According to a report given in 2018, almost 36% of Jamaicans live outside the country. Most hardworking Jamaicans send money to their country to support their family and friends.
Unfortunately, high transfer fees and unfavorable exchange rates make sending money to Jamaica from foreign countries more expensive. However, Payoneer and some other online money transfer operators are changing that.
For instance, with Payoneer, Jamaican citizens can change USD, GBP, and many other currencies into Jamaican dollars without hidden fees. Moreover, Payoneer pricing and transfers are safe, straightforward, and simple.
Either way, if you want to know more about how to send money to Jamaica using Payoneer and other international money transfers, this article explains it all for you.
But what are the requirements for sending money to Jamaica? Let’s find out first!
Factors to Consider When Picking Your Money Transfer Service
To choose a money transfer service and send money to Jamaica, you must know the following.
Account Details and Conditions
You must start by looking into the conditions and terms required by the prospective money transfer vendor you want to use. Sometimes, the conditions and terms needed for the account may be something you can’t provide. However, services like Payoneer have very few terms, and opening an account is almost instantaneous.
Transaction Cost
The second thing you must be aware of before signing on to a money transfer service is the cost of the transactions you will be conducting. Quite a few money transfer vendors have obscenely high charges on transactions. So look into this and choose a service that won’t charge too much.
Transfer Method
Choosing a money transfer service boils down to two things, being able to send money and finding the easiest way to do so. The two vendors that work this way are Payoneer and Wise.
Exchange Rates
No matter your currency or its standing in the world economy, you should consider exchange rates when choosing a money transfer service. Moreover, you should look for a service with low exchange rates and no hidden costs attached to different currencies. The best money transfer services have low exchange rates and are upfront about the details.
Transfer Duration
When you send money, you hope the recipient receives it sooner rather than later. So check on the terms around the delivery of the money you want to send with the money transfer service you intend to use. Some vendors will take a long time to deliver the money and charge extra fees to expedite the money transfer.
How to Send Money to Jamaica: Step-by-Step
Sending cash to Jamaica is now a simple task, and it can be convenient, quick, and inexpensive if you choose the suitable method and service. You can use the following:
- Online Transfer Services
- Physical Banks
Utilizing Online Transfer Providers in Jamaica
There are many ways to transfer cash to Jamaica, depending on the sender’s preference and convenience. These ways include interbank wire and money transfer services. But, one of the best ways Jamaicans are using to transfer their cash is money transfer services which are taking over at a higher rate.
Money transfer services, including Payoneer, PayPal, Neteller, and Wise, are fast and secure. Plus, the best thing about these money transfer service providers is that they are available in all transfer corridors. Moreover, their setting up process is more straightforward.
Additionally, you can make transfers online through mobile apps and send bots for some providers like Payoneer. Besides, these providers give you different ways to send cash to Jamaica. For instance, they offer bank transfers and cash pickup. The cash pickup route is a convenient and fast way to send little money. Lastly, most of them have partnered with JMMB money transfer to expand their locations.
However, even though there are plenty of fish in the money transfer sea, one stands out above them in almost every way: Payoneer. Payoneer is an online money transfer service that caters to individuals and companies, and it has low charges and an excellent all-around experience for the user.
Payoneer: What Is It? How Can It Help You Send Money to Jamaica?
Payoneer is an internationally acclaimed platform that spans over 200 countries and includes about 150 currencies and counting. Payoneer allows you to receive and send money and connect to most banks. Additionally, it has an application to track all activity on your account. Furthermore, you can use any device to take advantage of Payoneer’s services. Also, It is possible to attain a Mastercard from Payoneer for any in-person or online transactions.
Payoneer is the best and most secure online money transfer provider to send money to Jamaica. With Payoneer, you can send money online easily and fast to Jamaica because they integrate with e-commerce like Amazon, Airbnb, and ebay. Besides, opening and maintaining a Payoneer account is fast and free as long as you keep it active.
Apart from that, Payoneer provides local receiving accounts in currencies like United States Dollar, GBP, JPY, EUR, and CNY, among others. Therefore, if you do business in these countries, you don’t have to worry about maintaining expensive street bank deposits when sending money to Jamaica. Plus, you don’t pay any fee when you use your Payoneer account to pay another person.
