Send money internationally to Jamaica (JMD) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Jamaica
What is the best JMD exchange rate today?
How much does it cost to send money to Jamaica?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Jamaican migrants send money back home
Around 1 million of Jamaicans are actually residing abroad. Among them the majority is located in the United States of America with 765'000 migrants there, then 145'000 are in the United Kingdom, 143'000 in Canada and the rest of them are spread into other Caribbean countries.
The primary reason for their expatriation is the search of a work opportunity abroad. The United States facilitated the migration of Caribbeans people of which Jamaicans into the country because they were in need of workforce.
Given that the population of Jamaica is around 3 million of people, this means that one third of the population left the country. Jamaican migration became so important that it caused a national crisis in the country. We talked about 'brain drain' as there was a shortage of professionals, especially skilled workers such as lawyers, doctors, technicians, and others. At the beginning most of them only intended to stay a few years in order to accumulate US dollars before returning home. Since then they thought of permanence residence in the United States because of social and economic problems in Jamaica.
Jamaica received 2.3 billion of US dollars as remittances from abroad in 2015. The money mainly comes from the United States with $1.6 billion and also from the United Kingdom with $294 million and Canada with $292 million.
Banks versus money transfer companies
The average cost of sending money to Jamaica using a bank is 9.4% of the total transaction. That is very expensive. It means for $1'000 sent to Jamaica each month, almost 100 dollars go as a fee in the bank's pocket.
It is better to use a money transfer company as it is definitely cheaper and convenient.
The things to compare before choosing a solution
Plenty of money transfer operators exist in the market. They all offer different rates depending on their pricing policies. The rates offered depend on several criteria:
- Transaction fee: this is the fix fee announced for a specific transfer.
- Exchange rate: some companies will charge a low transaction fee but instead you get a low exchange rate. It is the combination of the two that gives you the real cost of the transfer.
- Payment method: a payment via credit or debit card will be more expensive than a bank transfer.
- Reception method: collecting the money by cash pickup is definitely more expensive than receiving the money on a bank account.
- Transfer delay: check how many days the transfer will take. A bank-to-bank transfer is the cheapest but the slowest.
- Ease of use of the solution: it is important to find a cheap solution but it has to be convenient too.