A bureaux de change is an establishment dedicated only to the exchange of currency. It does not provide other services of a financial nature.

The following is a list of bureaux de change operators licensed in Trinidad and Tobago at present:

• Grace Kennedy (Trinidad & Tobago) Limited
• Unit Trust Corporation
• Eastern Credit Union
• Classic Tours and Travel
• Brimont Ltd
• Millenium Finance and Leasing
• Firstline Securities Limited

Read below, or download here, the Terms and Conditions of Operations for Bureaux de Change.

You can also download a copy of the Exchange Control Act Chap 79:50 here.

Terms and Conditions for Operations for Bureaux de Change

1. Licensees may purchase notes, coins and travellers cheques denominated in foreign currency and sell notes and coins (but not travellers cheques) in any currency in exchange for any other currency.

2. Licensees must maintain a record of each transaction which must include the name of the customer, an appropriate identification, the type of transaction (purchase or sale) the currency name and the amount of transaction.

3. Licensees must provide customers with a receipt of the transaction.

4. Licensees must submit on the prescribed form a summary statement of transaction.

5. Licensees will be subject to periodic inspection by the Central Bank. Records of the Bureau must be available for inspection at any time.

6. Licensees unless otherwise permitted to do so under the financial institutions Act, 1993 (The Act), shall not:

• (I) Establish correspondent relationships with banks abroad
• (II) Borrow or lend in foreign currency
• (III) Borrow or lend in TT dollars
• (IV) Accept deposits in foreign currency or in TT dollars
• (V) Deal in documentary credits, letters of credit or similar instruments
• (VI) Engage in forward transactions

7. Licensees shall not refuse to sell foreign currency to a customer for a legitimate purpose if the foreign currency is available.

8. Licensees shall not assign or transfer the licence to operate a Bureau.

9. Licensees (other than institutions licensed under the Act) must pay a licence fee of $10,000 prior to commencement of business.

10. An annual fee of $10,000 or such other sum as the Central Bank may determine and will be payable on the anniversary date of the licence. Failure to pay this fee will result in non-renewal of the licence.

11. Licensees are allowed to establish offices in up to five (5) locations with payment of the annual fee. In the event that a licensee wishes to establish offices at additional locations, the licensee must obtain prior permission from the Central Bank. An additional fee of $2,500 is payable annually for each additional location. The renewal date for the licence would apply for each location.

12. Licensees must display publicly:

• (I) Buy/sell rates for the US dollar and may also post rates for other currencies
• (II) Commission or charge and any discounts
• (III) The licence granted by the Central Bank

13. Licensees are free to determine their business hours, provided the Central Bank is
satisfied that customers will be adequately serviced.

14. Licensees must inform the Central Bank prior to any change in business address and of termination of operations for any reason whatsoever.

15. The Business premises of the licensees must be accessible to the public, meet accepted standards in respect of public health, hygiene and safety and provide an acceptable degree of security for customers.

16. Licensees may terminate licence by giving notice in writing to the Central Bank and surrendering the licence.

17. Licensees must conform to guidelines with respect to money laundering.

18. A licence may be revoked by the Central Bank for breach of any of the terms and conditions herein, for any mis-statement in the application form or declaration or if at any timethe bases on which permission was originally granted have changed.

The above terms and conditions are subject to change.