Exchange rates and saving money

[Captain Oil]

Yes food prices up at some higher end establishments .............. but that is the same at home also. However MOST of the time it was a better deal to use $JA then $US when we were there this April. Did not do a converse calculation at every stop so can not say for sure about every location.

Here is my money changing / money saving ideas from an earlier post http://negril.com/forum/showthread.p...What-are-yours

Find a way to cheaply convert your US dollars into Jamaican dollars and pay for most things in Jamaican dollars. ATM's charge a service charge which can vary but $5 US or more per transaction is not unheard of. Your bank may charge a ATM fee AND a foreign transaction fee which can run from zero to 15%. The exchange rate you get at a restaurant or bar will always be less then a Bank or Cambio. For example, beers on the beach can cost $150 to $400 Jamaican But you only have US dollars? They will charge you $1.50 to $4.00US. Might not seem like much, but with an exchange rate of $115 JA to $1US you just paid $230JA for a $200JA beer. Total those savings and it is a easy 15% - 25% savings just in simple currency management.

If you ask around there are plenty of good, honest people or establishments who will change money at a very good rate. If you have a favorite driver they will know someone who can help you with $$$. If they don't offer a competitive rate walk away and find another. If you are not comfortable with the situation just walk away. This not only saves some time and the hassle of going to town but it keeps your Debit card safe from hacking issues. That issue is discussed at length in another thread http://negril.com/forum/showthread.p...ly-upon-return!!

Our personal routine is to change enough money on the ride from the airport to last us 4-5 days. Then we know people who supply that same service without having to go to town. No taxi ride, no ATM fees, no hassle from people hanging around the ATMs, no taxi ride back, no need to leave the beach and just as good a rate as at the Cambios.

[Mike_D]

For example, beers on the beach can cost $150 to $400 Jamaican But you only have US dollars? They will charge you $1.50 to $4.00US. Might not seem like much, but with an exchange rate of $115 JA to $1US you just paid $230JA for a $200JA beer. Total those savings and it is a easy 15% - 25% savings just in simple currency management.

Great point. On the opposite side, I found that if smaller restaurants or vendors price things in USD, they will sometimes accept an even conversion to JA currency. For example, if the bill comes to $10 USD, I will ask if they will accept $1000JA. Typically, they will say yes, which works out in my favor. Of course, larger places will pull out a calculator or use a POS system to convert your bill to JA, at their own exchange rate.

[Accompong]

Great point. On the opposite side, I found that if smaller restaurants or vendors price things in USD, they will sometimes accept an even conversion to JA currency. For example, if the bill comes to $10 USD, I will ask if they will accept $1000JA. Typically, they will say yes, which works out in my favor. Of course, larger places will pull out a calculator or use a POS system to convert your bill to JA, at their own exchange rate.

Maybe it is only me but I find "nickle and dime-ing" a small vendor or restaurant who already has an enormous task of staying open a buck or two here and there not how I like to roll. I pay for everything in Jamaican Dollars just like I use US dollars here in Florida and not Euros. I don't bargain for meals. If I don't like the price quoted, I don't buy the meal. If I don't see a price, I ask first.

These small vendors and restaurants only price some items in US dollars to attract the tourist who doesn't want to deal with Jamaican currency. That $10 bill also should have a GCT tax component so giving them $1000J instead of @ $1250J what they are asking puts less than $800J in their pocket.

Change your money into Jamaican and don't be so lazy as to not learn the local currency, customs and runnings. After all, being a "likkle" Jamaican on your vacation is part of the experience.

Not an indictment of you Mike_D as I know from reading you do things right. I am just pointing out that a few pennies or dollars mean a lot more to Jamaican vendors than they do to me. I am not a tight wad but I am also not foolish with my money either.

Peace and Guidance