Receiving 'Love' from abroad at Christmas

When it comes to remittances, the Christmas Season represents the busiest time for money-transfer operators in Jamaica. During Christmas, more funds are sent from abroad to local recipients to cover various expenses associated with the holiday season.

The Bank of Jamaica Remittance Reports reveal that in December there is usually a significant increase in remittances from overseas, from three main markets the US, the UK and Canada - which accounts for the largest figures sent to Jamaica in the calendar year.

For example, during the 2014 Christmas period, remittances totalled some US$183.7 million, in comparison to US$151.4

million in November.

"The BOJ informs us that the increased amount represents assistance to relatives to pay utilities, buy food, medicines, provide pocket money, help with Christmas shopping, and provide Christmas dinners. Also, in some cases, a portion of that money may be used to cover expenses immediately following the holiday season," said Leesa Kow, General Manager of JN Money Services, owners and operators of the JN Money Transfer brand.

But, doing transactions that involve large sums of money can be challenging. As such, it is important that persons collecting funds exercise caution and are alert.

"One way remittance recipients can protect themselves is to opt to collect funds by using their money-transfer cards. The cards allow recipients to access funds received via JN Money Transfer, to be used as a debit-like electronic card at ABMs, and to make purchases at point-of-sale terminals," Kow advised.

She added that caution should be exercised at all times, especially when travelling with excess cash.

JN Money Services Limited, with its head office based in Kingston, markets its services under the JN Money Transfer brand.