Money & Banking

This section provides detailed information on Cayman banks; how to open a bank account whether for personal use or for a business; online banking facilities; what it takes to get a local mortgage and money transfer services available in Cayman.

Opening a Personal Bank Account

All banks in the Cayman Islands adhere to mandatory due-diligence requirements, meaning they will perform fairly extensive checks before opening an account for you to ensure that you are thoroughly legitimate and that no money is going to be laundered.

Opening a Business Bank Account

For a company incorporated in Cayman, the bank or trust company will need the following information:

Local Banks

The following reputable banks offer accounts, online banking, ATMs, wire transfers, utility payments services and much more.

Online Banking & ATMs

All the banks offer online banking, but some are definitely more sophisticated and user-friendly than others. If online banking is important to you, then it is worth asking about each bank’s online capabilities.

Getting a Mortgage

Any of the local Class A banks can lend money. It’s sensible to shop around, however, as rates are getting more competitive it means the percentage above prime (from 1%-5%) can be negotiated. The usual term for a mortgage is 20 years, although some banks will offer as much as 35 years.

Money Transfer Services

Due to the number of foreign nationals in the Cayman Islands, there are numerous money transfer companies on the Island including: Fidelity-Western Union, MoneyGram, Money Express and JN Money transfer.