Banking

Currency

The official currency of the Cayman Islands is the Cayman Islands dollar (CI$), which is divided into 100 cents. The CI$ (also noted as KYD) has a fixed rate of exchange with the US dollar, at US$1.00 = CI$.80. Both CI$ and US$ are accepted locally, but change is given only in CI$.

Opening an Account

There are numerous well established banks that offer personal checking and savings accounts. To open an account, they will require a letter from your employer and proof of identity (passport or driving license). Some banks also require a reference letter from your home bank.

Depending upon the bank you choose, it may be up to two weeks before the account is operational. You should ensure you have enough money/travellers cheques to cover your start up costs, including rent, deposits etc. It is a good idea to open an account with travellers’ cheques or a bank draft and keep some travellers’ cheques for deposits and expenses etc.

ATM’s are located across all three Cayman Islands and operate on the CIRRUS card system. ATMS are accessible 24 hours per day.

Retail banks offer KYD, USD, Canadian dollar, pound sterling and Euro accounts. Credit cards are available in US$ and debit cards are available in both CI$ and US$.

Bank Hours

Most banks are open Monday to Thursday, 9am to 4pm and Friday to 4:30pm. Some branches are open on Saturday, usually for a short day.

Banks are closed on public holidays and Sundays.

Loans

New residents commonly apply to a bank for car loans and mortgage loans.