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just wired oney to friend in negril western union. saw where the exchange rate was 86 and change got me thinking if i should just wire down money for me on next trip. i usually exchange at the cambio next to valuemaster. any iidea of the going rate.
thanks
In May at the airport they gave us 72 JD per dollar. Total rip off. At the ATM we got 80 JD per dollar.
Just looked it up and it's 88.18. The rate you get at the cambio I'm sure is a little less. I believe someone just posted recently that they received a little over 86-1. Was a little over 85-1 in April.
Here's the receipt from 100 US I sent to the yard on Friday
Attachment 15839
I think you are forgetting that wiring money, either Western Union or Moneygram, incurs a fee that totally wipes out any slightly favorable exchange rate.
For an instant transfer, $100 wired costs $12.99 by Moneygram, slightly higher by Western Union. It's a little lower if you send with a 3-day delay.
It's a sliding fee, $101-200 wired costs $14.99. $201-300 costs $18.99. etc.
So sending that $100US would send your friend that $8629J, but either your Credit Card or your bank statement will show a total charge/deduction of $112.99.
So factoring in the fee makes the "realized" exchange rate = 76.3696 (still better than the airport - showing how bad that is!)
And all that assumes you also don't get hit with a cash advance fee that some Credit Cards charge for this - it took me a few sends before I found one of my CCs that didn't.
$86.50J = $1US as of Saturday.
I posted above a copy of my PayPal transaction receipt where I sent funds for my house maintenance/construction where $20,000 Jamaican Dollars was withdrawn from a Santa Cruz ATM Machine at the Bank of Nova Scotia (BNS). The rate I got was $85.84 and it only cost me $1.00 US to complete the transaction.Quote:
Jul 5, 2012 Authorization To *BNS 42 MAIN STREE,ANTA CRUZ J,,JM Completed Details -$232.98 USD
Jul 5, 2012 Temporary Hold Placed Details -$232.98 USD
Jul 5, 2012 Temporary Hold Removed Details $232.98 USD
Original Authorization:
Total Payment: -$232.98 USD
-$231.98 USD
Merchant: *BNS 42 MAIN STREE,ANTA CRUZ J,,JM
Purchase Date: Jul 5, 2012
Authorized Amount: -$232.98 USD
Authorization Date: Jul 5, 2012
Time: 09:08:05 PDT
Status: Completed
Net Amount: -$232.98 USD
Status: Completed
$20,000 is the limit someone can draw per day from a Nova Scotia ATM and the National Commercial Bank (NCB) will allow up to $30,000 Jamaican Dollars per day.
I am not suggesting that everyone's friends in Jamaica can be trusted with an ATM Card so I am only pointing this out for people who need to transfer money at frequent intervals. It has worked well for me over the years and I have never had any problems with it. In fact, if the money is not in your PayPal account, the machine will not allow a transaction to take place.
I also have a card to this account and control the PIN numbers of BOTH cards for added security. When I need to purchase things either here or in Jamaica, I use this card and account and not my regular bank account.
Peace and Guidance
great response thanks.
forgot to account for the transfer fee. that would wipe out any profit.
will just continue at the cambio
Accompong - thanks for tip.
I've been wondering if PayPal transfers worked to Jamaica.
That $1 fee is much better than MoneyGram and Western Union.
Anyone else use Xoom? My wife and I have used it several times to send money to Jamaica with no problems. Also, their fees seem to be the lowest as compared to Moneygram and Western Union.
Xoom Jamaica
Sending $100 US would cost you $7.99 if you pay through your bank account or $9.99 if you pay with a credit card. They also skim a little bit off the exchange rate by rounding to the nearest 0.1 Jamaican dollar. The money can be deposited in someones bank account or can be picked up at certain places that you can find on their website. They also have a calculator that shows you the fees and how much the person receiving the money will get.
Fee Calculator
I'm not sure if you can send money to yourself and then pick it up while in Jamaica, but that might be something to check in to vs. ATM, foreign transaction, and travelers check fees.
Sounds great, but I'm a little confused about going this route. (could be the 100 degree days have fried my brain :confused:) Are you sending the money to a friends bank account or do YOU have a personal account in Jamaica? Or is this an credit/debit card that is connected to your paypal account?Quote:
Originally Posted by Accompong
Thanks
Mark
Anyone try and buy money through wells fargo?
