Opening a bank account in Jamaica

Julien wrote:

Hi all,

is it difficult for expats to open a bank account in Jamaica ?

Which documents are required to open a bank account in Jamaica ?

How long does it take to open it ?

Is there any restriction for expats regarding the services (loans for instance)  ?

Which bank would you recommend ?

Thanks in advance for your participation,

Julien

Hi Julien,
I did this a few years ago as I just love the island and found myself down there several times a year. 

It was quite easy to open the bank account once I showed them where the money was coming from (i.e. pay slip). 

It takes a few hours but easier once you book an appointment then return for that time frame; as opposed to just showing up and waiting in line with all the locals trying to draw/deposit funds.

Not sure about restrictions for loans.  You can get a credit card with your account but not sure about loans.  It may not be a problem if it's for a car and you have a reasonable balance with substantiation of income.  They will be intereted in your plan to repay them so showing where your income comes from will be key.  They will get the name and credentials of another person that can guarantee the loan in case you default.

There are several banks. I used NCB which is a multinational company owned by Michael Lee Chin who is the richest Jamaican investor/entreprenuer whose company began publicly trading a few years ago.  But any of the banks will work and are well run and very safe.  You may also consider banks that are located elsewhere in the Western world (i.e. Jamaica National, Barclays, Royal Bank of Canada, Royal Bank of Scotland, etc) so you can get deposit and withdraw from elsewhere in the expat world.

Hope that helps. Good luck.

Thanks for your contribution Fernwood!

Harmonie.

I live in the uk,and I would like to open account in Jamaica,can u get back to me asap