Consider Some Common Ways to Send Money to Jamaica
Consider Some Common Ways to Send Money to Jamaica
The currency in Jamaica is the Jamaican dollar, and $1 USD equals 89.15000 of them. Like any other country's currency, this amount changes often, so check it right before you send money to Jamaica to ensure that your friends are getting the right amount. Clearly, the exchange rate is favorable right now, which means that you likely will not have to send as much money as you might normally think. Now that you are aware of the currency, consider your options.
One of the first methods that some people consider is a money order. In most cities, you can head to the local post office to purchase an international money order. This is a tried and true method to send money to Jamaica, but it does have its disadvantages. The cost is about $4, but there is a limit of $700 that you can send per day. Additionally, it will be sent by mail, which means it could take days to get there, if it does not get lost first. However, it is still safer than mailing cash, since a money order can usually be replaced if you keep the receipt.
You can also use banks to send money to Jamaica. One idea that costs no money is to open a checking account at Bank of America, and send your friends the debit card that comes with it. You should send it in the mail and then call them to tell them the PIN in case it gets lost. They can then go to any Scotiabank, which is quite common in Jamaica, and use the card at the ATM to withdraw cash for free. However, if your funds in your Bank of America checking account get below $25, you might get a fee. It is also possible for them to overdraft the account unless you keep a close eye on it and let them know how much you put in there.
If you are worried about incurring fees, you can skip using a bank altogether and just use a prepaid debit card. It is a similar concept, except it costs $5 each time you add funds to the card, about a few dollars for your friends to withdraw money. However, you will not risk getting any big fees, and it is less time consuming than opening a new bank account.
These are just a few of the common methods you can use to send money to Jamaica. You can ask your friends which they prefer, or just go with the one that you feel most comfortable with. Knowing your options before you choose will hopefully help you decide.
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