Jamaican bills (banknotes) come in 50, 100, 500, 1000, 2000, and 5000 dollars. Jamaican coins are in 1, 5, 10, and 20 dollar denominations 1, 10, and 25 cents coins have no value and are no longer legal currency.

The Jamaica dollar is the currency of choice on the island, accepted everywhere, so there is no need to consider conversion. However, the US dollar is welcome in tourist areas. The cost of accommodation, attractions, goods, and services is USD. 

If you are exploring the island, it is best to use the local currency. Not everywhere gets visits from tourists; therefore, prices are in Jamaican dollars. Merchants would have to convert your USD to local currency, and they don’t always give a fair rate. 

Use a currency converter to have an idea of how much your money is valued.

Table of Contents

Jamaica’s currencies are the $1, $5, $10, and $20 coins. They value little, and supermarket shops give them as back as change. Larger currencies are the $50, $100, $500, $1,000, $2,000, and $5,000. The larger notes came into circulation because of the constant devaluation of the Jamaica dollar and the rise in inflation. They make it easier to handle larger sums of cash. 

At the writing of this post, the Jamaica $2000 note was not yet in circulation. 

The best currency to use in Jamaica is the Jamaican dollar (JMD). Because it’s the country’s legal note, and everywhere accepts them. However, using the US dollar might serve you better if you are in a tourist area or staying at a resort. This is because they price everything in USD, so you don’t have to convert to Jamaican dollars. Also, your money value is less when you convert to the Jamaican dollar. For example, you will get 149 JMD for 1 USD, while if you change your JMD to USD, it will cost you 156 JMD to get 1 USD. 

Therefore, if you are not traveling outside of the tourist areas, it’s best to use US currency. 

While the British Pound and Canadian dollar are popular on the island, it is best to convert them to USD or JMD. Other currencies are not popular in Jamaica; therefore, it’s best to buy USD in your home country before arrival. 

Yes, Jamaica takes USD; however, you might be disadvantaged in spending USD outside the tourist areas. Merchants in non-tourist locations price their goods in JMD because they cater to locals. Although most will accept USD, they will do the conversion to JMD. Their rates are usually lower than market value, which is beneficial to them and a disadvantage to you. So it is best to buy local currency at a money mart before you venture out. 

If you plan to tip at your resort, the driver, or restaurants, USD, CnD, or British Pounds are ok. Jamaicans love these currencies because they value more than JMD. Also, they can easily exchange them. 

The best place to get Jamaican currency is at the Cambio or bank. However, while you can buy JMD at Jamaica’s Airports, you will not get the best rate on the market. 

Instead, use a Cambio at the Mall, Plaza, or gas station. There are many choices. You will need identification; a driver’s license or passport will do. Also, they will ask you basic questions, such as your source of funds. 

The Jamaican dollar is not popular, so convert any you have left over before leaving the country. You will pay more the convert JMD to USD, Canadian dollars, or British Pounds.  

The Bank Of Jamaica (BOJ) distributes Jamaican Dollars (JMD); however, they do not print them. Instead, they print outside the country by international firms. De La Rue International Ltd., Giesecke & Devrient Currency Technology GmbH, and Oberthur Fiduciaire print the bank notes. 

 The Royal Mint (UK), Royal Canadian Mint, Royal Dutch Mint, and Mint of Finland are the printers that make the coins.

Is it better to use cash or credit card in Jamaica? These are concerns many travelers to the island might have.

It all depends on what type of vacation you plan to have on the island. 

A credit card is ok if you stay at an all-inclusive resort where you pay for everything before arrival and don’t plan to explore the island.

Any additional expenses you can charge to your room and pay with your card when departing. However, to explore the island, you will need cash. They accepted credit cards at most businesses on the island, especially in the resort areas. However, not everyone accepts international credit cards. So while you will have no problem paying for accommodation at large properties, small hotels might only use cash. Also, you will need some money for transport, buy on the street and pay tips. 

You might have a problem using your card on the island if you do not inform your bank that you are traveling overseas. 

It is good to know its value if you plan to spend Jamaican money. You could waste your hard-earned money or take advantage of it without knowing. I will show some Jamaican banknotes, the USD value, and the best time to use them.

The JMD 5000 is the most significant bill in Jamaica. It came into circulation because the Jamaican currency lost its value; therefore, it took more money to pay for things. This note makes it easier to travel with more cash.

It is equivalent to about 32 USD. The Jamaican currency is fluid. Therefore, the value might increase or decrease. Based on the trend, it is more likely to drop.

