Best ways to withdraw funds in Jamaica
As we approach the holiday season there is naturally going to be a lot of spending going on. Holidays are perfect times to purchase gifts for our family, friends, and acquaintances as well as take part in the usual festivities that occur at that time of year.
Therefore, maybe more than any other period during the year we all need quick access to our money in order to buy those gifts or send money to one another.
During the festive seasons, we may find that we need to withdraw some money from our accounts to get all that shopping done and do all the other things we want to.
If we engage in any form of online work or business that affords us the ability to make money online in Jamaica and the Caribbean region, then it’s possible that quite a lot of our funds will have come to us over the internet.
Possibly even deposited into our account at either Paypal or Payoneer, as currently, these represent the best ways to withdraw funds in Jamaica or other Caribbean countries from whatever funds we’ve accumulated during our online activities.
So now we have these funds (hopefully a whole lot of it) accumulated in one or both of these accounts and it’s great when we have to make a purchase online or send money via the internet to friends and family at home or abroad.
But just what do we do when we need to convert these funds into actual raw, physical, hold it in your hands and spend it, cash.
Let’s look at the options that are currently available to withdraw these funds in Jamaica and the rest of the Caribbean.
Online Freelancing is an option that is being increasingly utilized by the global workforce and currently, lots of companies use Paypal as one of their main Payment Processors.
As a result, having a Paypal account and being able to withdraw funds from it is very important for the online worker or business owner in over 200 countries.
Here are the available options for converting your Paypal money into raw cash here in Jamaica.
Transfer from your Paypal balance to your Jamaican Bank account
This service is free of charges from Paypal. However, your bank may charge a fee for the transfer. The process can also take 3 – 4 working days. Best local banks for this option are the Bank of Nova Scotia Jamaica Limited (Scotiabank) and The National Commercial Bank (NCB).
Transfer from your Paypal balance to your Debit card
This is another option that you can use to withdraw your Paypal funds in Jamaica and the other Caribbean islands. Regrettably, though the Midas debit card that NCB currently offers cannot be used for Paypal.
Scotiabank, on the other hand, offers a Visa / Debit card which is acceptable for use with Paypal. So too does CIBC First Caribbean Bank, JMMB, Sagicor Bank, and First Global Bank.
To use this option with any of these banks cards simply add your card to your Paypal account. If you have any problems adding your card to your Paypal account simply call your bank branch and they will rectify the issue.
Payoneer is another financial services company like Paypal and they also provide online money transfer, e-commerce, and digital payment services.
They represent a fairly new alternative to Paypal with services also offered on a global scale. Here in Jamaica and the Caribbean, their services are also used to receive payments for freelance services etc. online.
To withdraw your funds from Payoneer
Withdraw funds with Payoneer prepaid card
The first option available here in Jamaica and the Caribbean region is the Payoneer prepaid debit Mastercard.
This is a prepaid card from Payoneer, which is accepted worldwide and can be used to withdraw cash at an ATM, or make purchases both online and offline.
In order to get the Payoneer card, you need to apply for one. To do this you log in to your Payoneer Account and click on Order Card.
Withdraw funds from Payoneer to your bank account
Yes, you can move funds from your Payoneer account straight to your local bank account.
Click on this link to see step by step instructions on how to complete this process of withdrawing to a bank account.
Do you already have your own PayPal or Payoneer account?
If you haven’t created one or both as yet then you should do so now as they represent the best options i have seen for freelancers or any other type of online business operators to withdraw their funds locally after they have managed to make money online in Jamaica or the other Caribbean islands.
I have created detailed step by step instructions to help you to create your account for these important online financial service companies.
For Paypal, simply click the link above and follow the step by step images that you will be presented with to complete your sign up process.
Similarly, to sign up for a Payoneer account click the link below and follow that set of images to get your account creation done. Both PayPal and Payoneer sign-ups are absolutely free to you.
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