Remittance Increase in June 2025

• Net Remittance Inflows to Jamaica increased year-over-year in June 2025, by 2.8% to US$267.5Mn according to data sourced from the Bank of Jamaica’s (BOJ’s) remittance bulletin. The increase was primarily due to a US$8.2Mn (2.9%) increase in total remittance inflows. However, this was marginally offset by a 5.4% rise in remittance outflows.
• The increase in total remittance inflows was attributed to higher flows via the Remittance Companies channel and partly offset by a decline via the Other Remittances channel.
• Amid the June 2025 increase, the U.S. remains the largest source market for remittance flows to Jamaica. The U.S. accounted for 68.2% of total flows, down from the 68.5% recorded for June 2024. The United Kingdom (11.4%), Canada (9.9%) and the Cayman Islands (6.2%) were also notable sources.
• Looking ahead, the Trump administration's policy changes for trade and immigration pose risks to remittance inflows to Jamaica. Recently, the administration announced a 1.0% excise tax on cash-based remittances. However, local remittance firms expect little fallout as strong digital adoption by consumers and years of investment in alternative remittance channels could act as key buffers.

 (Sources: BOJ & NCBCM Research)