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The best ways to send money to Jamaica depend on how much you’re sending, your payment method and delivery options. Ria is a top pick for small transfers due to low fees and strong exchange rates, while Remitly offers similar benefits for large and fast transfers. MoneyGram often excels when it comes to cash pickup, through WorldRemit and Western Union are competitive alternatives.
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Jamaica with our money transfer partners.
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Jamaica. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Companies like XE specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Jamaican bank account, often in as little as a day or two.
Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Jamaica— often in 15 minutes. While it’s a fast way to send money to Jamaica, you’ll pay for the convenience in weak exchange rates and high fees.
Jamaican dollars are not a popular currency, but your local bank may be able to exchange them. If your bank supports Jamaican dollars, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Jamaica.
Let’s say you need to send $1,000 to family in Jamaica. Here’s what you might face as far as fees and exchange rates as of May 19, 2020.
Digital money transfer service | Cash transfer | Bank transfer | |
---|---|---|---|
Fee | $0 | $4.99 | $25 + additional correspondent bank fees |
Exchange rate | 1 USD = 145.873 JMD | 1 USD = 146.314 JMD | 1 USD = 137.55 JMD |
Transfer speed | 1-2 day | Minutes | 2-5 days |
Amount received | JMD 145,873 | JMD 145,730 | JMD 134,111 |
Verdict |
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|
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The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Jamaica. If you go with the digital money transfer service, your recipient ends up with JMD 11,762 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Jamaica in as little as 15 minutes, just make sure there is a cash pickup location near your recipient before sending.
Sign up and send money to Jamaica with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience to learn how to compare money transfer providers that send money to Jamaica to best meet your needs:
When urgency trumps cost to get your money to Jamaica quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency, in this case how many Jamaican dollars your US dollars are worth when you send money to Jamaica. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Jamaica’s exchange rate is flexible compared to the US dollar. Because both are relatively stable, global currencies, the USD-JMD relationship typically doesn’t make sharp movements. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Today’s exchange rate USD to JMD
No. Venmo, Cash App, Zelle and similar services are all restricted mostly to the US. Cash App and Venmo do not work between Jamaica and the US. You’ll need to use a dedicated money transfer service, a bank transfer, a PayPal transfer or something similar to send money to Jamaica. Use our comparison table above to see what your transfer to Jamaica could cost.
To send money to Jamaica from the US, you’ll need government-issued ID and other documents, while documents needed to pick up money in Jamaica may be different by company.
To send money to Jamaica from the US, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Sending money to Jamaican relatives or family members in Jamaica may be subject to taxes on the money transfer, but it depends on a lot of variables. In general, any large transfers being sent from the US to Jamaica should be filed with the IRS to avoid any penalties. To learn more about what penalties you may face by failing to file your transfer, read our guide on IRS taxes for large money transfers.
Sending your hard-earned money to Jamaica shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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Hi…thanks for taking my question today. I reside in Trinidad and Tobago and would like to use our currency (TT$) to fund my Jamaica-based brokerage account in JA$. How can I do this through my bank account utilizing TT$, cost effectively, at a good exchange rate and without utilizing an intermediary currency (like US$, GBP, EUR, CAN)?
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