Whether 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 your hard earned money.
Your next choice is to find someone who can send money to Jamaica… and fast.
The Guide’s Topics:
- Best Way to Send Money to Jamaica
- Best Company to Transfer Money from Jamaica
- Today’s Jamaican Dollar Rates
- How The Process Works
- Regulation and Limitations
Best Company To Send Money To Jamaica
* 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 in 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
|Min. Transfer: £ / € 1,000.|
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
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.
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
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 favourable 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.
What you need to send money to Jamaica
- Bank Name and Address
- 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:
- Send Money to Jamaica: Companies that provide international money transfers to Jamaica.
- Send Money from Jamaica: Companies that take on Jamaican Customers.
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.
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
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 making 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.