Use the J$5000 to make a more significant purchase, for example, shopping at a supermarket or a meal for two at a local restaurant. Do not use it to pay taxi fares or purchase simple items from a street vendor.

Caution! The J$5000 has a similar shade to the $500 though the features are different. In low light, you can mistake the $5000 for $500 at night. Please check before making payments, especially after dark.

Jamaican $5000 Banknote

The government recently introduced the J$2000 bill. Unfortunately, it was not in circulation at the writing of this post. However, it is between J$5000 and J$1000, so it’s easier to make change without walking with a stock of $1000s.

The J$2000 equals about 12 USD at the current exchange rate. You use this to buy patties and drinks for four people. Get water and a few beers at the shop. Do not use to pay for route taxis or buses. They like exact change or close to the amount.

The Jamaica $1,000 or Manley is half the $2,000 note. Its value is around 6 USD. It can get about three red stripe beers at a shop or a meal for one person at a cheap restaurant. You will need a few $1000 bills if you go grocery shopping.

You can use it to pay for route taxi and bus fares, but some drivers might get upset, especially if it’s early morning when they are likely not to have any change. On the other hand, it makes an excellent tip if you feel generous and want to tip someone.

Jamaica $1000 Note

The Jamaican $500 or Wraphead or Nanny is one of the most famous notes in Jamaica. It is half the $1000 not used for many transactions, such as paying fares, buying phone cards, and minimal items. You can pay for one patty and a drink at the local patty shop.

J$500 value is about 3 USD.

Jamaican $500 Banknote

The J$100 is the most popular bill on the island. We use it to make small purchases. There are a few things a $100 can buy on the island, such as a 1-liter bottle of drinking water, two oranges, or two ripe bananas. It values at about 0.64 USD. They use it mostly as change from $500 or $1,000 bills.

Jamaican $100 banknote

The J$50 is the lowest Jamaican banknote. It doesn’t value much and is used primarily for change. Its value is 0.32 USD.

Jamaican $50 banknote

Jamaican coins value little and are used for change from shops and supper markets. The Jamaican coins are $20, $10, $5, and $1. Some people don’t spend; they save them in jars and exchange them at the bank. I can’t think of any $20 coin I could buy in Jamaica apart from sweets. While a few coins don’t value much, a jar could be a few thousand. Therefore, please don’t throw away your coins; save them and use the $20 currency to pay for small items such as water or fruits.

Jamaican coins

When Jamaica changed its currency from pound to dollar in 1969, the value was almost equal to the USD, costing 1.20JMD for 1 USD. From 1972 to 1970, JMD valued more than the USD, costing an average of J$0.89 for 1 USD. However, there has been a decline in the value of the local currency since that period. The most drastic devaluation started in the 1990s and continued into the 2000s.

In 1990, it took J$7.24 to purchase 1 USD. By 2000, you need six times that amount to buy 1 USD at J$43.39.

Over the next 12 years, the Jamaican currency loses value. At the writing of this post, you need J$155 to buy 1 USD, J$193 for 1 Pound Sterling, J$163 for 1 Euro, and J$120 for 1 Canadian dollar.

Jamaica Dollar Exchange rate 2000 – 2022

The best places to exchange Jamaica money are commercial banks, Cambios, and hotels/resorts. In the arrival and departure areas, you can also change Jamaican currency at Montego Bay and Kingston airports. 

Banks, Cambios, and larger hotels/resorts will exchange USD, British pounds, Euros, and Canadian dollars. As a result, the exchange rate will differ between banks, resorts, and stores.

However, you will get the best rates from Cambios. These are the most popular Cambios in Jamaica, Lasco Money, and FX Trader. You can find them at the mall and shopping centers all over the island.

Some ATMs in Jamaica give the option of USD or JMD; Scotia Bank Jamaica and First Caribbean International Bank (CIBC)are two of them. There are also money machines at some resorts that also give both currencies. Withdrawal from ATM will cost you anywhere from 2 to 6 percent.

Apart from ATMs that issue dual currency, other local banks allow you to withdraw Jamaican dollars. Your card is most likely to work anywhere you see the multi-link sign.

History of the Jamaican currency

Before they put the Jamaican dollar into circulation in 1969, the currency circulating was the pound sterling.

On January 30, 1968, the Jamaica House of Representatives unanimously approved the introduction of the dollar, which replaced the Jamaican pound.

The Committee also recommended that the new coins be of the same size and weight as the denominations in pounds, shillings, and pennies to which the public had become accustomed.

