Currency in Jamaica: JMD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Jamaica with the Jamaican dollar.
What's in this Jamaica currency guide?
What currency is used in Jamaica?
The official currency of Jamaica (country code: JM) is the Jamaican dollar, with symbol J$ and currency code JMD.
What is a good Jamaican dollar exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Frequently Asked Questions
What currency should I use in Jamaica?
The domestic currency in Jamaica is the Jamaican dollar.
What is the Jamaican dollar currency code and symbol?
The three letter currency code for the Jamaican dollar is JMD — symbol is J$.
What does the Jamaican dollar look like?
Here is an example Jamaican dollar banknote:
Which countries use the Jamaican dollar?
It is the domestic currency in Jamaica.
Is the Jamaican dollar a closed currency?
No, the Jamaican dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and JMD?
Here are some popular conversion amounts for USD to JMD (US dollar to Jamaican dollar)*.
*Converted at the current USDJMD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Jamaica
Using Wise for Jamaican dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Jamaican dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Jamaican dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the JMD cash locally or even on travel day at the airport.
Jamaica: Travel Guide
Traveling to Jamaica requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
A small island nation in the Caribbean Sea, Jamaica is a popular tourist destination for its tropical climate, crystal clear waters, and white sandy beaches. The island is also home to a vibrant culture, with a rich music scene and a diverse array of food and drink. Expats living in Jamaica can enjoy a laid-back lifestyle, and the island is also a great base for exploring the rest of the Caribbean.
Best things to do and see in Jamaica
1. Visit the Blue Lagoon
2. Go on a safari through Blue Mountains National Park
3. Take a dip in the Seven Mile Beach
4. Visit the Negril Lighthouse
5. Check out the Green Grotto Caves
Top Travel tips for Jamaica
1.When travelling to Jamaica, it is important to be aware of the local laws and customs.
2. Jamaica is a relatively safe destination, but it is always important to take precautions when travelling to any destination.
3. Be aware of the local currency and exchange rate before travelling to Jamaica.
4. Jamaica is a tropical destination, so pack accordingly.
5. If you are travelling with children, be sure to pack essential items such as diapers, wipes, and formula.
6. Jamaica is a popular destination for Adventure seekers. There are many activities to keep you busy, such as hiking, zip-lining, and rafting.
7. Jamaica is home to some of the best beaches in the world. Be sure to pack your swimsuit and sunscreen!
8. When travelling to Jamaica, be sure to purchase travel insurance.
9. Jamaica is a photographer’s paradise. Be sure to pack your camera and plenty of memory cards!
Everyday Costs in in Jamaica
How much does it really cost to live, work, or travel in Jamaica? Here's what to expect for daily expenses and expat living.
Currency Guide: Jamaica (ISO Code: JM)
When planning a mid-range stay in Jamaica for one week, travelers should budget approximately 150,000 to 200,000 Jamaican Dollars (JMD) to cover their expenses comfortably. This estimate provides room for a mix of enjoyable experiences and essential costs. Here's a quick overview of typical daily expenses in Jamaica:
- 🍽️ Meal at a local restaurant: 2,000 - 4,000 JMD
- ☕ Coffee: 600 - 1,200 JMD
- 🚍 Public transport fare: 150 - 300 JMD
- 📱 Prepaid SIM card: 2,000 - 3,000 JMD
- 🏨 Budget hotel or Airbnb: 8,000 - 12,000 JMD per night
Overall, Jamaica offers a good value for mid-range travelers, leaning towards the affordable side particularly when compared to Western countries. When compared to the United States, prices in Jamaica tend to be lower, especially for local dining and transport. Australia presents a similar cost structure to the U.S., but visitors may find Jamaica less expensive, especially when it comes to everyday expenses.
Expat Living in Jamaica
For expats considering a longer-term stay in Jamaica, typical monthly living costs can range from 150,000 to 250,000 JMD, depending on lifestyle choices and housing arrangements. Basic expenses like groceries, utilities, and internet can add up quickly, so it is wise to plan accordingly. Regarding banking, Visa and Mastercard are widely accepted; however, using local cards may help reduce foreign transaction fees. ATMs are prevalent, but it's often advisable to withdraw larger amounts to avoid multiple fees.
When it comes to exchanging money, local currency exchange kiosks and banks are a practical choice, but try to avoid exchanging cash at hotels where rates are typically less favorable. For better rates and convenience, expats may prefer online transfer services like Wise or OFX, especially for large remittances or regular payments back home, as these platforms often provide better exchange rates with lower fees than traditional banks.
USD/JMD Market Data
The below interactive chart displays the USD/JMD change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Jamaica - Best Rates
To get a good (and fair) exchange rate when sending money to Jamaica you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Jamaica
When sending money to Jamaica it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Jamaican dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted JMD amount will be transfered to the recipient account you specify in Jamaica.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Jamaican dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Jamaica
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Jamaican dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the JMD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Jamaican dollar bank account: A local JMD bank account can make it easier for you to manage your finances and pay bills while you are in Jamaica. It may also be more convenient to use a local JMD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Jamaica. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Jamaica. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Jamaica, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Jamaica.
How is the cost of living in Jamaica?
Jamaica has a relatively high cost of living. Expenses such as transportation, food, and housing can be expensive. Additionally, some goods and services, such as internet service and cellphone service, can be expensive as well.
How is the expat life in Jamaica?
The expat life in Jamaica is very relaxed and laid back. Most people live in coastal areas where they can enjoy the sun and the sea. There are many activities available for expats, such as hiking, sailing, and diving. The cost of living is relatively low, and there is a strong sense of community among the expat community.
Any laws in Jamaica that foreigners should be aware of?
The legal age for drinking alcohol in Jamaica is 18. It is also illegal to smoke marijuana in Jamaica.
What is doing business like in Jamaica?
Doing business in Jamaica is very similar to other countries in the region. There is a strong focus on developing relationships and networking. It is also important to be aware of the various cultural nuances that may impact business dealings.
How is the economy in Jamaica?
Some reports indicate that the economy in Jamaica is improving, while others say that it is worsening. The World Bank has said that the economy in Jamaica is showing signs of improvement, but that more work needs to be done to make it more resilient.