Send Money To Jordan
Despite its few natural resources, Jordan has been a pivotal player in Middle East political affairs. This significance is partly due to its strategic location in the Middle East. Jordan and Egypt are the only Arab nations that have signed a peace treaty with Israel.
Jordan is a predominantly Muslim country. It was recognised by the United Nation as a sovereign kingdom in 1946. The official language is Arabic. The country has been under the rule of King Abdullah II since 1999. He approves legislation, appoints governments and has the power to dissolve parliament.
Jordan shares boarders with Saudi Arabia, Iraq Syria, Israel, and the Dead Sea. It has a population of about 9.5 million. It is also one of the main tourist destinations in the Middle East and its highly developed health sector is a source of medical tourism.
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Jordan is essentially a cash society. The official currency of Jordan is the Jordanian Dinar (JD). One JD is equal to 100 piasters. The JD is available in banknotes of one, five, ten, twenty and fifty dinars. The piaster coins are available in five, ten, twenty-five and fifty piasters.
One JD is the equivalent of approximately 1.13 British pounds and 1.41 US dollars. The exchange shops and banks offer the best exchange rates although exchange shops at airports and boarders charge a commission.
If you have a cheque issued by a UK bank in sterling pounds, US dollars or euros, it will be accepted by licensed exchange bureaus and banks. The best way to avoid additional costs is to have the cheque in US dollars. Banks remain closed on public holidays, Fridays and Saturdays.
Send Money with Bank Deposit
Without sufficient information, sending or receiving money from overseas can be quite expensive. Jordan’s has had friendly relations with the UK for many years. This has made it easy for people trying to transfer money across the two countries.
Many banks in Jordan allow for internal transfers into customer’s accounts. Some will ask you to state the purpose of that payment. There are many banks that can facilitate the transfer of money from Jordan to the UK and from the UK to Jordan. However using banks for international money transfers to Jordan is not the most ideal option. The banks are known to offer poor rates of exchange and charging incredibly high fees for all overseas transfers. This means even a small transfer can end up eating into your hard earned cash.
You may want to consider using online money transfer services. Their services are quick, efficient and affordable. They also have agents in many countries which makes it easy for senders and recipients to send and receive money at more convenient receiving points.
Send Money Through Cash Pickup
In Jordan, there are numerous cash pickup companies that have pickup locations scattered across the country. Cash pickups are known to take transaction security very seriously. They are always improving their technology to make processing of personal data and transferring of money a lot easier.
In most cash pickups, signing up for a new account is free of charge. Once you receive a confirmation email, you are free to start enjoying the services. Upon transfer of funds, the recipient is notified directly by text or email. The payout is made available in the local currency.
As the sender, you have a responsibility to ensure that you provide the correct details of the person you are sending the money to. After all, the money can only be handed to a recipient of your choice. If the money happens to fall in the wrong hands, it is very difficult to turn around and blame the pickup service unless you can provide proof that they have been extremely careless.
Money Transfer Regulations
Jordan is a very attractive destination for expatriates in search for better opportunities. That means that money transfers in and out of the country are an integral part of the country’s economy. In order to protect the country from bad elements, there is a raft of measures put in place by the government to regulate money transfers.
The government of Jordan has put in place several regulations to combat money laundering as well as terrorist financing. Banks are required by law to have systems in place for identification and verification of customers.The banks are also responsible for the verification of the validity of any data or information provided by their customers.
They are required to use independent sources to validate the information. Independent sources include the departments that issued the documents containing the data.
Any bank personnel who are aware of any suspicious transactions are required to notify the authorities immediately.
Strict adherence to due diligence is also a requirement in cases where cash or traveller’s cheques are deposited in existing accounts by persons whose names don’t appear as the official owners of those accounts.
The same applies in cases where the person is not legally authorised to make deposits in those accounts.