Opening a Bank Account

Opening a Bank Account

Due to strict Know Your Customer regulations, you will need a letter from your employer as well as a bank reference letter from your home bank in order to open an account here. Each retail bank offers checking, savings, and fixed deposit accounts for personal and business entities.

Accounts can be opened in Cayman dollars or US dollars. Many employers in the financial services industry pay in US dollars. Banks also offer accounts in Canadian dollars and British pounds, though these are not widely used for everyday transactions.

Credit and debit cards are issued by all of the retail banks. Debit cards can be connected to either Cayman dollar or US dollar accounts. Credit cards are in US dollars only. Both credit and debit cards can be used internationally.

ATM machines are found at each bank branch as well as at grocery stores and other locations around the island.

Monday mornings and Friday afternoons are always busy at the banks. Large quantities of coins are not accepted on Mondays or Fridays or the first day of business after a public holiday. Operating hours at most retail banks are typically 9am to 4pm Monday to Thursday, and until 4:30pm on Friday. A few banks are open on Saturday.