Are you planning a trip to Jamaica? Whether you’re looking to open a bank account or just need access to cash while you’re in Montego Bay, we’ve got you covered. In this blog post, we’ll be exploring the different banks located in Montego Bay and what services they offer.
What is the banking system like in Montego Bay?
The banking system in Montego Bay, Jamaica is comprised of several commercial banks, such as National Commercial Bank, VMBS, and FGB. These banks offer a variety of services including loans, deposits, transfers, phone top-ups and bill payments.
Additionally, there are no ATMs in the arrival area at the Montego Bay airport.
Customers can access FGB through Jamaica’s best online and mobile banking platform, Global Access or through offices at Rose Hall, Little River and Montego Bay in the parish of St. James. The Bank of Nova Scotia Jamaica Limited (BNS) is also located in Montego Bay.
What are the Most Popular Banks in Montego Bay, Jamaica?
The most popular banks in Montego Bay, Jamaica are the National Commercial Bank (NCB), Gateway Co-operative Credit Union, Jamaica National Building Society, Victoria Mutual Building Society, and the Bank of Nova Scotia.
NCB is the largest financial group in Jamaica and provides credit cards, mortgages, personal loans, savings accounts, investments, insurance and business services.
Gateway Co-operative Credit Union is Western Jamaica’s largest credit union operating in Montego Bay, St. James and Lucea, Hanover.
The Jamaica National Building Society and Victoria Mutual Building Society offer retail banking services.
The Bank of Nova Scotia was established in Jamaica in 1889 and has a long history of changes and transformations from colonialism.
Bank of Jamaica: Overview
The Bank of Jamaica is the central bank of Jamaica located in Kingston. It was established by the Bank of Jamaica Act 1960 and was opened on May 1, 1961.
It is responsible for maintaining financial system stability and promoting economic growth in Jamaica. The 8 commercial banks operating in Montego Bay, Jamaica are: Citibank, N.A., Scotiabank Jamaica Limited, First Global Bank Limited, National Commercial Bank (NCB), Victoria Mutual Building Society (VMBS), JMMB Group Ltd., Sagicor Bank Jamaica Limited and JN Bank Limited.
These banks offer a range of services including credit cards, mortgages, personal loans, savings accounts, investments, insurance and business banking services. In addition to these services they are also members of the Deposit Insurance Scheme which provides protection for customers’ deposits up to a certain amount.
National Commercial Bank (NCB): Overview
National Commercial Bank Jamaica Limited (NCB) is a full-service financial institution offering a range of banking products and services to meet the needs of customers in Montego Bay, Jamaica.
NCB provides deposit accounts, unsecured loans, credit cards, mortgages, personal loans, savings accounts, investment and insurance services.
Customers can access their accounts online or through the NCB mobile app. The bank also offers exclusive services for senior citizens and customers with special needs from 8:30 am to 9 am at all branches.
Scotiabank Jamaica: Overview
Scotiabank Jamaica has branches across the island, including in Montego Bay.
These branches offer a range of products and services, including credit cards, loans, mortgages, banking for small and corporate businesses, and internet banking.
The Montego Bay branch is located at Fairview Financial Centre Building 1 Port Avenue Fairview, Montego Bay, St. James 10215. Scotiabank Jamaica is part of the Canadian Scotiabank Group which has branches in other destinations around the world.
First Global Bank: Overview
First Global Bank Limited (FGB) is a commercial bank owned by GraceKennedy. It operates eight (8) full-service branches across the major urban centres of Kingston, Portmore, Mandeville, Ocho Rios and Montego Bay.
FGB continues to empower customers to get ahead in life and business by offering convenience, late & weekend openings plus the best online and mobile banking platform, Global Access.
Customers can access most banking services through any of the 8 branches island-wide or through Global Access.
Victoria Mutual Building Society (VMBS): Overview
VM Group is a financial services provider in Jamaica that offers a range of services including banking, loans, bill payments, standing orders, and international and cross currency transfers.
They have over 16 conveniently located agents island wide and their main office is located in Montego Bay at 7 Market Street.
VM Property Services is also available to help with buying, selling, leasing or renting a home or commercial property. They are the largest building society in Jamaica and strive to provide accessible branches and ATMs across the island.
CIBC First Caribbean Bank: Overview
Caribbean banking has never been easier! At First Caribbean, we provide comprehensive financial services, from Corporate and Retail Banking to Investment Banking and Wealth Management, to Credit Cards and Treasury Sales and Trading. Let us help you navigate the Caribbean market and seize the opportunities it offers.
As the largest bank in the Caribbean with an English-speaking population, its assets are a staggering US$10.9 billion, and its market capitalization hitting US$2.5 billion, it’s no wonder why it’s become a regional powerhouse.
Jamaica National Building Society (JNBS)
Yes, Jamaica National Building Society (JNBS) has a branch in Montego Bay, Jamaica. The address is Lot 2-5 MegaMart Complex, St James, Montego Bay, Jamaica. The opening hours are 12 m. JN Bank also has an ATM located at the same location.
