Make Payments and Receive Payments in JMD - Jamaican Dollar
Pay in Jamaican Dollars (JMD)
Mondial Change allows you to make international payments in JMD (Jamaican Dollar) with ease. Manage your Jamaican Dollar beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your JMD operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in JMD (Jamaican Dollar)
Mondial Change allows you to receive payments in Jamaican Dollar (JMD). Payments in JMD are received in a pool account held by one of our partners. This JMD account is provided to you free of charge. It allows you to receive payments in JMD from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Jamaican Dollar (JMD) balance. These funds can be reused to make payments in JMD or can be converted into EUR or any other currency of your choice and repatriated to your bank account.
Mondial Change Answers All Your Questions About Payments in Jamaican Dollars (JMD)
What is the timeframe for a JMD payment to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Jamaican Dollar transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if JMD payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Jamaican Dollar (JMD)?
The fees applied to transfers in Jamaican Dollar (JMD) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading desk. The rate mainly depends on your annual JMD exchange volume and the number of Jamaican Dollar payments made during the year.
Are there minimum or maximum amounts for payments in Jamaican Dollar (JMD)?
Mondial Change and its partners verify that your Jamaican Dollar flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Jamaican Dollar (JMD)?
For JMD payments via the SWIFT network, the following information is required:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Jamaican Dollar (JMD) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Jamaican Dollar (JMD) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Jamaican Dollar (JMD) account provided to you a bank account and is it nominative?
The Jamaican Dollar (JMD) account for which we provide you with the details is a bank account opened in the name of one of our partners. It is a pool account where all JMD transfers are received. The reconciliation of funds on your JMD balance is generally done with the reference of your client account. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to hold Jamaican Dollars (JMD) in the JMD account provided to you?
You can use this Jamaican Dollar (JMD) account to receive Jamaican Dollars. The currencies will then be credited to your JMD balance opened in our partner's books. The funds can then be reused to issue payments in Jamaican Dollar or be converted into other currencies.
What are the holidays when payments in Jamaican Dollar (JMD) cannot be executed?
January 1st: New Year’s Day
Variable date: Ash Wednesday
Variable date: Good Friday
Variable date: Easter Monday
May 23rd: Labour Day
August 1st: Emancipation Day
August 6th: Independence Day
Variable date (3rd Monday of October): National Heroes Day
December 25th: Christmas Day
December 26th: Boxing Day
History of the Jamaican Dollar
The Jamaican Dollar (JMD) has been the official currency of Jamaica since 1969, replacing the Jamaican Pound. It is issued by the Bank of Jamaica and subdivided into 100 cents. The JMD has undergone several devaluations related to the country's economic and monetary fluctuations but remains the reference for local transactions.
Monetary Policy of the Jamaican Dollar
The Bank of Jamaica is responsible for monetary policy. It aims for price stability, inflation control, and prudent management of foreign exchange reserves. The exchange rate regime is floating with targeted interventions to reduce volatility. Instruments such as interest rates, reserve requirements, and market operations are used to ensure liquidity and confidence in the national currency.
Features of the Jamaican Dollar
The JMD is not freely convertible on international markets, but it is fully functional for transfers via SWIFT. The banknotes feature Jamaican cultural and historical motifs and modern security features (holograms, UV inks). The Jamaican banking system is evolving to comply with international standards, thus facilitating cross-border payments, particularly in the tourism, agriculture, and services sectors.