There are options of how you can send money to friends or family in Jamaica from the United States. It is important that you take your time and do your due diligence to look at transfer times, exchange rates, and fees. You want to find a money transfer provider that’s going to give you the best a deal and get money to the people you want to get it to in Jamaica safely and efficiently.
The Pros and Cons of Using a Bank to Transfer Money to Jamaica
You want to send money to Jamaica, so the first thing that pops into your mind is to send money from your bank overseas. Banks do offer a number of convenient options for transferring money to Jamaica. They also have a number of disappointing fees and restrictions that might make you think twice.
Banks are in the market to make money. When you want to transfer money abroad, banks will hit you with high transaction fees. They will also give you an exchange rate that is worse than what you will get with other companies. This means that if you use your bank and if your goal is to transfer a small amount of money, you might find yourself spending a lot more than what you bargained for.
Because of this, online transfer companies have started to pop up. These companies offer competitive exchange rates and fees that are considerably less than what most banks offer. While transferring money abroad is just one of the services that your bank offers, money transfer companies specialize in moving money internationally. They know how to do it safely, quickly, and efficiently and at a price that people can afford.
Factors to Consider When Transferring Money to Jamaica
The first thing to look at is the exchange rates. You have to be realistic because any provider you use is going to skew exchange rates so that they are able to make a profit. This is part of the business model. What you need to do is look at the rate you are being offered and then compare that to the mid-market rate. This is the rate that banks will use when they transfer money among themselves. Then look at the difference between what you are being offered and what banks use among themselves.
Look at transfer fees. Is the provider going to charge a flat fee? Or are they going to charge you a percentage of what you are going to transfer? This will help you determine which route to take. Some institutions will offer you a free transfer if you are transferring a large enough amount of money. They make their money by playing with the exchange rate.
Think about transfer speeds. How fast do you need the money to be there? Usually, the faster you need the money to arrive, the higher the fee. If you can wait, you might be able to negotiate fees with an independent provider.
Finally, think about customer support. You want to know that you will be able to chat with a professional either by phone or by email if anything happens with your money in transit.
Wire Transfers Are an Age Old Way to Transfer Money
People have been using wire transfers to transfer money from the U.S. to Jamaica for years. Thanks to modern technology, a wire transfer can happen in just a few minutes. Or it might take a few days. Domestic transfers usually happen quicker than international transfers.
Reasons for delays might include intermediary banks or slow paying countries. However, once the funds arrive, they should be available immediately. There is no hassle of waiting for the transaction to clear.
Western Union is a leader in the world of money transfers and money wiring. In fact, their name is almost synonymous with international payments. Western Union has a number of ways to pay and a number of agents located in countries around the world. They do charge a fee, and they do make a small margin on the exchange for international payments. But there is no institution that has a reputation for getting funds around the world as quickly and safely as Western Union.
When you need to send funds to Jamaica, you should take time to research how you are going to send the funds there. You want to make sure that the funds are going to be sent securely, within the time frame that you want, at a price that you can afford, and that your friends, family, and loved ones will be able to retrieve the money easily once it arrives.