If you need to send an international money transfer to Jamaica, here’s how you can find an easy and affordable way to transfer funds to your loved ones.
However, in order to ensure that you get the best possible deal, shop around and compare the services offered by different transfer providers.
Compare international money transfers to Jamaica
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
- If the provider quotes a different rate to the one above please let us know
Banks versus money transfer companies
Many people automatically assume that the best way to send money overseas is via their bank. But while banks do offer a convenient transfer solution, they offer a disappointing deal from a financial perspective. Their transaction fees are high and their exchange rates are often quite dismal, which means even a small transfer can end up costing much more than it should.
This underwhelming transfer service has led to the creation of a raft of online money transfer companies. These providers, such as World First and WorldRemit, specialise in moving money internationally, and as such they can offer superior exchange rates to the banks. Their transfer fees are typically much lower as well, so don’t hesitate to compare your transfer options before lodging a transaction request.
Carter is holidaying in Australia when he gets an emergency call from his sister Veronica. Veronica has been involved in a car accident and needs some urgent funds to help get her vehicle back on the road. Carter offers to send her $1,000 to help, but is disappointed to see that his bank will offer a low exchange rate and also charge a $25 fee on his transfer. He compares two money transfer companies to see if he can find a more cost-effective transfer option.
As you can see in the table below, Carter can send an extra 426.30 JMD if he uses the second transfer company.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 AUD = 83.9813 JMD||1 AUD = 84.4076|
|Transfer method||Online bank account transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in JMD)||83,981.30||84,407.60|
How do I compare transfer companies when transferring and receiving money via Jamaica?
- Exchange rates. Compare exchange rates between providers to see which company offers the highest rates. However, keep an eye out for any high transaction fees that may also be attached.
- Transfer fees. Many companies will charge a fee on every transaction, so see how much those fees are and whether there’s a way you can avoid paying them.
- Transfer methods. Compare the methods available for lodging a transfer: online, over the phone, in a branch or using a free mobile app.
- Transfer options. Check whether the company offers a range of flexible transfer options in addition to one-off spot transfers. These include forward contracts, limit orders and the ability to schedule repeat payments.
- Minimum and maximum limits. Does the company enforce minimum and maximum limits on the amount you can transfer?
- Processing times. How long will it take until your recipient can access the money you send? Some companies offer transfers in as little as a few minutes, but these transactions tend to cost more.
- Pickup options. Some companies offer cash pickups while others offer bank account deposits or mobile airtime transfers.
- Customer service. Will phone, email and/or live chat customer support be available if you ever have a question about a transaction?
How do I send money to Jamaica from Australia?
- Specialist transfer providers. Specialist online transfer companies such as World First and WorldRemit offer this service.
- Cash pickup transfer companies. Check whether Western Union or MoneyGram has convenient cash pickup locations close to your recipient.
- Bank transfers. Compare your bank’s fees and exchange rates with those offered by other transfer providers.
- PayPal. PayPal customers in Australia can use the company’s international money transfer service to send funds to Jamaica.
- International cheques. Another option is to post an international guaranteed cheque to Jamaica.
How do I receive money from Jamaica in Australia?
- Specialist transfer providers. Do some research to find out which specialist transfer companies offer transactions from Jamaica to Australia.
- Cash pickup transfer companies. Research online to find your nearest Western Union or MoneyGram location.
- Bank transfers. Another option is to receive a transfer from a Jamaican bank account into your Australian bank account.
- PayPal. PayPal’s international money transfer service is convenient for small transfer amounts.
- International cheques. Check with your bank to find out how much it will cost you to cash a cheque from overseas.
Emergency cash transfers in Jamaica
When you need to send funds to Jamaica quickly, companies such as Western Union and MoneyGram offer cash transfers that can be completed in as little as 10 minutes. However, be aware that urgent cash transfers usually cost more than online transactions processed at normal speed. Higher fees and lower exchange rates apply, so review the full details of your transaction before you transfer any funds.
Find a money transfer location near you
Tips for picking up cash in Jamaica
The Department of Foreign Affairs and Trade advises Australian travellers to Jamaica to exercise a high degree of caution, so keep the following tips in mind when picking up cash:
- Only visit an agent in an area where you feel safe
- Don’t go alone – take one or more friends along with you
- Keep your cash concealed and don’t wave it around in front of strangers
- Deposit the money in a safe place as soon as possible
What are the steps to send money to Jamaica?
- Sign up for an account. The first step in the transfer process is usually to sign up for a free account online. You’ll need to provide your name, contact details and photo ID.
- Enter your transaction information. Provide details of who you are sending the money to and in what country they are located. You’ll also need to enter the amount you wish to send and your chosen currency.
- Finalise your transfer. After reviewing the full cost of your transaction, submit your transfer request and then use your receipt to track the progress of your funds.