Several banks in Suriname have recently adjusted their foreign exchange policies. While not always explicitly stated, it is assumed that the continually rising exchange rates are the primary reason for these changes. Southern Commercial Bank, located on Tourtonnelaan, has been forced to overhaul its policy regarding the loading of UnionPay prepaid cards due to unfavorable exchange rate developments.
For a long time, the bank offered clients the option to deposit SRD into their UnionPay cards in exchange for USD. Many citizens made use of this service, which was one of the features that attracted numerous clients. Effective immediately, the conversion of SRD to USD on these prepaid cards has been discontinued.
“This decision is the result of a persistent shortage of USD in the market, making it impossible for us to offer USD for sale. Transfers received after today will not be processed but automatically refunded,” the bank explained in a statement to its clients.
Southern Commercial Bank acknowledged the impact of this decision and expressed regret for the inconvenience caused. The bank assured clients that once the availability of USD stabilizes, the conversion service for UnionPay cards will resume.
This conversion method had been a convenient way for clients to easily top up their international payment cards. Many clients responded with shock and disappointment to this unwelcome announcement.
In addition to the UnionPay card service, Southern Commercial Bank had been working on implementing a similar conversion method for its Mastercard clients. However, it is now expected that this option will be shelved temporarily.
Previously, De Surinaamsche Bank (DSB) announced that clients could no longer purchase more than USD 5,000 or EUR 5,000 per month. Before this, when the exchange rates were lower, clients were allowed to buy up to USD 10,000 or the equivalent in euros per month via online banking for personal accounts.
It is expected that, if unfavorable exchange rate trends persist, more banks will adjust their foreign exchange policies.
