The following reputable banks in the Cayman Islands offer accounts, online banking, ATMs, wire transfers, utility payments services and much more.
All banks in the Cayman Islands are regulated by the Cayman Islands Monetary Authority (CIMA) and banking is a major part of Cayman’s financial sector. The banking division of CIMA report that there were 133 banks licensed as of June 2019, and these were made up of six retail banks, at which the local population can do their day-to-day banking (Butterfield Bank, Cayman National Bank, CIBC FirstCaribbean Bank, Fidelity Bank (Cayman) Limited, RBC Royal Bank (Cayman) Limited and Scotiabank & Trust (Cayman) Ltd), four non-retail category ‘A’ banks and 125 category ‘B’ banks. The majority of these banks are branches, subsidiaries and affiliates of established international financial institutions conducting business in the international markets.
A testament to the worldwide recognition of the quality of Cayman’s financial industry is the fact that over 40 of the world’s top 50 banks hold licences in Cayman. The banking sector hires highly skilled professionals and is one of the most prominent employers on the Island. Cayman Islands banks are bound by strict anti-money laundering laws, which together with Know-Your-Customer (KYC) regulations, are recognised as meeting or exceeding those of all major onshore jurisdictions.
The total international (cross-border positions in all currency and domestic positions in foreign currency) assets and liabilities were reported as US$672 billion and US$674 billion respectively in December 2018. The jurisdiction is now ranked ranked 12th internationally in terms of cross-border assets and also 12th for cross-border liabilities, highlighting the role of the Cayman Islands as a financial intermediary. More than 80% of those international assets represent inter-bank bookings between onshore banks and their branches, subsidiaries, affiliates and other Cayman Islands’ licensed banks.
All the local banks now allow you to transfer money domestically between the banks, pay bills online and order wire transfers, bank drafts etc. They also do not charge for savings accounts. Debit and credit cards with a chip and a pin are very slowing coming to Cayman, and are still significantly behind Europe in this regard.
The impact of the COVID-19 crisis on jobs in the Cayman Islands has been widely felt. To help ease the burden for individuals, families and business, local banks have begun offering significant money saving initiatives. Read on to find out what your local bank is offering customers.Read More