Newbie money question

[kylake]

I am sure this has been asked a billion times but here we go again.
We have traveled to Mexico many times and always use the peso (easier to work with) and easy to get from an ATM at the bank since cambio's (totally) cheat in Mexico.

In Mexico it is always better to have pesos and I assume in Jamaica it is better to use the J?

If my assumption is correct where is are the best locations for an ATM to use a ATM card for J?
I figure the west end turnaround area (where banks seem to be located) but am a bit unsure. I have never
had a problem using an ATM for cash in Mexico as long as I let the bank know in advance of travel. Is the same
true for travel in Jamaica?

[captaind]

No problem with ATMs. I use the one at the Petco gas station at the Aerodrome. No crowds.

[sandman66]

I prefer using the scotiabank atm. With my scotia account there are no fees and you can get either US or Jamaican. I prefer to use Jamaican money whenever possible.

[Lola]

There is one next to Value Master, and also at Hilo, in addition to the two mentioned already.

[kylake]

Lola, remember newbie here. I will assume the HiLo and Value Master are near the roundabout?
Sandman66, I will investigate setting up an account with Scotibank which I don't have now.
Captaind, the aerodrome is near the blood bay end of 7 mile is that correct?

Thanks for taking time to answer a newbie! With a question that has probably been answered many times before.

[booger]

Kylake,
Check out this map
http://www.negrilinfo.com/negril-map.html

It will show you where pretty much everything is at in Negril. Print it and take it with you so you know where everything is at.

[SweetSue]

Lola, remember newbie here. I will assume the HiLo and Value Master are near the roundabout?
Sandman66, I will investigate setting up an account with Scotibank which I don't have now.
Captaind, the aerodrome is near the blood bay end of 7 mile is that correct?

Thanks for taking time to answer a newbie! With a question that has probably been answered many times before.

Setting up an account with Scotia Bank is not quite as simple as opening a US bank account. If you plan on be a frequent visitor to JA it might be worth it, but it is not necessarily a one afternoon process. You will need a TRN - Tax Registry Number. For that you can go to the Tax Office in Lucea, apply for the ID card and then you can return to pick it up in about 6 weeks. Your receipt will have your number on it. There is a Scotia Bank across the street. You will need notarized letters of reference (2) from a JP or from a professional such as doctor, lawyer, minister, nurse etc.; a letter or document from your primary bank stating how long you have been a customer and that you are in good standing; a utility bill with your address; proof of employment, a reference contact from your job, paystubs or tax statement. I think that was about it. They actually did call long distance to my reference contact at work. It took me two trips to complete the process.

OF COURSE, If you are from Canada, it simplifies everything because you can visit your local branch and see what they will require. You might not have to go through any of the above steps.

Don't stress. At the roundabout there is a Value Master with a ATM in front. Go over to the next parking lot and you will see a Foreign Exchange/Cambio. UNLIKE your experience in Mexico, they are quite LEGIT, give receipts and do not short change you. DO NOT SEEK TO CHANGE MONEY IN THE STREET although you will get plenty of offers to do so, especially right there. ALSO, most of the Duty Free shops can accommodate you and will change money. I have never had a problem going that route. Gift shops also, but I have noted that it seem the further away from downtown you are when you try to exchange with alternative methods, the rate gets a little worse. Convenience cost I guess. Balance it out. If it's going to cost more for the taxi than you would lose on the transaction, well you can figure it out... The Scotia Bank is next up the road and they have three ATM's - 1 inside & 2 outside, one of which gives local AND US $.

MOST IMPORTANT FOR THE NEWBIE TO KNOW? Don't stress, relax, keep your common sense handy and ENJOY!

[SweetSue]

@ Booter - re link.... http://www.negrilinfo.com/negril-map.html

This is great - very detailed & helpful. I will share this with friends, wish I had it years ago. :)

[sandman66]

If I wasn't clear I have a account with Scotiabank here in Canada, which allows me to use the ATM's in Jamaica without fees. It would be nice if they would add another machine or 2 to reduce the lineups though.

[bchfun]

In previous visits we have used the atm machine at Times Square. I don't believe the fees were more than any other for us, considering out of country and not our regular bank of course. Can't remember but I think I got JA money.

[kylake]

Thank you all for the responses, suggestions and map (the map is great). When I started investigating Scotia Bank last night I realized it was not an easy process and have abandoned the idea for that unless we become frequent travelers to Jamaica which I "think" we will. Right now I only get one vacation a year and Isla Mujeres is where we have spent our vacation for years. I wanted to try something new this year and the Negril area seems to be perfect for an alternate vacation. I am not a anal person but when it comes to planning a trip I guess I am a little anal.
I have found over the years that "prior planning prevents poor performance" which equal's no stress during the vacation itself and importantly no time wasted trying to figure out something "on vacation" that could have been figured in advance.
Sounds like the ATM and using the J will be the way to go. I was only stressing about the ATM after reading the trip report Paradox in Paradise and the problems Guirigay had with and ATM not accepting his card and having to spend hours in a bank. I definitely want to avoid that type of problem! I have always simply let my bank know where I am traveling out of country and the dates and have never had a problem with my bank card being accepted. Just didn't know if Jamaica banking/ATM's presented some problem I had not every run into before.
When we both are retired (which is not that far away) we will have more vacation time and splitting between Jamaica and Isla Mujeres look appealing but I will know more after this "first" vacation to Negril.
Thanks again,
Larry

[Ras Walleye]

I wish us Yanks could open accounts with Scotia here in North America. It would make things so much simpler. I live in Minnesota, which is almost Canada, but almost counts for nothing...

