RBC is insisting that recent foreign exchange limits announced to its credit cards are necessary in the face of a steady increase foreign currency transactions but no corresponding increase in supply.
The Canadian based bank says, like any financial institution it regularly reviews the forex limits on clients' credit cards and realise that it would have to implement limits effective December 1.
In response to questions from Guardian Media RBC said:
"We understand this situation may cause inconvenience, and we deeply empathize with our clients who rely on foreign currency for their personal and business needs. We also recognise the holiday months are a time when many people have the greatest need for foreign exchange, but these adjustments are necessary."
The bank promises to continue to monitor the issue and will adjust as required to manage their existing supply.
On Friday RBC announced that their credit card holders will see their monthly limit reduced from $41,000 to $14,000 in forex equivalent. This represents a 66 per cent decrease.
