If you are looking to avoid the large taxes placed on your savings when using a United States-based bank account, it is possible to open an account in most Caribbean nations, including Jamaica. The taxes on these accounts are far lower due to the regulations in Jamaica and the account may prove beneficial if you are choosing to visit or move to the island nation.
- Skill level:
Navigate to a Jamaican bank account website, such as Scotiabank, First Caribbean International Bank and National Commercial Bank Jamaica Limited (see Resources). These are three websites of large banks in Jamaica. It is possible to open the bank account online while still in the United States, so you may have your money saved before arriving into the country.
Choose the "Personal Banking" option and select the kind of account you want to open. Click the option to open the account and fill in the requested contact information.
Log onto your e-mail account and access the message you received from the bank in regards to opening the account.
Fill in your current home address, birth date and accounts you have with other companies.
Write in a banking and routing number with a specific current account. This allows you to transfer money into your Jamaican bank account.
Type in the amount you want to transfer and click "OK." The funds are transferred into your new account and appear in a few business days. Once the money is received by the account, your new Jamaican bank account goes live and is ready for use.
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