Changes to Foreign Currency Cash Deposits
04 May 2016
At National Commercial Bank Jamaica Limited (“NCBJ”) we have been reviewing our procedures in relation to the handling of foreign currency cash to allow us to better manage the costs, processes and associated risks. As usual, our review of processes takes into account international best practices and published regulatory requirements, including those related to anti-money laundering and counter-financing of terrorism (“AML/CFT”).
Accordingly, NCBJ will implement the following changes impacting foreign currency cash deposits: Effective Monday, June 6, 2016, a maximum allowable limit of US$10,000 (or its equivalent in any other foreign currency) per month per customer will apply to foreign currency cash deposits across all the customer’s accounts. This maximum allowable limit will also apply to each account in the name of the customer, whether held solely or jointly. Therefore, the maximum amount allowable on a joint account per month is US$10,000, but a lower limit would remain on the account if one of the account holders has made a deposit to another account during the month. Foreign currency cash deposits up to US$500 (or its equivalent in any other foreign currency) per day may continue to be made without charge; A fee of 2% of the deposit amount plus General Consumption Tax (GCT) will be applied to all cash deposits in excess of US$500 (or its equivalent in any other foreign currency) per day, per customer and per account. We understand your need for foreign currency for your business and personal use.
NCBJ is fully able to meet your needs through our available suite of non-cash channels (including the use of wire transfers, online transfers, debit and credit cards) as options to conduct your financial affairs. Thank you for your cooperation. Please feel free to refer to the Questions and Answers document below, for further information. Questions and Answers (93 KB)
