Send Money To Jamaica

Jamaica flagWhether you want to send money to a relative back home to Jamaica or you simply want to go to the sunny beaches of Negril on your next holiday, you will need to have some Jamaican currency. You don’t want to use your US or UK credit card to withdraw cash every day because the fees will take a big chunk of you hard earned money.

Your next choice is to find someone who can send money to Jamaica… and fast.

The Guide’s Topics:


Best Company To Send Money To Jamaica

Payment Facility

Summary

Recommendation

currencies-direct logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates*:
- GBP: 156.1619 JMD to 157.7473 JMD
- USD: 125.6836 JMD to 126.9596 JMD
- EUR: 132.7343 JMD to 134.0819 JMD
CurrenciesDirect
CurrenciesDirect Review
MoneyCorp logoMin. Transfer: £ / € 50.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates*:
- GBP: 156.2412 JMD to 157.5888 JMD
- USD: 125.7474 JMD to 126.8320 JMD
- EUR: 132.8017 JMD to 133.9471 JMD
MoneyCorp
MoneyCorp Review
Azimo logoMin. Transfer: No Limit.
Transfer: Online Only.
Wire Fees: £ / € 1 - 12 (Depends on Speed).

Expected Rates*:
- GBP: 156.9546 JMD
- EUR: 133.4081 JMD
- USD: 126.3216 JMD
MoneyCorp
Azimo review
currencyfair logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: € 3

Expected Rates*:
- GBP: 157.9851 JMD
- USD: 127.1510 JMD
- EUR: 134.2840 JMD
Currencyfair
Currencyfair review
Jamaica BankJM$3,433 Fee + 2.7% Commission On Currency Exchange. Other Fees May Apply. Bad Currency Exchange Rate.
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick But Very Bad Currency Exchange Rates. Paypal

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

Currencies Direct is a UK based company that has at the forefront of international money transfer companies since 1996. Working with almost any location is the world for such a long time, has allowed the company to develop a well structured infrastructure, and with that, provide a better and cheaper service for its clients. For more info, be sure to visit their website.

MoneyCorp is a similar company that provides abroad money transfers with a very low minimum of 50 euros/pounds. And this is possible for the same reason listed with the company above – years and years of experience in providing this kind of services. In order to get a free quote on your transfer, you can go and fill the form on their website.


Best Company to Send Money from Jamaica

Service Provider

Summary

Recommendation

worldfirst-logoMin. Transfer: £ / € 1,000.
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
WorldFirst
WorldFirst Review

Supported Countries & Currencies

Since Jamaica liberalised its foreign exchange market in 1991, the money can move freely in and out of the country. This is relatively encouraged because Jamaica is a country that relies heavily on remittances, commodity exports and the tourism sector.

Currencies: With World First you can send money from Jamaica to any country in the world. Because the company works with over 100 currencies and has many international offices, any state can be easily accessible.

This means that you can easily send money from Jamaica to Spain, Italy, Canada, France, Germany or even Australia and New Zealand.

Tip: Because WorldFirst has a minimum transfer amount of €1000, a smaller transfer might carry a fee. So for smaller transfers we recommend using TransferWise because they have very small fees and fixed spreads – meaning that you will get the same benefits no matter how much you want to transfer. You can read more about this company in our detailed TransferWise Review.


Today’s Foreign Exchange Rates for JMD

GBP to JMD – Pounds to Jamaican Dollar; 10,000 GBP is 1,585,400.0000 JMD

JMD to GBP – Jamaican Dollar to Pounds; 10,000 JMD is 63.0756 GBP

JMD to CAD – Jamaican Dollar to Canadian Dollars; 10,000 JMD is 102.5041 CAD

CAD to JMD – Canadian Dollars to Jamaican Dollar; 10,000 CAD is 975,570.7341 JMD

AUD to JMD – Australian Dollar to Jamaican Dollar; 10,000 AUD is 979,609.4909 JMD

JMD to AUD – Jamaican Dollar to Australian Dollar; 10,000 JMD is 102.0815 AUD

JMD to USD – Jamaican Dollar to US Dollars; 10,000 JMD is 78.3714 USD

USD to JMD – US Dollars to Jamaican Dollar; 10,000 USD is 1,275,975.8551 JMD

JMD to CHF – Jamaican Dollar to Swiss Franc; 10,000 JMD is 79.0652 CHF

CHF to JMD – Swiss Francs to Jamaican Dollar; 10,000 CHF is 1,264,778.6199 JMD

JMD to EUR – Jamaican Dollar to Euro; 10,000 JMD is 74.2084 EUR

EUR to JMD – Euro to Jamaican Dollar; 10,000 EUR is 1,347,556.3111 JMD


How to send money to Jamaica

Initially, you might think that the safest, best way to send money to Jamaica is to visit a local bank. However, what you will soon find out is that banks are actually the most expensive way to make a currency transfer.

