Craig123,Originally Posted by Craig123
Despite apparently knowing the cambio rate, for some reason establishments don't bother to post the current cambio rate. Why not a little full disclosure? Just saying
The average business in Negril is not a Cambio, and does not and cannot legally operate as one. Their only requirement for "full disclosure" is to let you know what rate, if any, they are giving for foreign currency. They are not required to accept foreign currency at all. It is done as a convenience to their clients.
The current Cambio US$ rate is 114.7 to 1 - so a us$10 dinner, if paid in US$, in current cambio rates would be Ja$1147. If the restaurant has an exchange rate at 110 to 1, which many are doing to keep the conversion simple, you are paying Ja$1100 for that same dinner. Ja$1100 is LESS than Ja$1147. The tourist and local paying in Jamaican currency are getting the better deal than paying in US$, although it only works out to be about 47 US cents.
To make it very simple, a popular bar on the beach charges us$2.50 or Ja$250 for a beer. Exchange your us$20 at the Cambio and you get Ja$2294 back. US$20 at the bar will buy you 8 beers with no change. Ja$ will buy you 9 beers and have Ja$44 left over. Once again, paying in Jamaican currency comes out ahead for both tourists and locals.
I have never heard any tourist or local getting a "worse deal" by paying in the local Jamaican currency at any bar or restaurant.
