Currency in Jamaica JMD - Things to know
Foreign exchange guide to Jamaica and 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.
Travel money for Jamaica
Save money and time by Ordering your Jamaican dollar online from Travelex, you get better rates and can pick up the JMD cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Jamaican dollar otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Jamaica
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!
USD/JMD Market Data
The below interactive chart displays the USD/JMD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
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$.
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?
Converted at USD/JMD interbank rate, compare Send Money and Currency Exchange exchange rates.
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!
Expat Money & Business Guide to 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.
By following these tips and 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.
Managing your finances in Jamaica
Here we list some key points for expats and businesses to consider when managing financial dealings in Jamaica:
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 currency exchange service 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.
