Frequently Asked Questions
Have a question about FX Trader, or our foreign exchange services? Find the answer to our most frequently asked questions right here.
The main draw for our customers is that our rates are generally competitive. Plus, our opening hours are also more convenient, and we offer better online and in-person options for converting currency in Jamaica.
We are one of the foreign currency exchange services with the best rates in the country. Our services are more diverse and tailored to the needs of all our customers for both personal and business transactions. Plus, we facilitate overseas payment transactions.
We have over 45 conveniently located agents island-wide and we are the largest network in the Caribbean. Click to find an FX Trader location close to you.
There are a number of references made to “conditions apply” for our services. “Conditions apply” means that there are issues that can change or affect the service. These include matters such as:
- the value date of wires, that is, which date will be used to determine the exchange rate;
- the need to confirm payments to our account before we process a transaction (for e.g. if you transferred funds online to our FX Trader account) before we can pay you or wire the funds;
- rates and several other variables that can impact exchanges directly.
Where you need further details on the specific issues that could impact your exchange, please feel free to contact us directly or by email or phone for more information.
We take the time to understand your business and your needs and work with you to meet your goals. Whether you’re an Informal Commercial Importer or running a small business or a medium-sized enterprise, we offer personalised foreign exchange services to ensure that your business benefits.
We purchase and sell cash in the following five (5) major currencies:
- United States Dollar
- Canadian Dollar
- Pound Sterling
- Euro
- Caymanian Dollar
But, you can use our wire transfer service to send funds to over 135 countries worldwide.
The accepted methods for paying for currency exchange are:
- Cash
- Debit cards
- Manager’s cheques
- Bank Transfer
(Personal cheques and credit cards are not accepted). You can learn more about our foreign exchange rates here.
All FX Trader locations have a debit card machine.
Based on our governing body, Bank of Jamaica, it is a requirement for customers to present their ID when conducting business. We can only accept national IDs such as Passports, Drivers Licence, or Voter’s ID.
Yes, you can change part of your currency once we have the required change available to give you.
You can wire funds locally to your own account or to another beneficiary. Or, you can wire funds overseas. We can convert and send the funds to over 135 countries.
The international standard for a wire transfer is three (3) business days. This means it can take up to 3 business days to complete. (Conditions apply)
We are a foreign exchange service, and wire transfers are a value-added service. Therefore, we have to do a currency conversion before we can wire your funds locally or overseas.
We will need to know:
- The name on the account
- Location
- Bank details (bank name, bank account number, SWIFT code, Address)
- The account number
If you don’t have the SWIFT code, we can help you get it.
- Convert your business cash and wire to your local bank account
- Convert your personal funds and transfer to a local or overseas account
- Convert and wire to over 135 countries when you transfer worldwide
When you buy your foreign currency online or at an FX Trader location, you can ask us to wire it to your bank or another beneficiary. Corporate Clients can upload wire transfer beneficiaries to their online business portal. Learn more about our wire transfer service here.
A draft is like a bank cheque but made out in a foreign currency.
Yes. We are a currency exchange service. You can’t come in with USD to get a USD cheque. But, you can come in with JMD and get a USD cheque, or USD to get a JMD cheque. The benefit is that you’ll get better conversion rates.
You can get an international cheque in 3 currencies – USD, CAD, or Pounds. But, you can use any 5 of the major currencies to get a JMD cheque.
You can visit any of our more than 45 locations island-wide to request a cheque, or to convert a cheque to cash.
- International cheques (drafts) can be negotiated at any bank outside of Jamaica.
- Local cheques are negotiable at any bank inside Jamaica.
- Convert cash to cheques
- Convert cheques to cash
- Convert cheques for wire transfers
- Convert cheques for RTGS
Once the request is made by 10 a.m., your cheque will be ready for collection by the afternoon.
The regulations governing our industry require that we ask all customers for this and other personal information.
We only disclose personal information necessary to complete a transaction on your behalf, such as with wire transfers, or as is required to run our business. All personal information you provide in-store or online are kept confidential and handled in keeping with our Code of Ethics.