First, the bank may only deal with you if your friends or family are able to be sending money to a Jamaica bank account. Well, if you aren’t Jamaican, that presents a bit of a problem. If the bank does agree to a money transfer without an account, they are going to charge you a rather pricey international fee.

Further, banks aren’t known for their favorable currency exchange rates, so you can expect to say goodbye to even more money there.

When all is said and done, you could ultimately lose 10, 20 or 30% of your hard-earned cash to the bank. This isn’t an expense that you need, especially when you’re on vacation.

Foreign Exchange Brokers Offer a Better Alternative

It won’t take much research to find that there are plenty of companies that will help you with the transfer. Within this list, there will also be lots of middlemen who will offer to help you out for next to nothing.

Wait a second! A quick search of customer ratings and reviews will show that these unscrupulous companies should be avoided at all costs.

A much better and cheap option than expensive banks and shady websites is a foreign exchange broker. These professionals are in business to make it easier for you to send and receive money overseas. Unlike banks, they won’t charge you a huge fee.

Instead, they make their money on the GBP to Jamaican Dollar exchange rate, so there is little to no cost to you. That’s right: if you transfer a great enough sum, some foreign exchange brokers will charge you nothing.

If you were wondering how to send money overseas for free (it’s next to being free), you’ve found the answer.

These days, it’s easy to complete these transactions at a reasonable cost. Thankfully, foreign exchange brokers are still in business.

And they will continue to do so for a long time as more and more people are starting to see the benefits and take advantage of their low transferring fees. Especially those that are interested in purchasing properties overseas. Buying a house abroad with the help of FX brokers is one of the best solution available on the market today.

Thinking Of Relocating To Jamaica?

If you consider moving to Jamaica and live there as an expat, you may find the following information helpful.

Advantages Of Moving To Jamaica:

  • Low Housing Cost: Average monthly rent of a one-bedroom apartment is 350 GBP per month.
  • Overall Low Cost of Living: For example, Jamaica has a 23.80% lower cost of living than the United States.
  • Low Cost of Food: A meal for two at a midrange restaurant averages at about 30 GBP.

Disadvantages Of Moving To Jamaica:

  • High Unemployment Rate: 13.2% Unemployment rate.
  • Poor Social Services: If you get very ill, it is best to fly yourself to Florida for treatment, for example.
  • Low Monthly Salary: Average Salary is 400 GBP per month.

Popular Destinations in Jamaica

Popular cities for business and real estate transactions in Jamaica are: Kingston, New Kingston, Spanish Town, Portmore, Montego Bay, Mandeville, May Pen, Old Harbour, Linstead and Half Way Tree.


What you need to send money to Jamaica

  • Bank Name and Address
  • IBAN
  • Swift/BIC Code
  • Account Number
  • Receiver’s Complete Name

After you provide all the details listed above, the process is simple:

  • Create a free account with a company.
  • Receive a quote from one of the dealers.
  • Send money to your new account so you can fund the transfer.
  • Get confirmation from the dealers that your transfer is completed.

Our Company Recommendation:


Regulations and taxes when transferring money to and from Jamaica

Jamaica relies heavily on foreign exchange. Its currency, the Jamaican Dollar (J$) is therefore fully convertible, and foreign exchange is relatively simple.

The Bank of Jamaica

The Bank of Jamaica sets all monetary policy, and occasionally intervenes when necessary to maintain exchange rate stability.

Transfer regulations

There are no transfer restrictions on money going in and out of Jamaica. Foreign Direct Investment (FDI) is very important to Jamaica, and the government allows investment capital to be freely repatriated. All transfers must be conducted through authorised forex dealers.

Taxation on foreign income

Jamaican residents are taxed on any foreign income. Non-residents are taxed only on income originating in Jamaica. Double tax treaties are in place to avoid double-taxation.

Biggest banks in Jamaica

  • Jamaica National Bank
  • Victoria Mutual Bank
  • Bank of Jamaica
  • COK Credit Union
  • JMMB

Jamaica is a country that depends a lot on remittances and by this judgement it should be easy and cheap to send money to Jamaica. But is not and the banks are make a fortune on this. So you better stop using High Street banks and shift your focus to the FX companies we have reviewed in this article.

With them you will receive fee-free transfers, a great currency exchange rate and a short delivery on your money. The same benefits are available to you if you also want to send money from Jamaica.

 

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