Jamaica & Forex Trading

Update From - 2021-05-18

As of the date above - it came to my attention that BNS / Scotiabank Jamaica is no longer allowing transactions to or from Forex brokers. They are explicitly blocking transactions done – tested and confirmed after finding out.

JN credit cards and NCB debit cards are confirmed working. Uncertain if BNS credit cards will work.

Tested in October of 2022. JN Visa Credit Cards no longer work for broker deposits. There are reports that some persons get through, but I guess it depends on the broker. Uncertain if Sagicor works, but confirmed that both credit and debit cards from NCB are functional. Some persons have stated that they only use Sagicor.

Last update to this information was in 2023-08 (August).

Wire transfers TO your local account will not have any restrictions.

While it’s known that Forex has gotten more difficult to partake in, this comes as a bit of a shock to me.

The whole trading scene is somewhat of a grey area. You're "supposed to" declare all income regardless, but the fact that some local (Jamaican) high risk investments are exempt from taxes, it seems like Forex may also be exempt. There's also the fact that you get fees taken by the brokers and prop firms before you actually get your cash, and additional fees for transfer - wire or otherwise. I plan to check this out and get the full set of details soon enough.

This will be updated as I receive more data. There are other banks, but I don’t have accounts everywhere so I can’t test them all. Once I get more confirmed details I’ll update this post or create a new one with full details.