Can someone help me with this conversion fee stuff for Jamaica?
Hi. Im in Jamaica right now and I am low on cash and I know I will have to go to an ATM tommorrow. My bank told me that they will charge a 1% conversion fee rate when i take out money out of the atm. But im confused because I am unsure if they will be taking 1% of the US dollar equvilant of whatever Im taking out. So for example, I want to take out $6000 Jamaican Dollars which as of today is worth $67.87 US Dollars. So will the bank be charging me 1% of 6000(which is $60) or 1% of 67.87(which is less than a dollar).
Also does this money come out immediately of my checking account???
Thanks for your answers.
See you solved your problem…If its 1% of $67 its less than a dolloar…if its 1% of J$6000, its J$60, still less than a dollar ( remember the exchange is J$87 to US$1 ) …and yes, it’ll be deducted from yor account.
