Where should I setup a bank account in Jamaica?
We asked expats in Jamaica what banks they use and there advice about banking. They advised...
"It is advisable for expats to research the type of visa they will require in order to retire in Jamaica. The process to obtain a visa is through the Ministry of Labour and Social Security, and involves submitting evidence of financial stability and health insurance. It is also important to note that Jamaican currency is different from the US Dollar, so it is a good idea to open a local account to accommodate daily transactions. Furthermore, it is important to research the costs associated with living in Jamaica, such as accommodation, food, entertainment and healthcare. Expats should also consider the local climate, culture, and transportation options in order to make an informed decision about retiring in Jamaica," mentioned another expat when asked about moving to Jamaica.
"I chose the Jamaican National Builders Society and opened a savings account where I can transfer money from the States over the phone or internet. I have a debit card and the savings account gives me access to homes for sale and loans processed through the Builders Society," commented one expat who made the move to Negril, Jamaica.
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SJB GlobalSJB-Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model. Our clients benefit from their country’s most favorable tax environment by utilizing the efficient investment vehicles we offer. Our commitment to quality service is reflected in our stellar reviews, with over 300 testimonials boasting 95% five-star ratings.
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Other Questions:
- What do I need to know before retiring in Jamaica?
- How do I meet people in Jamaica?
- What is life like in Jamaica?
- Is there a lot of crime in Jamaica?
- Is there a lot of diversity? Are people in Jamaica accepting of differences?
- What are the schools in Jamaica like?
- Is the cost of living in Jamaica high?
- What advice do you have for expats having a baby in Jamaica?
- What are healthcare services like in Jamaica?
- Is the cost of living in Jamaica high?
- What type of recreational facilities are in Jamaica?
- What is the weather like in Jamaica?
- Are there good restaurants in Jamaica?
- Where will I buy groceries and do other shopping in Jamaica?
- What are the visa & residency requirements in Jamaica?
- Are healthcare and health insurance expensive in Jamaica?
- What do I need to know when buying property in Jamaica?
- Are foreigners allowed to own property in Jamaica?
- What appliances are typically included in a rental?
Where should I setup a bank account in Jamaica?
If you live in Jamaica, newcomers to Jamaica would love to hear your answer to this question.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International
and Mass Market Marketing. She graduated from Ohio Wesleyan University
with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.