How do the businesses in Negril determine their exchange rates?

[mdsn]

There are also a lot of Germans and Russians who visit Negril, should the local bar also have euro's and rubles? Exchange at the cambio, use $J. If you like Mexico because they cater to your preferred currency then go there.
I am not sure how one can spend anytime in Negril, see the reality of their world and then actually expect them to be like or compare them to American business.
You are in their country, its best to use their rules. If you do not like those rules or if you can figure them out...maybe its not the place to go

[HarryS]

Some do not want to get the point I am making and are twisting words around... Where did I make direct comparisons to US businesses? Nowhere did I say I prefer to use USD... I already said I use $J so it's not MY problem. It's others problem, and I've noticed it. Responses of "if you don't like it, don't go" are borderline hostile, don't add to the discussion and I think it's best if I let this go.

[Flipadelphia26]

Some do not want to get the point I am making and are twisting words around... Where did I make direct comparisons to US businesses? Nowhere did I say I prefer to use USD... I already said I use $J so it's not MY problem. It's others problem, and I've noticed it. Responses of "if you don't like it, don't go" are borderline hostile, don't add to the discussion and I think it's best if I let this go.

"Another Negril apologist" ... I think you're the one who attempted to bring this down into the gutter.

[Nick]

The exchange rate varies daily. It is best to convert your money. And as far as change goes...I have been traveling to Jamaica for almost 45 years and I have learned two things...#1. Don't shake your head up and down and smile if you don't understand fully what is being spoken to you and #2. Nobody has change.

[Toban]

And #3 Nick You are still missing HarryS's point. You didn't finish reading his post.

[Toban]

There are also a lot of Germans and Russians who visit Negril, should the local bar also have euro's and rubles? Exchange at the cambio, use $J. If you like Mexico because they cater to your preferred currency then go there.
I am not sure how one can spend anytime in Negril, see the reality of their world and then actually expect them to be like or compare them to American business.
You are in their country, its best to use their rules. If you do not like those rules or if you can figure them out...maybe its not the place to go

It has nothing to do with Germans, Russians,Americans, or Canadians. It is just currency. The US dollar is traded and compared to all other currency all over the world. Yes it is better to use local currency but I guess you too did not read the entire post from HarryS, so you are missing the point. It also has nothing to do about rules because there aren't any. Thats my point, and i'm sticking to it.

[Fred Stripe]

I do all my transactions with the original Jamaican pirates currency,piece's of eight.

[Lorax2]

I like to use Jamaican currency...it's easier, I don't have to convert in my head all the time (sometimes a little fuzzy) :-)
and I love handing over a couple hundred U.S. and getting back a stack that I can't fit into my pocket....

[Marko]

guess mi one of the ones that know you are suppose to use the currency of the country you are in.....lol
mi can't remember the last time mi used US dollars in Jamaica......ummmmm.....probably 1984...lol
some people have such a hard time getting out of the North American mindset when in paradise.....lol

Cool Runnings, Marko

[Rob]

...you too did not read the entire post from HarryS, so you are missing the point. It also has nothing to do about rules because there aren't any. Thats my point, and i'm sticking to it.

Actually there is a rule - the only official required currency to be accepted at any business establishment in Jamaica is the Jamaica dollar. A business can base its price on the US$ (or any other currencies if it wants) but the only official currency of Jamaica is the Jamaican $. If they base their prices on the US$, you are not required to pay in US$ - they must accept Jamaican dollars as well. They cannot refuse Jamaican dollars. That is against the law.

If a business accepts other currencies it is done purely as a convenience to the consumer. And they are entitled to charge whatever exchange rate that they wish since it is not the legally accepted currency, the Jamaican dollar. They are even entitled to refuse payment in any currency other than the Jamaican dollar, but most accept US$, some the CA$ and even a few the British Pound.

From a business accounting standpoint, this can be a major hassle and does require additional time for the accountant - which is often paid for by the various exchange rates. As a side note, when a business bases their prices in US$, a high exchange rate (say 99 to 1) would encourage payment in us$. While a lower exchange rate (say 90 to 1) encourages payment in ja$ - and also gives the locals a bit of a break on the cost since they normally only use the ja$. Some might call it the "local discount".

But just as cambio and bank exchange rates vary, you will find the exchange rate at various businesses can range widely. If you go to 5 different cambios and/or banks, you will find 5 different rates. It is capitalism at its roots.

On your next trip, just check the exchange rate at the cambio at the airport before you leave the building (dont exchange money there). Then compare that rate to any of the cambios in Negril. You will be very glad you change your money in Negril and not at the airport....