Transferring money to loved ones on this Caribbean island can be a breeze.
Why we like: WorldRemit
Send money to 140+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide.
Your first transfer is free with the code FINDER.
- Low upfront fees and exchange rates.
- Easy to use with round-the-clock help.
- Get cash to family and friends in minutes.
Compare international money transfers to Jamaica
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Jamaica with our money transfer partners.
Banks versus money transfer companies
You might think that your bank is the best way to send money overseas. While banks do offer a convenient transfer solution, they offer a disappointing deals. With high transaction fees and poor exchange rates means even a small transfer can end up costing much more than you planned for.
In recent years, online transfer companies have stepped up the transfer game, offering competitive exchange rates and fees. Providers like XE and WorldRemit, specialize in moving money internationally, while MoneyGram and Western Union have handy cash locations where you can transfer money quickly.
How to compare transfer companies when transferring money to Jamaica
By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Transfer fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
- Transfer speeds. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
- Transfer limits. Your best option might depend on how much you want to send. For large transfers, weigh the best exchange rate — especially since providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
- Flexible transfer options. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
- Customer support. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. Most countries’ exchange rates are flexible, which means they can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Currency exchange rate for Jamaica
Case Study: Case study: Carter sends money to Jamaica
Carter is on vacation in California when he gets an emergency call from his sister Veronica in Jamaica. Veronica has been involved in a car accident and needs some money quick to 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 for the transfer. He compares two money transfer companies to see if he can find a more cost-effective transfer option.
| Big-name transfer provider | Online money transfer specialist | |
|---|---|---|
| Exchange rate | 1 USD = 126.4299 JMD | 1 USD = 125.61 JMD |
| Transfer fee | $7.99 | $13.99 |
| Transfer speed | In minutes | 1-3 days |
| Transfer options | Cash pickup | Cash pickup |
| Total JMD received | 126,430 | 125,609 |
Carter’s choice is clear: the big-name provider offers a better exchange rate, smaller transfer fees and a quicker transfer speed, sending $821 Jamaican dollars.
I want to know how to setup a savings account in another country so that i can save money and potentially move to another countrie
Hi Kimberly,
Thanks for getting in touch!
It is possible to set up a savings account in another country. All you have to do is choose the bank you want to save your money in in the country you choose and make sure to check the rules of having an offshore account as a noncitizen or resident.
As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the insurance provider should you have any questions about their policy.
Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.
Best,
Nikki