If you’re planning a trip to Jamaica or want to learn more about its currency, you’re reading the right article.
Jamaica is an awesome Caribbean island nation with many cool places to check out and a fascinating history you can learn.
In this piece, we will cover:
- The currency in Jamaica
- The history of the nation’s currency
- How to use the Jamaican currency
- The payment methods you can use
- How you can exchange the Jamaican currency for Canadian dollars
- Where and how you can get Jamaican dollars
Let’s not waste any more time and get right into it.
What currency is used in Jamaica?
The official currency of Jamaica is the Jamaican dollar.
The most common abbreviation is JMD, but you can also find it abbreviated as:
- J$
- JA$
You can find the Jamaican dollar in both coin and paper form.
The coins’ denominations are:
- 1 cent
- 25 cents
- J$1
- J$5
- J$10
- J$20
The banknote denominations are:
- J$50
- J$100
- J$500
- J$1,000
- J$5,000
Most tourist places in Jamaica accept US dollars, but you should always have some JMD on hand just in case.
Let’s dive into the fascinating history of the Jamaican dollar.
History of the Jamaican dollar
The Jamaican dollar replaced the Jamaican pound as the official currency of Jamaica in 1969.
While the rest of the countries in the British West Indies based their currencies on either the Spanish dollar or the US dollar, Jamaica based its currency on the British pound sterling.
That’s because, in the late 60s, Jamaica had very close ties with the United Kingdom.
Many different currencies were used by Jamaica before Jamaican dollar was introduced
During the 16th-century colonization, the Spanish introduced the first currency to the region, a copper coin known as “maravedis.”
But in 1655, Britain conquered Jamaica, which led to British coins being used alongside the “maravedis.”
Three centuries later, the Jamaican dollar was introduced. The Bank of Jamaica, which was established in 1960, issues and manages the currency.
Initially, the denominations of coins were:
- 1 cent
- 5 cents
- 10 cents
- 20 cents
- 25 cents
The banknote denominations were:
- 50 cents
- J$1
- J$2
- J$10
All the Jamaican banknotes have the same design.
They have portraits of Jamaican national heroes and prime ministers on the front. But they feature images of memorable cultural scenes and landmarks on the back.
The goal of that design is to celebrate the Jamaican culture.
Since its introduction, the Jamaican dollar has been devalued a few times because of the high inflation during the 80s and 90s.
Using Money in Jamaica
When visiting Jamaica, it would be best to carry Jamaican and US dollars.
You’ll be using the Jamaican dollar for:
- Buying items at smaller shops
- Purchasing meals at restaurants
You can use the US dollars in tourist hotspots and also to tip the service people you like.
You’ll find a lot of ATMs in the major cities and tourist areas where you can withdraw Jamaican dollars. However, if you’re looking to get more favorable exchange rates, you should go to a bank or a licensed cambio.
In most cases, hotels and airports will have ATMs that offer you worse exchange rates compared to a bank. Make sure you speak to your bank about your trip, so they don’t block your card when you’re in Jamaica.
Common methods of payment in Jamaica
The most common payment method in Jamaica is cash, especially in rural areas. A large portion of the Jamaican population is still unbanked, so cash is still king.
But if you’ll be spending most of your time in tourist destinations, you’ll be able to use digital payment options.
You can use debit and credit cards, both Visa and Mastercard, in most tourist areas and hotels.
There are also digital payment platforms like mobile wallets like Lynk and MyCash, which you can use to:
- Store funds
- Make payments
- Transfer money
Can you use CAD in Jamaica?
Let’s answer the most pressing question – does Jamaica accept Canadian currency?
The answer is “No.”
They do accept US dollars, though.
However, the Canadian dollar (CAD) is one of the four currencies you can convert in Jamaica next to the US dollar, Euro, and the British pound.
So even though Jamaica doesn’t accept CAD, you can exchange your CAD for Jamaican dollars at local banks and currency bureaus known as “cambios.”
Also, some hotels and resorts will help you exchange your currency.
You might encounter large establishments like hotels or resorts that accept Canadian dollars, but you should keep in mind that the exchange rate will not be favorable to you.
If you’ll be arriving with Canadian dollars in Jamaica, make sure you exchange them at a local bank, so you can more easily make purchases.
How do Canadians exchange CAD to JMD?
When visiting Jamaica, there are a few ways you can exchange your Canadian dollars for Jamaican dollars.
The most popular (and secure way) to exchange them is to use a bank or currency exchange office in Canada before your trip. That way, you’ll have access to JMD upon arrival and also take advantage of more favorable exchange rates compared to Jamaica. Here you can see the exchange rates.
If you want to, you can withdraw money from your debit card using the ATM machines in Jamaica. One of the biggest Canadian banks, Scotiabank, has its own ATMs in Jamaica. So, if you’re a customer, you can withdraw money without any additional fees.
Tips for exchanging
The best tip we can give you is to exchange your Canadian dollars for Jamaican dollars at your local bank in Canada before your trip.
It’s the most convenient (and cheap) way to get JMD, so you can have currency on hand when you land in Jamaica.
Make sure you see which Canadian bank or currency exchange offers you the best exchange rates, so you can avoid losing money before the trip.
You should avoid using places like the airport to exchange your money because you’ll get less favorable rates.
If you want to exchange your CAD for JMD in Jamaica, you can use the following places:
- Banks
- Cambios
- Hotels
- Resorts
- Airports
The banks and cambios you find in city centers will offer you the best rates, while hotels, resorts, and airports will offer you worse rates.
Keep in mind that when you’re exchanging money in Jamaica, you’ll be charged in JMD. If a local employee asks you if you want to pay in CAD, it’s best that you decline to save on the extra costs.
If you want, you can use Western Union to send CAD to Jamaica.
What factors influence CAD to JMD exchange rate?
There are a few key factors that influence the exchange rate between Canadian dollars (CAD) and the Jamaican dollar (JMD).
These include:
- The interest rates set by the Canadian central bank and the Jamaican central bank
If the Bank of Canada increases the interest rates, it would lead to more foreign investment, which will increase the demand for Canadian dollars. As a result, the Canadian dollar will become more valuable compared to the Jamaican dollar.
On the other hand, if the Bank of Jamaica raises the interest rates, it might help the JMD appreciate against the CAD.
- The countries’ inflation
If there is an increase in inflation in Canada compared to Jamaica, the Canadian dollar will lose value against the Jamaican dollar, and vice versa.
- Economic growth and political stability
If the Canadian economy outperforms the Jamaican economy, the Canadian dollar will likely appreciate against the Jamaican dollar and vice versa.
Also, if there’s political instability in either Canada or Jamaica, the currency of that nation will lose some of its value compared to the other nation.
Where can I get Jamaican Dollars in Canada?
In Canada, you can get JMD from:
- Exchange bureaus
These are secure, but everyone will offer you different exchange rates.
- Banks
Most Canadian banks will exchange your CAD for JMD.
- Western Union
One of the best places you can use to exchange your Canadian dollars for Jamaican dollars is Western Union. It’s convenient and reliable, offering you great exchange rates.
Western Union has over 2,700 locations nationwide, so you can easily find a branch near you to exchange your Canadian dollars for Jamaican dollars.
We also offer competitive exchange rates you can count on. There’s also a more interesting option you can explore with Western Union.
You can send money to a Jamaican Western Union branch. That way, when you arrive in Jamaica, you can go to the local branch and get your Jamaican dollars.
You can do all of that through our online platform, where you can use:
- Bank account transfers
- Credit cards
- Debit cards
The Jamaican branch will receive your money within minutes.
