Currencies:

Whilst the official currency of the Cayman Islands is the Cayman Islands dollar (CI$ or KYD), US dollars are also accepted Island wide.  The CI dollar has a fixed exchange rate with the US dollar of .80 (US$1.00 is equal to CI$0.80).  Although both currencies are used locally, change is always given in Cayman Islands dollars.

Opening an Account:

Opening an account in Cayman is a relatively easy process, but keep in mind when first moving to the Island that it can take up to a couple of weeks for the account to become operational, so make sure you have access to enough funds to keep you going on arrival. 

See below list of banks:

To open an account you will be required to provide a letter from your employer on island, proof of your identity (current passport or driving license), and a letter of reference from your home bank is also often requested.

Retail Banks offer accounts for the Cayman Islands Dollar, US Dollar, Canadian Dollar, British Pound and Euro.

Credit/Debit Cards and ATM Machines:

Credit/Debit Cards:  On opening your Cayman account you will be issued with a Debit Card.  You can then apply for a Credit Card with your bank.  It is quite common for ex-pats to be requested to pay a deposit before the bank will approve your application for a Credit Card.   Debit Cards are available in both US and CI dollars, whilst Credit Cards are available in US dollars only.

ATM Machines:  There are many ATM machines available on island.  These are commonly situated outside the banks, in local supermarkets and gas stations for your convenience.  Most ATMs are accessible 24 hours a day and operate on the CIRRUS card system.

Banking Hours:

Banks in Cayman are open for business from Monday-Friday, 9am through 4pm.  However, some branches have extended their weekly business hours through 6pm and are open Saturday mornings until mid-day.  Check when opening your account what branches offer “after hours” services.

All banks on Island are closed on public holidays and Sundays.

Loans:

It is quite common for new residents to apply for car loans and mortgage loans when they arrive on Island.  Banks will generally require a letter from your employer confirming various details before approving a loan.