Sending money abroad can be confusing especially since the options appear to be limited at the start. Banking officials know that about 80 percent of people will turn to their banks to make the transfer, so banks don’t offer competitive fees as a result. Banks can charge transfer fees of around $50.00 or more depending on the amount of money being transferred. Credit card companies can also charge expensive rates because they, like banks, appear to be a more accessible option. The amount of time the transfer will take can also be an issue. Bank transfers can take up to five days.
There must be more affordable, quicker options available. Money transfer services can offer the solutions for sending money to Jamaica and other locations overseas.
Comparison: Best Transfer Money to Jamaica
First Transfer Free!
- Transferwise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
Five Transfers Free!
- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
First Transfer Free!
- Azimo is a very competent partner for the international transfer. Azimo has a large selection of countries and the transfers are safe and cheap.
How can I send money to Jamaica ?
There are several such money transfer services online. In general, there are two basic costs involved in making an international transfer. One is the upfront fee and the other is the foreign exchange rate. Other things that should be taken into consideration are the minimum and maximum dollar amounts that different providers allow, if they offer a guaranteed exchange rate, and how quickly the transfer can be completed. Money transfer services can usually complete transactions on the same day or by the end of the next day at the longest. There are several providers that are able to complete transfers to Jamaica.
One such provider is TransferWise which sends money to 70 countries with no foreign exchange rate markups. They do charge a flat dollar amount fee but that is usually less than one percent of the transfer. Fees can start at as little as 80 cents. On their website, it’s possible to see what the transfer will cost upfront before it is sent. They also advertise no hidden fees and no minimum transfer amount.
Send Money with OFX
OFX is another low cost option. They transfer money to over 80 countries. They do not charge fees regardless of the amount of money sent, but the minimum transfer amount is $1,000.00 and the transfer can take several business days.
Money Transfer to Jamaica with PayPal
Paypal offers a money transfer service called Xoom. This service is great for customers who require an almost instant transfer of funds. Xoom usually can complete transactions within minutes to over 70 countries but there are limitations. The maximum amount of money that can be sent is $25,000 and may be lower depending on the country of destination. Bank account transfers are free but fees can be high if debit or credit accounts are used.
MoneyGram is another option for quick transfers but has higher fees. They can complete transfers to more than 200 countries and territories as well as offer cash pick up usually within minutes or on the same day but this convenience isn’t inexpensive. MoneyGram charges fees of $5.00 to $35.00 on transfers ranging from $200.00 to $1,000.00 and can also charge foreign exchange rate markups of up to three percent.
Western Union is another well known, established provider. Their network of locations is extensive and they offer several ways to send and receive money. Even though Western Union has been around for a long time, they don’t offer the speediest options. Only some transfers can be completed on the same or the next day and the least expensive transfer options generally take several days to complete.
XE, another online provider, advertises the use of an independent company which does research to guarantee that XE is providing rates that are lower than local banks. They also offer secure transactions, competitive exchange rates, and same day transfer options all with no transfer fees. Additionally, they do have a maximum transfer limit of $500,000.00. XE used to be known as HiFX.
WorldRemit offers low fees starting at $3.99 and transfers to over 140 countries. One feature that WorldRemit offers that other providers don’t is three free transfers to new customers. This could be a very economical option if the transfer is for a very large dollar amount.
Ria Money Transfer
Ria offers fees as low as $3.00 and transfers to over 140 countries with many transfer options, like similar providers, but Ria also offers an incentive that other providers don’t. Ria offers a $10.00 welcome bonus to new customers. This amount could potentially cover three low-cost transactions. Ria does require a minimum transfer amount of $50.00.
Currencytransfer offers a good service for those who are needing to send greater amounts of money. They require a minimum transfer of $5,000.00 but there are no maximum limits and no transfer fees. They advertise that their rates are 85% better than bank rates.
What to consider when transferring money to Jamaica?
While there are clearly several transfer providers, there are some safety precautions to observe. Check to see that encryption is used to keep your transaction safe from hackers. Be sure that the recipient of the money complies with identity verification measures including showing legal forms of ID to ensure that the money can’t be stolen by an imposter. Check to see if the provider uses fraud prevention measures including security questions and confirmation numbers to protect accounts and transfers. Additionally, look for the use of tracking numbers for both the transfer and the completion of the transaction.
Other things to look for in a money transfer provider include ease of use and accessibility. Some providers offer convenient apps or online access. The process, including fees, exchange rates, and the length of the transfer should be clearly stated and easy to understand. The provider should offer an FAQ section and good customer service to answer questions and offer follow-up on transactions. Fees and exchange rates should be listed upfront. The provider should also offer the ability to cancel the transaction in the event that a mistake is made. Watch for any additional or hidden fees that show up while the transaction is being prepared. If there are any red flags or dubious fees, the transaction should be cancelled immediately. There are so many reputable transfer providers available that there is no need to take a chance on one that may be fraudulent.
Conclusion on the money transfer to Jamaica comparison
Money transfer services are a great alternative to using banks or credit card companies to make international money transfers. There are many providers that offer competitive rates and quick transfer times. Look for a provider that offers the lowest fees and the quickest delivery times for the amount of money that needs to be sent. Many providers will transfer funds to Jamaica since the US Dollar is one of their accepted currencies.