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You might think that your bank is the best way to send money overseas. While banks do offer a convenient transfer solution, they offer 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, specialise in moving money internationally, while MoneyGram and Western Union have handy cash locations where you can transfer money quickly.
By comparing a few elements of your transfer, you can ensure that you get the cheapest deal for your needs.
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
Carter is on vacation in London when he gets an emergency call from his sister Veronica in Jamaica. Veronica has been involved in a car accident and needs some money quickly 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 GBP = 167.36 JMD||1 GBP = 163.77 JMD|
|Transfer speed||In minutes||1-3 days|
|Transfer options||Cash pickup||Cash pickup|
|Total JMD received for £1,000||167,360 JMD||163,770 JMD|
Carter’s choice is clear: the big-name provider offers a better exchange rate, smaller transfer fees and a quicker transfer speed, sending 3,590 Jamaican dollars.
What are the ways that I can send money to Jamaica
When you use a reputable provider, your funds are safely tracked until in the hands of your recipient. It’s industry standard for international money services to use 128-bit SSL encryption systems at a minimum. Many also are licensed with UK financial regulators.
You might need to send an emergency cash transfer to Jamaica— for example, if a family member is in trouble and needs money fast. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
Whether picking up funds in Kingston, or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
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