Do Some Research On The History Of Remittances To The Area Before You Send Money To Jamaica

Not surprisingly, most remittances to Jamaica come from the United States

, Canada, and the United Kingdom, as many immigrants choose to work in those countries. For nearly 30 years, remittances to Jamaica have increased greatly, with a noticeable surge in 1992. Every passing year has seen an increase in remittances of about 12 percent. In the year 2000, the annual remittance dollar amount was about $789 million, which grew to about $2 billion in 2008.

Most patterns in the past several years indicate that more people send money to Jamaica in the fall, when school is starting, as well as winter holidays. This is mainly because immigrants who leave the country to work elsewhere often send back money to their families, especially to help with children. Not only is much of the money spent on daily expenses for families, but a lot has also been found to be used to purchase real estate, which helps the local economy more than anything. Therefore, the ability to send money to Jamaica is crucial.

The number of people who send money to Jamaica has increased every year for several years, but just like in many other nations, that number has recently declined due to economic woes in several countries. There was a 16 percent in remittances to the area from the beginning of 2009 to the end of the year alone. This exceeds the amount by which many estimated it would fall, which is 11 percent. Additionally, the average amount of money per transaction sent fell from $241 to $230, and the number of times people remit money every year to Jamaica has also dropped.

Despite the fact that remittances have greatly diminished, there is still a need for ways to send money to Jamaica quickly and cheaply. One of the newest routes is the prepaid debit card, in which you mail a debit card to your relatives in Jamaica. You then add money on the card whenever they need it, or when you can afford it. They may choose to withdraw cash from local ATMs, or use it at merchants that accept cards. You can send up to $1000 USD at one time for a mere $5. Clearly, this could be the convenience you are looking for, and there are always improvements being made in this kind of technology.

If you wish to send money to Jamaica, being interested in the statistics surrounding the typical remittances to the country is expected. Once you learn a bit about the history of sending money to the area, you can decide which method to take. Fortunately, you have plenty of options.

by: Peter Frampton

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