When you first learn that you need to transfer money to Jamaica it will pay off if you research which option is best for doing so.
There are three main possibilities, but which one you pick will depend on your individual circumstances and the costs you are prepared to pay.
Using your local bank branch to transfer money to Jamaica is a good place to start looking around, especially if you need to transfer Jamaican dollars to NCB Jamaica accounts.
However, there are some hidden costs involved in transferring money to Jamaica this way.
You will not be getting a very competitive currency exchange rate when you transfer money to Jamaica and you will also find that the bank adds on per-transfer fees, which can soon add up if you need to move money to Jamaica on a regular basis.
Alternatively, you can look into using a Money Sending Bureau to transfer money to Jamaica.
These are small establishments visible on high streets around the world and they can be quite helpful if you to need to transfer money to someone in Jamaica who doesn't have access to a bank account.
Unfortunately, the fees through these companies tend to exceed even those of the banks and you could find yourself paying up to 15 per cent of the amount of money transferred just in fees.
Your final choice is to use a foreign exchange broker, such as RationalFX. We can help you to transfer money to Jamaica at a very competitive currency exchange rate.
But perhaps more importantly the money will be moved without you incurring high fees for the service.
You can open an online account with RationalFX for free today and find out exactly how much money you can save if you transfer money to Jamaica with us.