Hi Mark. I can see what this may be confusing. This should clear it up. Yes, this is a Debit Card issued by PayPal. The reason I don't like to use one connected to my regular bank account is that any amount of money that is in that account (and possibly more if the card is used at a store) becomes vulnerable.Quote:
Originally Posted by NKY
I have a limited balance at all time (except when I am home in Jamaica) and have it set up in PayPal that any time I (or someone else) uses the card, I get an email alert and that lets me be more reactive to any fraud attempts. I can go in and change a PIN and/or file a dispute right away. Nothing is perfect but this works best for me.
Because I live in Jamaica much of the year, I need to send funds on a more regular basis than most people and I thoroughly trust my best friend, Marshall, whom I have known for over 20 years.
I used to use MoneyGram, Western Union etc. but all of them are just too expensive and the ATM is immediate assuming I have put money in the PayPal account.
Peace and Guidance
Very nice! I can't believe Paypal only charges a $1 fee and no foreign transaction fees. Better keep this on the down low because if too many people stare "beating the system" Paypal will probably start charging more. ;)Quote:
Originally Posted by Accompong
Thanks
Mark
Just started to look into the Paypal debit card, and it looks like the $1 fee might not be entirely true. It appears to be a $1 charge for an atm in the US and a 1% fee if used at a foreign atm. And, the details on foreign transaction fees are a little grey as far as if you will be charged a fee for Jamaica.
I hope that you weren't misled by a less than truthful customer service agent and maybe the terms of use have changed. I've dealt with a few of those when calling credit card companies to figure out if CDW for a rental car was covered in Jamaica. Here is the link to card agreement on paypal's website if you want to check it out for yourself.Quote:
Originally Posted by From the Paypal website
Debit card agreement
Even if all of these fees are imposed, it still seems safer than using a regular Debit card and cheaper than wiring the money.
Mark
Hi Mark,
I read what you sent and am scratching my head as I have been doing this for many years and the example I sent was just two days ago. I am an accountant by trade so I am on top of money! I have never been charged more than $1.00 for the transaction when using Scotia Bank. Can't say for sure about any other bank.
I went back and looked at 3 years worth of receipts..... all were just $1.00
Maybe they just like me......nah. Whatever. It works.
Peace and Guidance
Hopefully it continues to work and thanks for the additional info!Quote:
Originally Posted by Accompong
Mark
Sounds like some of those fees can be avoided if you plan for it, and do it right. Withdraw the money in $US and avoid the biggest fee - 2.5% foreign transaction fee. I know in Negril some ATMs give $US, some give $JA - so that should not be too hard. Then just hit a cambio to convert the $US to $JA.
A 1% fee for ATM use is pretty low - that would only be $1US for $100US, or $3US for $300.
Even if the ATM itself charges another $3US - that is still much better than Moneygram/Western Union.
A quick question on using the PayPal debit card.
I already have a PayPal account and I just checked my PayPal card - is a MasterCard, not a Debit Card. I have never used that card for a transaction other than online. It seems like it is a traditional Credit Card because I don't have funds in my PayPal account - I pay after purchases when I get my billing statement. Wouldn't I get hit with Cash Advance fees if I use the PayPal MasterCard - or is it a dual-purpose credit/ATM card?
I am thinking I would need to apply from them for a seperate Debit Card and deposit funds in my PayPal account AHEAD of time for withdrawal?
Thanks in advance.
That sounds like a good plan, Ohio_Buckeye_1, I would get an additional Debit Card for that account as I explain below.Quote:
Originally Posted by Ohio_Buckeye_1
Part of the reason why I started using Paypal so many years ago is that I was married to a Kingstonian and the Western Union fees were killing me. It was around that time that I also decided that although I am great with other people's money...... I sometimes ain't so good with my own! :cool: Sooo...I cut up those Credit Cards and made a conscious decision that if I didn't have it in the bank then I didn't have it.
I don't regret that decision one single bit. I use a Debit Card tied to my personal bank account that is electronically tied to another account where i actually have my Direct Deposits and other monies stored and have no other electronic ties to it so I feel pretty secure.
Now, this personal account that I use for my personal expenses here in the US is where I supply my Paypal account from. As an added layer of security, i don't keep squat in that account either.
This way, I use my Paypal Card in Jamaica and my best friend, Marshall, has a card to that Paypal account too. With my internet access I can control the inflow and outflow of funds within and between the two accounts.
Sounds a little complicated but it works just fine.
Peace and Guidance