Payoneer Features
Payoneer is the gold standard of money transfer service providers, and it is available in most countries and caters to particular needs. Additionally, Payoneer has no hidden fees and has secure online encryption for secure banking.
Pros
- Cost-effective
- Prepaid Mastercard
- Good customer care services
- Competitive exchange rate fee
- Accepts many currencies
Cons
- Slow account approval
- Recurring payments not available
How to Send Money to Jamaica With Payoneer
The process of sending money from wherever you are to Jamaica is quite simple. First, open up an account. Payoneer will ask you to fill in your details, like your name, birth, address, and identification, and then add your bank information. Once you have done this, you can send any amount of money.
Secondly, go to the payment tab on your PC or any device you are using and enter the information of the person you want to send to and the amount you would like to send. Just like that, you have completed your transaction.
Physical Bank
If you can’t go with an online transfer provider, keeping old school with a bank transfer is still viable. Simply look into the bank details you use and fill in the required details that the bank asks for. However, using a bank does come with extra fees; just bear that in mind.
Are There Other Alternatives One Can Use to Send Funds to Jamaica?
Yes, there are several. Here are a few of those options.
Skrill: initially known as MoneyBookers, is similar to Payoneer because it has modern wallet features and merchant processing services. Either way, Skrill is available in about 200 nations and also accepts cash payments in 40 countries, including Jamaica.
One great thing about Skrill is that it offers debit cards used to withdraw money. So, if you are a Jamaican, you can withdraw cash from the Skrill account and deposit it into your bank account. Plus, you can get your Skrill debit MasterCard in EUR, USD, and GBP. Besides, creating a Skrill account is fast and straightforward, although currency exchange fees are high, unlike Payoneer. Even so, receiving money is free, and it accepts crypto exchanges.
Paypal: Undoubtedly, PayPal is a popular money transfer provider in the market, and PayPal is good at receiving and sending money to different nations, including Jamaica. The good thing is that almost every person has a PayPal account which is simple, accessible, and fast to create.
With PayPal, you can receive cash via email or merchant payment, although this comes at a steep cost. But the good thing is that PayPal accepts payments in more than 20 currencies, including the Jamaica dollar. Besides, it provides many services like invoicing and payment solutions.
Wise: Wise, formerly known as TransferWise, is one of the flexible money transfer providers to send money to Jamaica. You can send money to Jamaica in United States Dollars, EUR, GBP, AUD, or PLN, and then the receiver will convert it into the Jamaican dollar.
Additionally, sending and receiving money using Wise is fast and inexpensive. Besides, the provider offers mid-market rates and fewer upfront fees, which vary depending on the amount transferred. Wise is also transparent because you can see the cash you pay yourself using the Wise calculator.
Neteller: Lastly, we have the Neteller money transfer provider, commonly used to transfer money to Jamaica. This provider provides online payment processing as well as international transfer services.
The good thing with Neteller is that when using a virtue Netteler account, you can pay any person using an email address, including those in Jamaica. Also, you can send cash to any individual, even if they lack a Neteller account.
But that is not it all. Neteller is equally inexpensive as Wise, and its exchange and money transfer processes are super fast, as they don’t hold your money for days before approval. However, if you’re looking for a provider with competitive withdrawal rates, there are better choices than Neteller.
Why Is It Better to Use Payoneer?
While you may have several options to send money to Jamaica, Payoneer trumps them all.
Payoneer has unbeatable low fees when transferring money, and it is available in most countries and is transparent, offering extra things like a MasterCard. Moreover, opening an account with Payoneer is easy and takes less than 30 minutes, and transactions are a breeze.
Final Thoughts: How to Send Money to Jamaica
Indeed, there are many money transfer providers that you can use to transfer money to Jamaica, and one of the best providers is Payoneer. One thing that makes Payoneer emerge as the best is that creating a Payoneer account is fast and straightforward.
Apart from that, Payoneer protects its servers from breaches through modern encryption. Therefore, this encryption keeps the client’s funds and personal data safe. Payoneer also accepts many currencies and has competitive rates, fast withdrawals, and good customer care services.
Either way, when choosing your money transfer provider, consider factors like security, tax regulations, and the total cost of the money transfer. Also, when sending money to Jamaica, remember to prepare personal documents such as a valid photo ID, proof of the money you want to send, and your details. After that, it is easy!
For more on money transfers, please visit our ecommerce resource page.
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.