Save time and money when sending money to Trinidad and Tobago from the UK.
Trinidad and Tobago is a nation of islands off the coast of Venezuela, South America.Due to the status of Trinidadian Dollars as an exotic currency, and lack of trading volume, only a few money transfer companies can send money to Trinidad and Tobago, and even less can send Trinidadian Dollars.
We compare the different companies you can use to exchange the United States Dollars (USD) to Trinidadian Dollars (TTD) to make a cash payment or bank deposit.
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Case Study: Banks versus money transfer companies
The below table shows the differences between a bank, an overseas cash payment service and an online forex trader. In this example, the banking institution we looked at was only able to send U.S. Dollars to Trinidad and Tobago.
|Money Transfer Company 1 – Bank||Money Transfer Company 2 – Online FX provider||Money Transfer Company 3 – Instant cash payment service|
|Exchange rate||£1 GBP = $1.243 USD||£1 GBP = $8.402 TTD||£1 GBP = $8.274 TTD|
|Transfer fee||£20 AUD||£10 AUD||£50 AUD|
|Amount received for £1,000 GBP (in Trinidadian Dollars)||$1,243.00 USD||$8,402.00 TTD||$8,274.00 TTD|
|Transfer time||2 – 6 business days||2 – 4 business days||Minutes|
|Transfer method||Bank deposit||Bank deposit||Cash collection|
|Difference of||N/A||$128 TTD|
As you can see, of the two options to transfer money to TTD, the former is the better option. However, one must also consider the option of sending money in US Dollars.
How do I compare money transfer companies?
Here are the key features to look for when you compare quotes from international payment providers.
- Exchange rate. Trinidadian Dollars are not a common international currency, you’ll need to compare the exchange rate on offer from the money transfer companies we’ve listed below. Double check the exchange rate on no transfer fee deals, an extra margin on the exchange rate can be included to make up for the transfer fee. Also be wary of the FOREX calculators on different provider’s websites, some of these tools quote the interbank rate and not the real rate offered to customers.
- Transfer fee. A big point of comparison between international payment providers, the transfer fee varies greatly depending on the international payment service you choose. For example Western Union and MoneyGram charge the highest transfer fees but off the quickest transfer time. Furthermore, you may still be charged fees from the intermediary and receiving banking institutions even if you’re using a non-bank money transfer company to make the payment.
- Collection methods. Most providers can deposit funds in a bank account, which can take a couple of days to clear, but only a couple can send a quick cash payment.
- Additional options. On the spot payments are a common transfer option, that’s a payment to Trinidad and Tobago at the current rate. Less common transfer options include: forward contracts, limit orders and recurring payments.
- Limits. Banks, cash payment companies and other money transfer companies all have minimum and maximum transfer amounts.
- Customer service. Is the provider based in America or overseas, who can you call if you need to speak to a person about your transfer? What is the provider’s policy towards cancelling your order and issuing a refund.
Your bank offers an overseas telegraphic transfer service you can use to send money to Trinidad and Tobago. Some banks can make a payment to Trinidad and Tobago but may not be able to exchange US Dollars to Trinidadian Dollars. The online money transfer companies listed below can trade in these two currencies as well as make overseas payments.
Navigate to the overseas payments menu within your online banking facility. You must create an overseas beneficiary if you haven’t already. Provide the beneficiary’s: Bank Number, Bank Name, SWIFT BIC Address, Bank Address, Bank Account Number, Account Name, Address and City. You can view the exchange rate before you confirm your international payment.
Online money transfer companies
These companies can deposit funds in a Trinidadian bank account. Make a payment either by bank account deposit or by card and exchange currencies before completing the transfer.
- TorFX. TorFX offer a best rate guarantee on payments to Trinidad and Tobago.
- CurrencyFair. Deposit funds into your CurrencyFair account to send funds to Trinidad and Tobago. CurrencyFair let you make a spot payment or your can wait for a better rate in the CurrencyFair marketplace.
- WorldFirst. WorldFirst offer a range of currency options including forward contracts, recurring payments and firm orders. Transfers over $10,000 are free.
- PayPal. A percentage based fee and hefty exchange rate margin make PayPal a good option for small transfers. The payee will need to have a PayPal account to receive your payment.
International cash payment companies
Send money to Trinidad and Tobago as cash in minutes using these overseas payment companies.
- Western Union. Western Union accept credit card and debit payments and can send cash to Trinidad and Tobago.
- MoneyGram. Trinidad and Tobago MoneyGram locations include: The Port of Spain, San Fernando and Chaguanas.
How do I receive money from Trinidad and Tobago in the UK?
This all depends on how the money is sent.
- Receiving funds in your bank account. Provide your bank name and branch address, account name, account number and your bank’s SWIFT code.
- Collecting a cash payment. If you’re picking up cash from a Western Union agent, for example, you’ll need to show photo identification and you’ll need to quote the transaction reference number or password.
- PayPal. Give your email address or phone number to the sender to receive a payment via PayPal. You must then make a withdrawal to your bank account to access the funds.
Emergency cash transfers in Trinidad and Tobago
Consider these options for accessing emergency funds abroad.
- International cash payment. Western Union can send cash to the small South American nation in minutes. Western Union is partnered with different businesses such as pharmacies and exchange offices across the islands, which can stay open past businesses hours and on weekends.
- Emergency cash assistance. Have you lost your credit card or your debit card? Card schemes such as Visa or MasterCard can make the funds in your account available as cash to collect from a local business.
- Travel insurance. For some covered events, such as a medical emergency, your travel insurance policy provider may issue an emergency cash benefit to cover your immediate costs.
Tips for picking up cash in Trinidad and Tobago
Over 30,000 British nationals visit Trinidad and Tobago every year, and most visits are trouble-free. However, there are high levels of violent crime in Trinidad, including murder, especially in parts of the capital Port of Spain. A British national was murdered after being robbed at gunpoint in the Mt D’Or area of Mt Hope in Trinidad on 10 April 2016. Robbery and other crimes targeting tourists have also occurred elsewhere in Trinidad and Tobago.
Take care of your personal belongings and be wary of your surroundings at all times, especially if you’re carrying cash and valuables. You can reduce the risk of theft by travelling in a group. Your hotel may also be able to assist you by providing an escort if you’re travelling to collect a large amount of cash.Back to top
What are the steps to send money to Trinidad and Tobago
Follow these steps to send money to Trinidad and Tobago.
Via your bank.
Log on to your internet banking facility to send money to Trinidad and Tobago via your bank. You’ll need to create a new overseas beneficiary if this if your first payment to the payee. The information you need to create a new beneficiary is in the How to Send Money to Trinidad and Tobago section of this article.
Via an online money transfer company.
Create a free account with the providers we’ve listed on this page to send money to Trinidad and Tobago. This process can be completed in a couple of minutes. In most cases, you’ll need to send a copy of a utility bill to verify your residential address. Provide the following information to register your details:
- Personal information
- Contact information
- Residential information
Once you’ve paid the overseas payment company, you may need to exchange the funds manually, some providers do this for you automatically.
When the transfer has been completed on your end, you should get a tracking number you can use to check on your international payment to Trinidad and Tobago. If you have any questions about the services compared on this page, ask us a question using the form below this article.