Cayman Islands Banking and Financial Services
Cayman Islands Banks
Grand Cayman has more than 259 licensed banks but only a few offer customer services as visitors might expect. Forty of the world's largest banks have a presence in the Cayman Islands which shows their importance in the global banking sector.
Look for branches of Cayman National Bank Ltd, Royal Bank of Canada, Butterfield Bank (Cayman) Limited, Scotiabank & Trust (Cayman) Ltd and First Caribbean International Bank (Cayman) Limited if you want to open and operate an account.
These banks are usually open from 9 a.m. until 4 p.m. Monday through Thursday and until 4:30 p.m. on Fridays.
Currency Exchange
The Cayman Islands have their own currency, the Cayman Islands dollar which is at a fixed rate of CI$1 to US$1.25. i.e. One US dollar is worth CI$ 0.80 but visitors do not need to change their money upon arrival as the US dollar is widely accepted at this fixed rate.
Cayman Islands Financial Services
The Cayman Islands has successfully developed a thriving financial services sector, particularly since the 1960s, which now accounts for 40% of the GDP.
The regulations governing these offshore services have been tightened considerably in recent years to avoid tax evasion and money-laundering. The Cayman Islands is recognized as a sophisticated and diverse center for finance, specializing particularly in Institutional investment and private client business.
The Cayman Islands now offers not only banking but also mutual funds, insurance, vessel registration, trusts, company and partnership formations and it has its own Cayman Islands Stock Exchange.
Image: Island Savings
