Practical Life in Kingston


Bank services in Kingston


Home > Expat Guides > Central America > Jamaica > Kingston
Tools:

There are 6 commercial banks, 3 building societies and 2 merchant banks licensed to operate in Jamaica. The commercial banks manage about USD9 BN in assets. The statutory Liquidity to deposit ratio requirement is 26%; on average the actual liquidity ratio is 32% for commercial banks (BOJ data).

To open a personal bank account, typically requirements include minimum balance, valid picture ID, two references and you must come into the bank branch to get this done. With regards to references, some banks allow for referrals from another account holder. For the foreigner, reference from existing bank in domicile country will do. For business accounts there are other requirements, including certificate of business registration.

Banks in Jamaica typically do not open on weekends. At the same time, routine stuff such as withdrawals or transfer can be done without going into a bank. In fact, the banks are interested in driving more customers to use out branch facilities, including online and mobile banking. For some services that incur fees in branch, there is no fee using online facilities (e.g., electronic bill payments or pay contractors or employees using ACH platform).

Banks are supervised by the Bank of Jamaica; that is, among other things, the BOJ sets and monitors prudential standards and solvency criteria for financial institutions.

Update 13/02/2016


Tools:

Facebook Twitter Google+ LinkedIn Pinterest Addthis

Recommended Service Partners

International Movers
International Movers in Kingston
Compare up to 5 quotes from our network of moving companies that can help you plan your international move and relocate your entire family.
Expatriate health insurance
Expatriate health insurance in Jamaica
Apply online for free quotes on repatriation assistance and expatriate and foreign health insurance.
Learn English with real teachers
Learn English with real teachers in Kingston
Discover the most flexible and effective method to learn English on your PC and Tablet, for only 1£!
Hotels
Hotels in Jamaica
You will get discount hotel rates, last-minute deals, hot deals, special offers, with a real-time reservation and on-line booking.


Do you have comments or personal information to communicate about this article? Add your comment.


Go to the Forum to talk more about bank services in Kingston, practical life.


Find more definitions and general answers on expatriation issues in the Expat FAQ (Frequently Asked Questions).