They recommended portraits of national figures to replace the queen’s images and incorporate the motto into the design. They also considered it convenient that the new banknotes had the same size and primary colors.

In June 1994, the Council of Ministers approved a new monetary structure according to which a currency would replace the $ 5 bill; the $1 for 25 cents, the 10 cents would have a fresh look, and the 5 cents would be abandoned. The new structure would include coins of 1, 10, 25 cents, 1, and $5, while the bills would be 10, 20, 50, 100, and $500.

In 1999, the $10 coin replaced the $10 note. In March 2000, BOJ put a $ 1000 bill into circulation, and in July of the same year, a coin replaced the $20 bill. It carried the portrait of the national hero Marcus Garvey and was the first bimetallic coin to be produced by Jamaica.

Old Jamaica $10 and $20 Old Jamaican $5 and $2 bills Old Jamaican $1 and 50 cents bill

The Jamaican currency is the dollar, and the Bank Of Jamaica issues and controls the island’s currency. Up to 1968, the British Pound Sterlin was Jamaica’s currency, but parliament changed it. As a result, Jamaican money reflects the history and natural features of the island and showcases those who helped shape modern Jamaica.

Legal Jamaican notes are J$50, J$100, J$500, J$1000, J$2000 (new), and J$5000.

Since the 1990s, the Jamaica dollar has lost significant value, making it more costly to buy imported things overseas. In addition, the constant devaluation of the dollar causes some notes and coins to be worthless, so they are replaced with notes that value more.

Apart from the Jamaican dollar, they accept the USD, especially in tourist areas where prices are in USD. In addition, the Canadian dollar and the pound are popular currencies you can easily exchange for JMD.

The post Jamaican Currency, All You Need To Know appeared first on EDB Travel.

Or perhaps you have business dealings in the country?

Whatever the reason may be, converting your US dollars to Jamaican dollars is a necessary step to take. However, if you’re new to currency conversion, it can be easy to make common mistakes that can cost you time and money. That’s why we’ve put together this beginner’s guide to help you avoid these pitfalls and make the most out of your currency exchange.

From understanding exchange rates to choosing the right conversion method, this guide will provide you with all the essential information you need to know. So, whether you’re a first-time traveler or a seasoned businessperson, read on to learn how to convert your USD to Jamaican dollars without any hassle!

Converting USD to Jamaican dollars can be a daunting task, especially if you’re new to the process. That’s why it’s important to know the common mistakes to avoid. Here are some of the most common mistakes people make when converting USD to Jamaican dollars and how to avoid them.

One of the biggest mistakes people make when converting USD to Jamaican dollars is not understanding the exchange rate. The exchange rate is the value of one currency in relation to another currency. For example, if the exchange rate is 1 USD to 150 JMD, then one US dollar is worth 150 Jamaican dollars. It’s important to understand the exchange rate because it can affect how much money you receive when you convert your USD to JMD.

Another common mistake people make is not finding the best exchange rate. Exchange rates can vary depending on the currency exchange provider, so it’s important to shop around for the best rate. You can check the exchange rate online or visit a currency exchange provider in person to compare rates. Keep in mind that some providers may offer a better rate for larger transactions, so it’s worth asking about any discounts or promotions.

Choosing the right currency exchange provider is also crucial. Some providers may have hidden fees or commissions that can add up and cost you more money in the long run. It’s important to choose a reputable provider that is transparent about their fees and has a good reputation in the industry. You can check online reviews or ask for recommendations from friends or colleagues who have converted currency before.

Understanding the exchange rate is essential when converting USD to Jamaican dollars. The exchange rate is determined by the supply and demand for each currency, as well as other economic factors such as inflation and interest rates. The exchange rate can fluctuate daily, so it’s important to keep an eye on the rate when planning your currency exchange.

The spot exchange rate is the current market rate for a currency exchange. It’s the rate that you’ll get if you exchange your currency right now. The spot exchange rate is determined by the demand for each currency and can fluctuate throughout the day.

The forward exchange rate is the rate that is agreed upon today for a currency exchange that will happen in the future. This is useful for businesses that need to plan for future currency exchanges and want to lock in a rate.

The cross-exchange rate is the rate between two currencies that don’t involve the US dollar. This rate is calculated by using the exchange rate between each currency and the US dollar.

Finding the Best Exchange Rate

Finding the best exchange rate is crucial when converting USD to Jamaican dollars. Here are some tips to help you find the best rate.

