Jamaica's economy is significantly dependent on tourism. The country offers visitors a varied palette of exquisite natural beauty and cultural heritage. More than 4.3 million tourists visit Jamaica every year.
So to experience the unique culture and breathtaking landscapes, you can visit the Jewel of the Caribbean.
Before you start planning a trip to Jamaica, it is essential to know what currency is used in Jamaica. Read on to learn more about its official currency, the Jamaican Dollar.
The Jamaican Dollar is the country's official currency and is popularly known by its abbreviation, JMD. The currency symbol is J$ or JA$ and can further be divided into 100 cents.
Previously Jamaican inhabitants did not use money. This is because they used a barter system for transactions. Only after the 16th century, the people learnt about using money in exchange for goods during the Spanish colonisation. Almost two centuries later, Jamaica became a British colony. Hence the people started using the Pound as their national currency.
However, the Jamaican Parliament voted to replace the Jamaican Pound in 1968 with a decimal-based currency system. Consequently, Jamaican Dollar replaced Jamaican Pound starting in 1969.
JMD has numerals or symbols on its front side and the portrait of eminent Jamaican personalities who have been considered heroes or are Prime Ministers. The back, on the other hand, has locations or landmarks.
The Bank of Jamaica has exclusive rights to mint coins and banknotes, although De La Rue Currency Ltd. used to print banknotes till 1920.
The banknotes are available in denominations of J$50, J$100, J$500, J$1,000, and J$5,000 and are of the same size.
On the other hand, coins of 1, 10 and 25 cents are available. The Jamaican Dollar is based on half-pound sterling.
Today, the Jamaican Dollar is legal tender only within Jamaica. Cayman Islands and Turks and Caicos Islands also used the JMD till 1972 and 1973, respectively. After their independence, they adopted different currencies as legal tender.
You can buy JMD from a bank or bureau de change and even at international airports. Although these exchanges are quite common, it comes with some difficulties.
Some of the issues regarding traditional currency exchanges include:
These institutions fix their exchange rate for the day. So even if the rate improves later that day, you might have to settle for the lower one set earlier.
Both banks and bureau de change charge hefty hidden fees on margins. And eventually, you have to pay more than you expected.
You need to physically visit these institutions to start buying or selling Jamaican Dollars.
When conducting market research to compare and choose between these institutions, you need to spend a significant amount of time.
Therefore, you can consider an online alternative to buy your travel money. For example, you can turn to the Currency Club, an online currency exchange organisation that specialises in international monetary transactions.
It is always good to buy some JMD against your GBP when planning your Jamaica vacation. The expenses of visiting tourists are as follows:
Taxi: The starting cost of a taxi is around 250 JMD for every ride. Intercity transportation is significantly more expensive, costing approximately 12,469 JMD.
Meal for two: The cost of dining out at a mid-range restaurant should be around 2,400 JMD for two people. Meals at roadside eateries and food stalls are significantly cheaper.
Hotel room: For one person accommodation, hotel fares can cost around 10,200 JMD. And for a double occupancy room, the rate can double up to 20,402 JMD.
Yes, you can use an ATM in Jamaica. However, most of them may not accept foreign-issued cards. So they may not be helpful always. Hence, considering the limited cash options after your visit, you should purchase them beforehand.
Summary
Now you know what currency is used in Jamaica and how to buy it. With The Currency Club, you can leverage several advantages: access to live interbank rates, no hidden fees, and easy and prompt services.
If you choose us, you can get access to a completely transparent and effortless transaction process. Our service fee is also fixed so that you are aware of what you will pay at the end.
We also offer live reports on interbank rates. Moreover, our exchange rates are highly competitive.
We aim at communicating every detail to our clients as we believe that will help them make an informed decision. Furthermore, our buyback services are incomparable to what you will find in the market. With us, you are not only saving money but also your precious time.
We have made every effort to ensure that the information published here is correct and accurate, however you should check and confirm the latest exchange rates with The Currency Club directly prior to making a decision. The information published is general and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available
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