How much are you paying? BOJ releases bank data on cash transfer fees
The Bank of Jamaica (BOJ) has released data on fees charged by financial institutions for transactions processed through real time gross settlement (RTGS) as at the end of September.
RTGS is a means of transferring money electronically between financial institutions.
The data comprises fees charged by commercial banks, a merchant bank, building societies, and investment firms.
Focusing on commercial banks, First Global Bank Limited has no fee for incoming RTGS for personal account holders.
The Bank of Nova Scotia Jamaica Limited has the highest fee for incoming bank transfers, charging both
personal and corporate account holders $385.
On the outgoing side, for transfers made online, CitiBank N.A. has the lowest rate with a fee of $145.63.
The highest rate is charged by the Bank of Nova Scotia Jamaica, which has a fee of $385.
For RTGS transfers made in branch, a fee of $2,912.50 is paid by corporate customers of the National Commercial Bank Jamaica Limited, the highest in that fee category.
CitiBank N.A. has the lowest rate, charging a fee of $145.63.
See the full list of RTGS fees below:
* JamClear®-RTGS fees include General Consumption Tax (GCT).
* ‘Incoming’ refers to when a customer’s account is credited (receiving) via JamClear®- RTGS.
* ‘Outgoing’ refers to when a customer’s account is debited (sending) via JamClear®-RTGS whether online or in branch (over the counter).
* SNO means Service Not Offered.