We find using J's the easiest, I started a thread a while back What do you spend a day in Negril, and you might find the responses helpful. Cheers!
We find using J's the easiest, I started a thread a while back What do you spend a day in Negril, and you might find the responses helpful. Cheers!
But if the cambios in Jamaica are giving 85/1, and xe is 89/1, you're losing $4 JMD per dollar you convert, losing roughly 5% of your value.Originally Posted by canuk cpl
I guess it beats pulling out a currency calculator every purchase....
Blake... XE & most online converters are giving the bank rate, not the actual exchange rate. You are not losing 5%. That is how the banks & cambios are able to offer the exchange service. The 5% is their operating expense. I was most recently in Negril a couple of weeks ago & - depending on where you exchange - the rate was $1US = $86 - $86.50J. Hope this helps.
Cambios generally give the best rate, especially compared to the airpor. IF you see an xe rate of 89/1 that might be what it would cost to go from Jamaican to USD, not the other way around.
Once again, that is the bank rate. That meaning the XE or other converter site rates. It doesn't mean that's what the banks pay out. It's what the bank gets when they exchange $$$. Maybe interbank rate would be a better term. When you take your US$ to a bank or cambio & get J$ in exchange, you will get slightly LESS than the bank rate. This is how they make their money & can offer their service to you. I hope this helps. I guess it never hurts to explain it again :-)
I will also add, as have many others, DO NOT exchange from the guy hanging out in the parking lot. He makes his $$$ by ripping you off.
Last edited by Yvonne; 08-04-2012 at 01:20 PM.
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