US residents have long traveled to Jamaica to enjoy the island country’s lively culture, friendly hospitality, and natural beauty. Plus, Jamaica can be an affordable destination that’s only a short plane ride away from much of the continental US.
If you’re planning a trip or simply want to send money to friends or family in Jamaica, read on to learn about Jamaica’s currency — the dollar. We’ll explore its history, provide tips for exchanging your US dollars for Jamaican dollars, and offer guidance on using money while in Jamaica.
What is the currency in Jamaica?
The currency for Jamaica is the Jamaican dollar, the country’s official currency since 1969. Here is some basic information about the Jamaican dollar that is helpful to know:
- Currency code: JMD
- Symbol: J$
- Subunit: 1 JMD = 100 cents (as of 2018, cents are no longer being produced)
- Banknote denominations: J$50, J$100, J$500, J$1,000, J$5,000
- Banknote designs: Depict national heroes, historic events, and cultural images
- Coin denominations: J$1, J$5, J$10, J$20
- Coin designs: Depict national luminaries and symbols like the Jamaican coat of arms
- Year introduced: 1969
- Central bank: Bank of Jamaica (BOJ)
- Mint: No government-owned mint
History of the Jamaican dollar
When Spanish colonizers arrived in Jamaica in the 16th century, the local population still used the barter system. Spanish settlers introduced various silver and gold coins as the country’s first currency.
In 1655, the British took control of the island and started using the British West Indian dollar, which was renamed locally to the Jamaican pound. Its value was pegged to the British pound sterling. The pound combined sterling coins and locally issued currency.
Jamaica gained its independence from Britain in 1962. However, it wasn’t until 1968 that the country introduced its own local currency, the Jamaican dollar.
Unfortunately, Jamaica has struggled with inflation since the 1980s, causing the Jamaican dollar’s value to drop significantly over time. Since its value peaked at an exchange rate of J$0.77 to US$1, the Jamaican dollar’s value has slumped to as low as J$155 to US$1 in recent years.
7 tips for exchanging US dollars for Jamaican dollars
The USD to JMD exchange rate is one major factor to consider when converting to the Jamaica currency. But that’s not all to contemplate when making your currency exchange. Here are seven helpful tips for cashing in your US dollars for Jamaican dollars.
1. Research and compare exchange rates
You can track live exchange rates online with a currency converter, but that doesn’t mean the rate you see is the rate you will get when you convert your US dollars to Jamaican currency. That’s because each money exchange service can set its own rates. Before you select where to exchange your money, compare exchange rates from multiple sources, like banks, currency exchange bureaus, ATMs, and more.
2. Notify your bank ahead of traveling
While this tip isn’t specific to exchanging currency, it’s important, nonetheless. Your bank has security measures to flag or block transactions it views as suspicious. If you suddenly have transactions originating from Jamaica, your bank could freeze your account — and that’s not something you want to deal with while traveling.
That’s why it’s a good idea to notify your bank of your travel plans. That way, transactions you make in Jamaica — including currency exchanges — process without issues.
3. Avoid exchanging money at airports, hotels, and tourist areas
It might seem convenient to exchange your dollars for Jamaican money at one of Jamaica’s three international airports upon landing. But airport currency exchange services generally offer poor exchange rates, which will cost you money. The same applies to hotels and tourist areas of the island.
If you’re looking for where to exchange currency in Jamaica, find a reputable exchange like a Western Union agent near you. Our agent locations can help facilitate secure money exchange services at competitive rates.
4. Consider commissions and fees
Currency exchange isn’t free, and if you aren’t vigilant, you could get charged large fees for your conversion. When selecting an exchange service for Jamaica’s currency, review all fees, including transaction fees, service fees, currency exchange spreads, ATM withdrawal fees, and more.
Before completing any transaction, ask your money exchange service to list its fees so you can see exactly how much you are paying for your conversion.
5. Opt to be charged in the Jamaican currency when withdrawing money from ATMs
Several US banks, including Citibank, are located throughout Jamaica. This can help you cut down on transaction fees. If you use an ATM that’s not bank-owned, you’ll likely pay an additional fee.
Regardless of the ATM you choose, make sure to withdraw Jamaican dollars instead of US dollars. This helps avoid having to make potentially expensive dynamic currency conversion (DCC) purchases with your credit or debit card. DCC, which allows you to make purchases in foreign countries with your home currency, often comes with unfavorable exchange rates.
6. Exchange money in Jamaica instead of the US
Instead of exchanging money at home, it’s often best to wait until you arrive in the country to get Jamaican banknotes. Even if you try to exchange funds for Jamaican money at home, you’ll find that not many exchange services offer the Jamaican dollar. And the ones that do probably won’t provide the most competitive exchange rates. Therefore, it’s typically best to wait until you arrive in Jamaica to get Jamaican dollars.
7. Use reputable exchanges
Jamaica has a variety of reputable currency exchange services. Major banks where you can exchange for Jamaican currency include:
- Scotiabank Jamaica
- Jamaica National Bank
- National Commercial Bank
- First Global Bank
Aside from banks, Jamaica has many authorized exchange bureaus, including Western Union agents, located across the island. You can also send money online or via the Western Union® app for self-pickup when you arrive in Jamaica. State-of-the-art security features like transfer tracking and data encryption help keep your money secure.
Using money in Jamaica
When traveling throughout the island, you’ll generally use Jamaican currency to pay for food, excursions, or other expenses. But you may encounter some flexibility depending on where you’re making transactions.
Learn more about what currencies you can use in Jamaica and how much to tip in various situations.
Can you use US dollars in Jamaica?
Tourism is a cornerstone of the Jamaican economy. Because so many people travel to the Caribbean island nation from the United States, some Jamaican merchants in tourist areas are likely to accept US dollars. This will depend on the merchant and amount of the purchase, so you’re best off carrying Jamaican dollars just in case.
The other benefit of using the local Jamaican currency is that you won’t have to worry about calculating exchange rates when you make purchases.
Tipping etiquette in Jamaica
Tipping is customary in Jamaica. Restaurant tips generally range from 10% to 15%, depending on your satisfaction with the service. The same goes for tour guides and drivers. When getting drinks at a local bar, a J$1 or J$2 tip for your bartender is appreciated. For taxis, simply round up your fare to the nearest dollar or two for a tip.
Where to get Jamaican dollars near me?
You can get Jamaican dollars at any number of banks, currency exchange offices, travel agencies, or airports in the country. Plus, with over 100 Western Union authorized agents, you can easily find a currency exchange near you in Jamaica.
FAQs
How much is the US dollar in Jamaica?
Because the Jamaican dollar is a floating rate currency, the JMD to USD exchange rate fluctuates regularly. Check the latest exchange rate before traveling to Jamaica to get a feel for what rate you can expect for your currency exchange.
What currency should I take to Jamaica?
Jamaican dollars are the only legal tender in Jamaica. However, it’s better to wait to exchange US dollars for Jamaican dollars until you arrive in Jamaica. Therefore, you can bring US dollars into the country and find a currency exchange near you to convert your USD to JMD.
Can I use my credit card in Jamaica?
Yes, you can use your credit card in Jamaica. However, you will likely pay international transaction fees on credit card purchases in the country.
Can I use my debit card in Jamaica?
So long as you notify your bank about your travels, you should be able to use your debit card in Jamaica to withdraw cash or make payments without issues.
Can I exchange money through Western Union in Jamaica?
Yes, you can exchange money through Western Union, which has numerous agent locations across Jamaica. You can also receive money sent from abroad to Jamaica at a Western Union location.
