tobago, and picking the one that best fits your timeline and fee preference is key. Rely on our country-specific currency guides the next time you need to send money abroad.
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.