Pros and Cons of Banking in Montego Bay
– Banks in Montego Bay offer a wide range of services, including credit cards, mortgages, personal loans, savings accounts, investments, insurance and business banking.
– Banks in Montego Bay are well regulated and provide a safe and secure environment for customers to conduct their financial transactions.
– Banks in Montego Bay offer competitive interest rates and fees.
– Banks in Montego Bay provide convenient access to ATMs and other banking services.
– Banks in Montego Bay may have limited hours of operation or limited access to certain services.
– Banks in Montego Bay may charge higher fees than other banks located elsewhere.
– Banks in Montego Bay may not offer the same level of customer service as other banks located elsewhere.
How to open a bank account in Montego Bay
To open a bank account in Montego Bay, Jamaica, you will need to provide the following documents: a letter from your employer (no more than six months old), a pay slip (no more than six months old), proof of salary sent to your bank account for the last three months, and your Tax Registration Number (TRN).
You can open an account online through Jamaica’s best online and mobile banking platform, Global Access. Alternatively, you can visit one of the 8 branches of Gateway Co-operative Credit Union located in Montego Bay, St. James and Lucea, Hanover.
You will need to complete an application form and provide the necessary documents. Additionally, you may be required to provide a minimum opening balance of $5,000 or $10,000 depending on the type of account you are opening.
Fees & Charges for Banking Services
The fees and charges for banking services vary depending on the bank and the type of service. Most banks in Montego Bay, Jamaica offer services such as transfers between accounts, manager’s cheques, corporate accounts, customer letters, over limit fees, minimum balance fees and non-bank ATM transactions.
For example, ScotiaBank/Bank of Nova Scotia (BNS) Jamaica Ltd. charges a flat fee of $402.85 for manager’s cheques less than $1 million and a fee of $1,449.20 for manager’s cheques greater than $1 million.
C&WJ Co-operative Credit Union offers a wide selection of financial services to its members with no additional fees or charges.
Credit Card Services Available
There are several banks in Montego Bay, Jamaica that offer credit card services. These include National Commercial Bank Jamaica Limited, JN Bank Visa Gold Credit Card, and FGB Credit Cards.
Also Read: What Credit Cards are accepted in Jamaica
These banks provide a range of services such as access to rewards programs, loan and savings options, notary services, commercial deposits and other small business solutions.
Additionally, Merrill Financial Solutions Advisors are available to help customers with their financial needs.
Online Banking Services Available
There are several online banking services available in Montego Bay, Jamaica. These include:
1. Scotiabank Jamaica – offers products and services such as credit cards, loans, mortgages, and banking for small and corporate customers. They also offer internet banking which is easy and time-saving.
2. FirstCaribbean International Bank (CIBC FirstCaribbean) – provides services to 16 countries in the Caribbean with 8 branches island-wide. Customers can access their accounts through Global Access or any of the branches.
3. Sagicor Group Jamaica – offers a PriceSmart Credit Card and eConnect service for contactless payments. Customers can also transfer money to bank accounts in Jamaica through this service.
ATMs and Cash Machines Available
Bank of America has numerous ATMs for customers in Montego Bay, Jamaica. Whether you need to find a cash machine for a quick cash withdrawal or access your account information, Bank of America has you covered.
Additionally, Non-bank ATM machines are also available at some major hotels, shopping centers, and attractions in the popular tourist areas.
Cool Cash, a network of ATMs located throughout Jamaica, is another option for accessing your money day or night.
With more than 90 Automated Teller Machines (ATM) across Jamaica, you can always have access to your funds and account information free of charge.
Additionally, Bank of America financial center is located at 9116 168th St Montego Bay, Jamaica and offers walk-up ATM services.
Wells Fargo Bank also has ATMs located in Montego Bay which offer customers access to their funds and account information.
Safety Tips for Tourists Using Banks in Montego Bay
When using banks in Montego Bay, Jamaica, it is important to take safety precautions. Here are some tips to help keep you safe:
– Only change money at commercial banks and exchange bureaus. Tourist spots in major towns such as MoBay Hope in Montego Bay and St Andrew’s Memorial in Kingston are two reliable places to exchange money.
– Do not depend on credit and/or debit cards as your sole source of money while in Jamaica. Bring along a mixture of cash and travelers checks.
– Keep your money safe in a fanny pack, money belt, or in the safe in your room. When heading out on tours, only bring along the money you’ll need for that day.
– Don’t carry large amounts of cash. Do not leave valuables in your car; utilize the in-room safety deposit box or hotel safe. Avoid wearing expensive jewelry when out and about.
– Pay careful attention when others are handling your cards; use ATMs located in public areas or inside a bank or business; avoid using ATMs at night or alone if possible.
– Before traveling to Jamaica watch this video for more safety tips: https://www.youtube.com/watch?v=3Vq_fhPj9KM
– Use hotel safe, lock windows and doors and report suspicious activity if you are staying at residential accommodation make sure proper door locks