Topic: Jamaica National Money Services

In 2015, the amount of money being sent overseas as remittances dropped by US$10 million over the year before. Many expats, especially low-wage workers, were shocked when they no longer had easy access to send cash home. However, the situation has improved, with Western Union and the other cash transfer companies back open and accepting local currency.

A forum with government and private sector representatives from around the region last week called for a Caribbean-wide effort to deal with U.S. banks “de-risking” and pulling out of doing business with cash transfer companies and other financial institutions around the region.