[Yvonne]

Bank of America ATM card can be used at the Scotia Bank, no fee. Somehow thay are associated so, unless there's been a change, a BOA account is helpful in accessing your cash back home.

[Captain Oil]

In the past we have been charged a "foreign transaction" fee for ATM AND credit card transactions while in Jamaica ............... percentage has been as high as 5% of the total transaction .............. these fees were over and above the usual fees charged for using another banks ATM ................... the games played with these fees led to a class action lawsuit which was recently settled and resulted in payouts to affected people, myself included .............. if there are credit cards and bank accounts that do not charge theses fees, please list them so visitors to Jamaica can maximize their vacation experience and not be forced to pay theses fees to the big banks.

[Jimmy Ricketts]

That would be great Captain Oil. I hope someone has that information but very doubtful anyone will. I have never used an ATM in Jamaica but planned to this year. Wasn't sure what the charge was going to be so sounds like I had better check it out first. If they are that high I w
http://tickers.TickerFactory.com/ezt/d/4;10732;405/st/20120522/e/Jamaica/k/e578/event.png
(http://www.TickerFactory.com/)
ill probably just take cash which doesn't thrill me all that much.

[captaind]

if there are credit cards and bank accounts that do not charge theses fees, please list them so visitors to Jamaica can maximize their vacation experience and not be forced to pay theses fees to the big banks.

Capital One World Card and Chase Sapphire Preferred have no foreign transaction fees. Some banks (mine included) will reimburse you for out of network ATM fees.

[booger]

Bank of America ATM card can be used at the Scotia Bank, no fee. Somehow thay are associated so, unless there's been a change, a BOA account is helpful in accessing your cash back home.

What she said. If you bank with BofA you are good to go. I used my BofA card numerous times with no fees.

[N5_]

Agreed. I use my BOA check/debit card at Scotia ATMs...no Fees. I use a Capitol One card for the hotel expense and any other non-cash purchases...no foreign transaction fees. Works great. We have also used a USAA debit card at ATMs. USAA credits you for the ATM fees (up to $5 per transaction, I think).

[lisapat]

Captain Oil/Captain D.... All/any Capital One CC is kosher in JA as far as no foreign transaction fees....been using mine for all kinds of things for years now....

[kylake]

Just to clarify I will be using a debit card not a credit card. To the best of my knowledge all major credit cards "for cash charge" interest from day of transaction, unlike a debit card, that only charges a transaction fee.

[Kevin, PA]

When we researched our first trip we were concerned about relying on ATM's because of some of the issues others had run into. About a month before we left we contacted our banks to let them know we would be traveling so they wouldn't put a hold on our accounts when they saw a foreign transaction. We brought enough cash to survive on should we run into banking issues. We also brought plenty of US 1's and 5's for tipping (We were told small JA bills can be hard to come by and it was often the case). We exchanged a very small amount at the airport (bad exchange rate) so we would have some JA on us when we landed. We exchanged the rest of our cash at a cambio the next day. We both used 2 different ATM's with 2 different bank cards without any problems. We brought a small amount of JA home for next trip. Both banks charged us a $5 foreign transaction fee and one of the banks charged an additional fee based one a percentage of the total amount withdrew (I think it was 3%). You're bank should be able to tell you what fees they charge. I found this information right on our banks website but also confirmed it when we informed them of our travel plans.

Next time we may bring less cash with us and rely on ATM's a bit more. I wouldn't worry about it too much. Just make sure you notify your bank and know your fee's. Bring enough cash to get you threw a couple of days just in case and use the cambio's to exchange any of your money and you'll be fine.

That's my 2 cents.

[tfw73]

I hate having to go to the bank/ATM while in Negril, especially the bank. You stand in line forever....!

[booger]

I personally prefer the cambio option. Banmarc on the West End was never a wait and the rate was always good. Hop in, hop out and on your way. I do have to say it was hot as hell in there the first week of October.

[Ras Walleye]

Our preferred method is to bring Travelers Checks (get them with no fee as a AAA member) and cash them for $J at a cambio. We use the FX Trader at the HiLo since we go there several times each trip for supplies anyway. I've also used the cambio by Bourbon Beach and one on the west end but prefer the FX Trader. There is an FX Trader on the hip strip in MoBay so you can skip the bad rate at the airport.

[tfw73]

We've also done the TC option on one trip. I definitely felt safer using them, but I just really hate having to go to the bank or cambio to use them.

[Jimmy Ricketts]

Holy Cow!!! So many options not sure what I am going to do. Maybe try them all and see what I like doing better.

[Captain Oil]

Our preferred method is to bring Travelers Checks (get them with no fee as a AAA member) and cash them for $J at a cambio.

That has been our choice also for many years. We do stop at a great shop on the hip strip that has a wonderful supply of the latest Jamaica T-shirts and a great exchange rate. Usually exchange enough to get us through a Mega Mart shopping adventure and at least 2 days of fun in Negril.

Does any one know if the prepaid Visa / Mastercards charge a "foreign transaction fee" or do you get to use 100% of your money ? ?

Thanks to everyone for the great credit card info. Will have to get one of those for the next trip as we leave this Friday for Negril ! !

See you on the beach ! !