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Jamaican Money. What You Need to Know About Jamaica’s Currency
It’s no secret that Jamaica is one of the most effortlessly popular holiday destinations on the globe Major Hollywood stars such as Elizabeth Taylor and Richard Burton, and regular working class people alike have enjoyed vacationing here for years. Alongside its other Caribbean sisters, it managed to build quite the positive reputation as far as tourism is concerned.
If you plan on booking your next trip here, then learning more about Jamaican money is essential. Although they are also called ‘dollars’, they are far different from those in the United States. For this reason, careful financial planning will be necessary if you want to make the most of the experience. Here is everything you need to know on the topic.
Jamaican Coins and Banknotes
One U.S. Dollar is worth around 130 Jamaican Dollars, give or take. This fluctuates from day to day, due to inflation and other economic factors. Nevertheless, you need to remember that the value of one JMD is significantly lower than that of one USD. By keeping this in mind when you make transactions, you can avoid getting tricked by sly vendors.
The currency of Jamaica is split into coins and banknotes. Back in the day, the coins in circulation were of 1, 10 and 25 cents. There are no longer made but are still legal. Due to the decrease in value of the JMD, the 1, 5, 10 and 20 dollar bills were changed to coins as well. The one dollar coin bears the image of Jamaica’s first Prime Minister Sir Alexander Bustamante.
The 5, 10 and 20 dollar coins have the faces of various national heroes of Jamaica engraved on them, namely Norman Manley, George William Gordon, and Marcus Garvey. The bills start at 50 dollars and work their way up as far as 5,000 dollars. The 5,000 dollar bill was introduced by the Bank of Jamaica in 2009 as a means to counteract poor inflation.
However, according to the testimonies of several TripAdvisor members, the 50 Jamaican dollar bill is no longer in use as of 2016. Fortunately, most places in the country accept American dollars as well. Still, exchange rates tend to be rather detrimental, as most vendors set their own so they can make a quick profit.
Managing Money on Your Trip
The general rule in Jamaica is that most tourist areas accept both the country’s official currency and U.S. Dollar. This applies even in hotels and restaurants that are situated in remote parts of the beautiful Caribbean island. However, if you venture outside of Ocho Rios, Montego Bay, Negril and so on, you will have to use JMD only.
Still, as mentioned above, the exchange rates proposed by retailers are hardly ever in the customer’s favor. For this reason, it is advisable to acquire Jamaican dollars before you depart on your trip, or as soon as you arrive. If you have any left from your holiday and you want to change them back to your own, the process can be quite a hassle.
You will have to present bank receipts, or some sort of documentation from the official bureau that exchanged your money for JMD. The bureaucracy behind this is cumbersome, which is why you need to plan your spending accordingly to avoid having to go through it. Fortunately, Jamaica can be visited on a budget, or it can be a luxury experience.
Therefore, you have plenty of leeway when it comes to your finances. You can choose to spend as little as 50 dollars a day, or you can splurge and treat yourself to a holiday that amounts to thousands of dollars’ worth of food, drink, and fun. Overall costs are far lower than in major American cities, or European tourist attractions such as London, Rome, or Paris.
What is more, due to the oceanic environment, resorts are the most popular accommodation category on the island. Although these offer plenty of high-end services, you can also easily book all-inclusive package deals that considerably cut prices. For just a few hundred dollars, you can spend a week in an idyllic location with unlimited access to delicious meals and cocktails.
The Bottom Line
Therefore, Jamaica is a vacation destination for anyone and everyone. Whether you want to take your family to a new and exotic place, or you plan to surprise your significant other with a romantic getaway for two, you will surely find something here. And if you’re smart about your money, it won’t break the bank either.
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