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.
If you want to move money abroad, from Jamaica or to Jamaica for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Fexco will help you to keep your overseas money transfer costs to a minimum.
|Fee||£10 < £5K or Free > £5k|
|Ccy||All (130 currencies, incl ‘exotics’)|
|Services||Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone.|
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.