As the business world becomes ever more interrelated and conventional boundaries breakdown, banking in Jamaica and other countries becomes an enticing option for your business. If your company were to have offices in the country, it'd be much easier to bank in Jamaica than keeping your funds localized. However, there are always pros and cons to every option. Knowing the banks in Jamaica basics can give your company a baseline for comparison that allows for the correct asset allocation decisions.

The Jamaica banks have not only different verbiage, but also a system with processes that are different from their U.S. counterparts. One option is to use an international bank in Jamaica, which also has offices in the United States. Either way, if you understand the banks in Jamaica basics, it'll give you a proper knowledge base prior to any financing decision. However, before you make that decision, there are few items to consider, such as:

1. Examine the Jamaican banks monetary policies and banking basics.

2. Understand the banks of Jamaica basic regulatory structure and rules.

3. Contact Jamaican commercial banks and associations for further basic banking information.

Action Steps
The best contacts and resources to help you get it done

Evaluate the currency and banks in Jamaica basics

When banking in Jamaica your company will need to know the currency transfer rate and other economic issues specific to the country. For instance, if you have employees in Jamaica, they'll need to understand the costs of items based on the U.S. currencies and how to access banking funds through ATMs or traveler's checks.

I recommend: Use the World Travel Guide to gain basic knowledge of the economics of using local or global banks in Jamaica. Study the practical economic guide on Jamaican economics from Lonely Planet Publications.

Assess the regulatory issues and structure of commercial banks in Jamaica

Before you invest in any of the banks in Jamaica, it's important that you know the rules each bank must follow. These regulatory rules can help or hurt your business depending on how well you understand and abide by these rules. These regulatory agencies can also serve as a checkpoint for legitimate Jamaican banks. If you have any doubt about whether to deposit your business funds into a Jamaican bank, you need to contact the regulatory officials to help with the decision.

I recommend: Review the banking legislation at The Bank of Jamaica. Use the resources available at Financial Sector Adjustment Company to research Jamaican Banks.

Speak to associations and local branches to understand international banking in Jamaica

Banking associations are usually the best source of information about specific banks within a country. At the very least, they can give recommendations on which banks in Jamaica will fit your business needs. Also, using an international bank can help make the transition easier, because these banks have offices all over the world, instead of just in Jamaica.

I recommend: Contact the Jamaica Bankers Association for answers to your Jamaican banking needs and questions. Talk to a representative at the National Commercial Bank Jamaica regarding specific banking rates and charges for your business.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Before your business deposits any money in Jamaica commercial banks, be sure to ask for references from other companies that use the bank. That way, you can ask a customer of the bank questions, rather than a banking representative.

Jamaica banks offer loans and other financial services to small business owners. Commercial banks in Jamaica offer competitive rates for a variety of loan and credit products to meet your financing needs. The Small Business Loan Board is a Jamaican statutory entity that offers credit, loans and grants to finance specific business ventures in Jamaica.

While banks in Jamaica have experienced recent economic struggles, the country is still poised for growth. To encourage business pursuits, the Jamaican government provides a range of investor incentives such as duty-free imported products and equipment.

Consider the following tips to meet your banking in Jamaica needs:

1. Outline your financial goals as they relate to banking in Jamaica.

2. Compare small business loan products offered by commercial banks in Jamaica.

3. Connect with Jamaican banks for financial services.

Action Steps
The best contacts and resources to help you get it done

Choose Jamaican banks that offer the financial services you need

There are several commercial banks in Jamaica that allow foreign investors to borrow money locally. The loans are in U.S. currencey and are for business ventures in Jamaica. For your banking convenience, Jamaican banks offer a range of online services including account balances, money transfers, bill pay and detailed account information.

I recommend: National Commercial Bank Jamaica offers small enterprises deposit and merchant services, business credit cards, Internet banking and liquidity and cash management services. First Global Bank, one of six commercial banks in Jamaica offers a foreign currency checking account which allows businesses to easily conduct transactions in U.S. dollars.

Compare product offerings from various banks in Jamaica

Bank of Jamaica, the country's central bank, regulates monetary practices to protect the value of the Jamaican currency. You can find a list of commercial banks in Jamaica, such as Scotia Bank and RBTT by visiting the Bank of Jamaica website.

I recommend: Scotia Bank, an international bank in Jamaica, offers a variety of small business solutions including business credit lines, assistance with business plan writing, Internet banking and merchant services. RBTT offers extensive financial services to business owners--including cash management, trade services, assistance with structuring employee benefits plans and consultation on minimizing your business risk

Request business financial services from global banks in Jamaica

Compare rates offered by banks in Jamaica and choose a bank that best fits your budgetary and operational needs. If you plan to conduct transactions in Jamaica, the United States or other parts of the world, be sure to select a financial institution that offers international banking services.

I recommend: Citibank Jamaica offers extensive custom international banking in Jamaica to meet all of your global trade needs. FirstCaribbean International Bank, one of several global banks in Jamaica, offers bank account, credit and cash management services to small businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Companies interested in doing business with banks in Jamaica must meet specific minimum share capital requirements. They must also maintain a specified minimum liquid asset to deposit liabilities ratio, keep cash reserves, obtain a license and make all Jamaica banking information public to the Jamaican Inspector of Banks

Banking in Jamaica is somewhat different from banking in other countries. You'll need to know the currency rates, and also economic issues that are exclusive to Jamaica. Training in an international bank in Jamaica can make the transition easier if you already have experience in a bank in another country.

If you currently work in a bank, then you only need to learn the currency rates and economic issues of Jamaica. When looking for a job in banks in Jamaica, education and training is extremely important. Consider the following as you prepare to find a position:

1. Locate banks to find job openings in Jamaica banks.

2. Understand the education you need to work in global banks in Jamaica.

3. Attend seminars and conferences to understand the currency rates and economic issues of international banking in Jamaica.

Action Steps
The best contacts and resources to help you get it done

Go to schools that will help you adapt to Jamaica commercial banks rules

Schools and banks in the United States can educate you in international banking. You will also have the opportunity to learn about Jamaican currency rates and how their economic issues are different from the U.S.

I recommend: The Banker's Academy offers international banking training and education. Courses are offered in the classroom, eLearning or a combination. It also will create a course just for your needs, and provides seminars and conferences to cover banking in Jamaica. Schiller University's Bachelor of Business Administration in International Business prepares students to understand the differences between American and foreign banking systems, investment banks, credit institutions and commercial banks.

Find banks online that give you an idea of the positions available in banks of Jamaica

Many Jamaican banks offer a detailed list of available positions. Check them out and see what you need to qualify for an intern or more advanced position.

I recommend: The Bank of Jamaica gives you a list of banking jobs and the minimum requirements needed to qualify for them. There is also a section on Jamaican currency on the site that could come in handy. FirstCaribbean International Bank offers classroom and online training for many of its staff, as well as a Career First program that teaches candidates banking and financial services.

Locate professional organizations to help you prepare for a job in Jamaican banks

Some professional organizations offer learning opportunities suited for people trying to get a job in a Jamaican bank, as well as those already working there who need to upgrade their credentials or get a promotion.

I recommend: The Jamaica Bankers Association holds monthly meetings and offers developmental courses on a regular basis. Many banking professionals take advantage of the ongoing training, as well as the MBA programs offered by the Jamaica Institute of Bankers. The University Council of Jamaica provides accreditation for this MBA program; the Manchester Business School Worldwide does the teaching.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Competition for jobs at commercial banks in Jamaica is fierce. Before setting your sights on the country, it is a good idea to thoroughly research your job prospects.