Checking online is a great way to compare exchange rates from different providers. There are many websites that offer real-time exchange rates, including XE.com and Oanda.com. These websites allow you to compare rates from different providers and can help you find the best deal.

Visiting a currency exchange provider in person can also help you find the best rate. Many providers have physical locations where you can exchange currency. It’s a good idea to visit a few providers and compare rates before making a decision.

Some currency exchange providers offer discounts or promotions for larger transactions. It’s worth asking about any discounts or promotions that may be available to you.

Choosing the Right Currency Exchange Provider

Choosing the right currency exchange provider is essential when converting USD to Jamaican dollars. Here are some tips to help you choose the right provider.

It’s important to choose a reputable provider that has a good reputation in the industry. You can check online reviews or ask for recommendations from friends or colleagues who have converted currency before.

Here are some reputable money exchanges in Jamaica:

1. Fx Trade Cambio which you can find at most Western Union outlets online
2. Lasco Money Cambio is a part of the Lasco financial group that also offers money transfer services.

Some providers may have hidden fees or commissions that can add up and cost you more money in the long run. It’s important to choose a provider that is transparent about their fees and has no hidden charges.

Different providers may offer different payment options, such as cash, credit card, or bank transfer. It’s important to choose a provider that offers a payment option that is convenient for you.

When converting USD to Jamaican dollars, it’s important to understand the fees and commissions involved. Here are some common fees and commissions you may encounter.

The exchange rate margin is the difference between the spot exchange rate and the rate you receive when you exchange your currency. This margin is how currency exchange providers make a profit. The exchange rate margin can vary between providers, so it’s important to compare rates before making a decision.

Transaction fees are fees charged by the currency exchange provider for the transaction. These fees can vary between providers, so it’s important to ask about any fees before making a transaction.

Commission is a fee charged by the currency exchange provider for their services. This fee is usually a percentage of the transaction amount and can vary between providers.

Tips for a Smooth Currency Exchange Process

Converting USD to Jamaican dollars can be a smooth process if you follow these tips.

Planning ahead can help you avoid any last-minute issues or delays. Make sure you have enough time to compare rates, choose a provider, and complete the transaction.

Most currency exchange providers require valid identification to complete a transaction. Make sure you bring a valid passport or government-issued ID with you. They are strict on these rules so it is impossible to change money with a reputable dealer without a government-issued ID.

Double-checking the exchange rate before making a transaction can help you avoid any surprises. Make sure you understand the rate and how it will affect the amount of money you’ll receive.

If you’re looking for alternative ways to convert USD to Jamaican dollars, here are some options to consider.

Using a credit card to make purchases in Jamaica is a convenient option. Many credit cards offer competitive exchange rates and don’t charge transaction fees. However, it’s important to check with your credit card company to see if they charge any foreign transaction fees.

Using an ATM in Jamaica is another convenient option. Most ATMs in Jamaica accept international debit and credit cards. However, it’s important to check with your bank to see if they charge any fees for using an ATM abroad.

It can cost up to 7 USD to withdraw money using an international debit card at a Jamaican ATM.

Scotia Bank ATM is one of the better options because you can choose Jamaican currency or USD.

If you are in a country where Wise debit Card is available you can open your digital account and send money there. It is cheaper to convert any currency of your choice.

Traveler’s checks are a secure option for carrying money while traveling. They can be exchanged for cash at currency exchange providers or banks. However, traveler’s checks are not as widely accepted as they used to be and may not be a convenient option.

Currency conversion calculators and apps can be useful tools when converting USD to Jamaican dollars. They allow you to quickly and easily calculate the exchange rate and how much money you’ll receive. Here are some popular currency conversion calculators and apps to consider.

The XE Currency Converter is a popular online tool that allows you to calculate exchange rates for over 180 currencies. It’s free to use and offers real-time exchange rates.

The Oanda Currency Converter is another popular online tool that allows you to calculate exchange rates for over 190 currencies. It’s free to use and offers real-time exchange rates.

Currency Converter Plus is a popular app that allows you to calculate exchange rates and convert currencies on your mobile device. It’s available for both iOS and Android devices and offers real-time exchange rates.

Converting USD to Jamaican dollars can be a daunting task, but with the right information and tools, it can be a smooth process. Understanding the exchange rate, finding the best exchange rate, choosing the right currency exchange provider, and understanding fees and commissions are all crucial steps to take. By following the tips in this guide and using the recommended currency conversion calculators and apps, you can convert your USD to Jamaican dollars without any hassle. Safe travels!

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