Friday 10 April, 2020

How to get the new $100s

New $100 note

New $100 note

As the new $100 note becomes available from Tuesday, December 10, the Banker’s Association of Trinidad and Tobago is encouraging citizens to be compliant with the roll out of the new $100 bill and the demonitisation of the old one. 

They’ve released five key things to note when attempting to trade in your old $100 notes: 

1. Customers are encouraged to visit their respective banks to facilitate the exchange and are encouraged to deposit the cash into their account. 

2. For existing bank customers, cash withdrawals or exchange of no more than TTD$50,000.00 will be facilitated in the first instance. 
Withdrawals in excess of TTD$50,000.00 will only be facilitated in line with the customer’s banking pattern. Existing customers requiring amounts larger than TTD$50,000.00 are requested to advise their bank and they’ll try to provide same within 48 hours of notification. Such deposits and/or cash exchange will be subject to the standard due diligence requirements of each bank. 

3. Individuals without a bank account are subject to a limit of TTD$10,000.00. First Citizens Bank, Republic Bank, Royal Bank and Scotiabank will facilitate one to one exchange of cash over the counter. These customers will be required to: (a) provide one form of national identification which shows nationality; (b) proof of address; and (c) sign a Source of Funds declaration. 

4. All Banks are working diligently to ensure that ATMs can accept the new polymer TTD100 note within the shortest possible timeframe. 

5. All Banks will continue to be guided by their existing Know Your Customer (KYC) framework and Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) programmes during this process. 

The previous $100 note will be demonitised on December 31, 2019.

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