Compare the best ways to send money to Jamaica

The exchange rate determines how much JMD the recipient will get when you transfer money to Jamaica.

For example, today, the average exchange rate between US Dollar and Jamaican Dollar is 156.4089.

The rate constantly fluctuates depending on the destination currency and the market conditions, so timing your transfer can help you save a lot of money.

Sometimes, waiting a day or two can help you get more JMD.

If you do need to send JMD now, we suggest using Wise. Their rate for transfers to Jamaica was the best over the past 6 months.

The cheapest way to pay for your transfer to Jamaica is via Bank transfer with Revolut. It is 1.4% cheaper than the next best option.

The way you pay affects the cost, speed, and the amount of JMD you receive.

Here are your cheapest options:

*Based on a $2,000 transfer to Jamaica using our 6-month comparison data. Transfer time is based on averages from multiple companies.

Avoid using a Bank transfer option for transfers to Jamaica, as it’s the most expensive.

Credit card transfers to Jamaica come with cash advance fees and higher interest rates on JMD.

Xe, for example, charges $156.65 when paying with a credit card vs $0 via bank transfer by Revolut.

When possible, avoid sending JMD over the SWIFT network. Despite its name, SWIFT transfers to Jamaica are slower with steeper fees.

Some services have limits on how much you can transfer, both minimum and maximum thresholds.

Different services might offer better rates or lower fees for different transfer amounts. For example:

Sending under $1,000 to Jamaica

For small transfers, money transfer apps are the way to go.

If you pay with a credit card, WorldRemit can provide lightning-fast transfers, though you can also use XE to complete same-day bank transfers.

Sending $1,000 or more to Jamaica

Most transfer providers are set up to handle transactions of a few thousand dollars.

Sending more may cause you to run into transfer limits, especially if you pay by credit card. XE, for example, has a high transfer limit of $500,000 for bank transfers but only $3,000 for credit card payments.

Sending $10,000 or more to Jamaica

Transfer limits become more significant at higher dollar amounts. WorldRemit allows transfers of up to $5,000 in 24 hours, for example.

Additionally, you may be required to report large transfers to local tax authorities.

Sending $100,000 or more to Jamaica

While some providers offer high transfer limits, you might consider an online broker like Currencies Direct or TorFX for high transfer amounts.

In general, the quicker you need JMD delivered, the more it will cost you in fees.

Transfer speed to Jamaica depends on the JMD amount, the time you initiate the transfer, and your payment method.

Take, for instance, an urgent need to transfer $2,000 from the US to Jamaica.

Overall, of 13 companies serving Jamaica, MoneyGram is the fastest regardless of the deposit method, appearing 50% of the time in our searches.

For bank or debit card deposits, services like MoneyGram excel in this regard, offering near-instantaneous and cheapest JMD transfers with $10.5 or $14.27 fees respectively and 2% markup.

Credit card transfers via Xe to JMD can take up to a day with a $149.93 fee and 0% markup (keep cash advance fees in mind). This is based on 6-month data from comparisons on MoneyTransfers.com.

For most urgent transfers to Jamaica, cash pickup will be the fastest, via Western Union or Ria Money.

Avoid SWIFT for JMD transfers as it's slower due to intermediary banks in Jamaica.

There are a few ways to send money to Jamaica:

Online

You can send money to Jamaica with a money transfer provider. You can either choose to use a managed service like an FX broker, or an online-only company.

We found that Wise is the overall best online money transfer provider according to our 6-month analysis. They’ve appeared 64.2% of the time for JMD transfers in our search system.

App

Most money transfer services supporting Jamaica transfers have an app, often, offering a better JMD rate. You can use our guide to the best money transfer apps to find the one that fits your needs.

In-person

Cash transfers to Jamaica in person via Ria Money Transfers or Western Union are almost always instant, but require the recipient to visit the nearest agent to collect JMD.

Money orders

Another option is to send a money order using the postal service in your country. It is a less accepted method but often can be sent to harder-to-reach locations.

There are different ways to receive money in Jamaica. You can make a direct bank deposit, send cash for pickup or home delivery, or use a mobile wallet.

If you want a direct transfer to your bank account, Wise offers the best service for bank transfers to Jamaica.

And if you need cash right away, check if cash pickup is an option for transfers to Jamaica.

Digital wallets and payment apps like PayPal, Revolut, and MyCash are popular too. Money will be deposited almost instantly and directly into the app, however, recipients in Jamaica will need to withdraw it to the bank account which may come with more fees.

Please also note that CashApp is not available in Jamaica.

To receive money in Jamaica, you will need:

• Valid forms of ID: this could be a National ID, passport, or driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount of JMD to be received.

• Transfer reference number: will be needed for cash pickup or home delivery.

When you're sending or receiving money in Jamaica, you have to be ready to share some documents.

The exact documents you need might vary by the company you use. Usually, you will have to:

• Show a government ID like a passport or driver's license.

• Give your contact details such as phone number and email address.

You will also need the recipients' details in Jamaica. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Jamaica, a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest Wise in this case. They know how to handle large JMD transfers and will help you get things done fast.

Senders don’t usually pay tax on non-commercial transfers, though USA residents must report large gifts to the IRS.

Senders may have to pay tax if they meet either of the following criteria:

• Transferring more than $10,000 from a business

• Holding a foreign bank account containing more than $10,000

Additionally, Jamaica has a gift tax of 20% on gifts over JMD 5 million (USD 38,000).

Recipients are required to pay tax on any commercial transfers, which are classified as worldwide income. But Jamaica has no capital gains taxes, so there may not be additional taxes for large purchases.