Sending business payments from the US to Jamaica
A US company pays a Jamaican supplier, contractor or subsidiary by SWIFT wire, in US dollars to a US dollar account or in Jamaican dollars, at the recipient's Jamaican bank. Jamaica removed exchange controls in the 1990s, so a Jamaican company can receive and hold US dollars freely.
- Jamaica removed foreign exchange controls after liberalizing its financial and capital accounts in the 1990s, although the Bank of Jamaica still regulates the foreign exchange market.
- Section 18 of the Bank of Jamaica Act permits contracts in a specified foreign currency, while Jamaican notes and coins remain legal tender for any amount.
- At the end of 2024 Jamaica had 8 commercial banks, three of them foreign owned, according to the International Trade Administration.
- Foreign currency in Jamaica is traded through authorized dealers, cambios and bureaux de change at market-determined rates.
- The TRN is the Tax Registration Number that Tax Administration Jamaica issues to every taxpayer, individual or company.
Details to collect from a Jamaican recipient
Jamaican commercial banks offer accounts in US dollars and Jamaican dollars. Ask the supplier for its bank's inbound SWIFT instructions for the account in the currency you will send, and for its TRN (Tax Registration Number), which Tax Administration Jamaica issues to every taxpayer and which Scotiabank Jamaica lists among its business account requirements.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | Company name as registered and on the account | Must match the account holder |
| TRN | The company's Tax Registration Number | Banks use it to identify the company |
| Bank, branch and SWIFT code | Full bank name, branch and 8 or 11-character code | Routes the wire |
| Account number and currency | The USD or JMD account | Decides whether the bank converts |
| Correspondent bank | The bank's US correspondent | Avoids extra hops |
| Reference | Invoice number and goods or service | Supports the bank's source-of-funds checks |
Sources: Scotiabank Jamaica, account requirements; standard SWIFT practice. As published on 29 October 2026.
Pay in Jamaican dollars or in US dollars?
The International Trade Administration states that since liberalization of the financial and capital accounts in the 1990s, Jamaica's foreign exchange controls have been removed, although the Bank of Jamaica (BOJ) still regulates the market. Foreign currency is bought and sold through authorized dealers, cambios and bureaux de change at market-determined rates, and since 2017 the BOJ has used a tool called B-FXITT to interact with authorized dealers and cambios.
Contracts in US dollars are lawful. The Jamaica Observer reported that Section 18 of the Bank of Jamaica Act permits contracts in a specified foreign currency, while Jamaican notes and coins remain legal tender for any amount. Many Jamaican suppliers to US buyers therefore invoice in US dollars and hold US dollar accounts.
| Invoice | Account | Who converts |
|---|---|---|
| USD | US dollar account | Nobody |
| USD | JMD account | The supplier's bank, at its rate |
| JMD | JMD account | You or your provider |
Sources: International Trade Administration, Jamaica; Jamaica Observer. As published on 29 October 2026.
For Jamaican dollar values, see the USD to JMD currency page, and for the Jamaican side, USD business accounts in Jamaica.
Rails and arrival times
Payments from the United States reach Jamaica by SWIFT through the Jamaican bank's US correspondent. Swift reports almost 100% of gpi payments credited within 24 hours. Complete details, including the branch and the US correspondent, are what let the Jamaican bank credit the account without a query.
The International Trade Administration counts 8 commercial banks at the end of 2024, three of them foreign owned: The Bank of Nova Scotia Jamaica Limited, Citibank, N.A. and First Caribbean International Bank (Jamaica) Limited. Citibank does not offer retail banking, so most suppliers bank with one of the other institutions.
| Stage | What controls timing |
|---|---|
| SWIFT transit | Almost 100% of gpi payments within 24 hours |
| Credit at the Jamaican bank | Jamaican business day and the bank's checks |
| Conversion, if any | The bank's market-determined rate |
Sources: Swift gpi; International Trade Administration. As published on 29 October 2026.
Documents and checks
Scotiabank Jamaica asks business customers for source of funds information and bank references when opening accounts, and banks apply the same logic to larger incoming payments. Quote the invoice and the goods or service in the payment reference, pay from the company named as buyer, and send the SWIFT confirmation to the supplier on the day you pay.
Scotiabank Jamaica also lists the company's Certificate of Incorporation and its signatories' picture identification among its account opening requirements, so the legal name on the certificate is the one to use on your payment. For a Jamaican subsidiary, quote the intercompany agreement in the reference; for an individual contractor, use the contractor's name exactly as on the account and ask for the TRN on the invoice.
On the US side, every payment to a Jamaican company must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
Each Jamaican bank sets its own charge for receiving international transfers; ask the supplier what its bank deducts. On SHA wires, the US correspondent may also deduct a fee. Every SWIFT wire carries a charge code. OUR means the sender pays all charges, so the full amount should arrive. SHA means charges are shared: the sender pays its own provider, and intermediary banks may deduct their fees in transit. BEN means every charge comes out of the amount sent. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. See how Helm pricing works.
Why payments to Jamaica are delayed or returned
| Cause | Prevention |
|---|---|
| Dollars sent to a JMD account | Ask for the US dollar account |
| Name differs from the account holder | Use the registered company name |
| Branch or SWIFT code mismatched | Confirm both against the bank's instructions |
| Source of funds questions | Quote the invoice and goods or service |
| SHA deductions | Send OUR |
Sources: Scotiabank Jamaica; Helm Editorial Team. As published on 29 October 2026.
Checklist before you send
- Agree US or Jamaican dollars on the purchase order.
- Ask for the account in the invoice currency, with branch and SWIFT code.
- Use the name on the Certificate of Incorporation and record the TRN.
- Include the bank's US correspondent.
- Quote the invoice and goods or service.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Jamaican company receive US dollars?
Yes. Jamaica removed exchange controls in the 1990s, and Jamaican banks offer US dollar accounts alongside Jamaican dollar accounts.
Is it legal to invoice in US dollars in Jamaica?
Yes. Section 18 of the Bank of Jamaica Act permits contracts in a specified foreign currency, while Jamaican notes and coins remain legal tender.
What details do I need to pay a Jamaican supplier?
The registered name, TRN, bank, branch and SWIFT code, the account number and currency, the US correspondent and an invoice reference.
What is a TRN in Jamaica?
The TRN is the Tax Registration Number that Tax Administration Jamaica issues to every taxpayer, individual or company.
How long does a wire to Jamaica take?
Swift reports almost 100% of gpi payments credited within 24 hours; the Jamaican bank then credits the account on a local business day.
References
- International Trade Administration: Jamaica Country Commercial Guide, Trade Financing
- Jamaica Observer: No legal restrictions on foreign currency quotes (3 December 2013)
- Scotiabank Jamaica: Account requirements
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.