Money on Little Cayman?

[Deac in the Wake]

After going to Cayman for so many years, we decided to just open a small checking account at Cayman National Bank. It's interest bearing and it gets you out of service fees on exhanges. Probably not worth it if you don't go to Cayman that often but we're there at least once sometimes twice a year so it pays for itself.

 

[hypersonic]

On tips for LCBR dive staff....

In the dive shop they have small locked boxes for the dive crew. You can tip individually by putting money in the DM's box or in a slot designated to be shared by all the dive crew.

On our trip in November we tipped individually by putting the money in a folded note and signing our names. When we go back in April, we will bring small envelopes.

There was no pressure to tip in fact we had to ask what the arrangements might be but we view tipping as part of the cost of the trip and did receive fantastic support while diving. We also tipped Craig who made the video. He did a great job and deserved a tip.

 

[billinwilliamston]

After going to Cayman for so many years, we decided to just open a small checking account at Cayman National Bank. It's interest bearing and it gets you out of service fees on exhanges. Probably not worth it if you don't go to Cayman that often but we're there at least once sometimes twice a year so it pays for itself.

Interesting. I've often thought that a CC or bank account in CI would be real nice to have while we're down there. How big of a pain was it to open a checking account?

Thanks.

 

[Drew Sailbum]

It can be a royal PITA to open an account, even for those of us living here. Banks often require multiple reference letters from your current bank/accountant/lawyer and some proof of the source of deposited funds.

I tried to add an authorized signatory onto my account and it was a huge PITA. In the end the only soution was to restrict her from making deposits. That's right.... they care more about who is depositing money than withdrawing.

Speaking of withdrawls... that authorized signatory lost her wallet with her debit card. We reported it within 24 hours. Whoever found the card completely drained the account through fraudulent transactions. The bank told me that they had already decided the transactions I was reporting as fraud were genuine and if I insisted on proceeding with a report then they would charge me CI$20 (US$25) per transaction I disputed.

Laws are different in Cayman than the US and you do not have the same protections as in the US.

Having a Cayman account does not get me any better exchange rate at all. No difference.

There are government manadated fees on banking transactions in Cayman. There is a 25 cent per debit stamp duty (ie per withdrawl or use of debit card) in addition to account charges the bank may levy.

 

[Drew Sailbum]

How to get a better exchange rate when converting US$ to CI$?

There are three options:

1. Exchange more than US$10,000 at a time.
2. Send the US$ by wire transfer to a CI$ account.
3. Exchange US$ traveler's cheques at a bank counter.

Any of the above might get you CI$0.82 per US$1. Maybe. Otherwise you are stuck with CI$0.80 per US$1.

DO NOT exchange US$ for CI$ at the currency exchange in the restaurant at the Grand Cayman airport. It is the worst rate in Cayman. You will get a better rate at any merchant elsewhere. All merchants accept US$ cash except for the US Consular Agency which only accepts US$ cashier's checks drawn on a US account.

 

[Deac in the Wake]

I actually had very little trouble opening an account but that may have to do more with my profession, background and financial situation. It does take time. Certain institutions will charge US cardholders for overseas usage and ATM withdrawls- a fee which is usually higher than the CI stamp duty. And the "fees" you can avoid (I wasn't clear) are when you can use CI or a CI card at a retailer in Cayman rather than making the conversion rate between US$ and CI$ which always has an overhead.

But be sure- due to international (i.e. US) pressures and the desire for Cayman to improve its banking image (which I personally believe is much more Hollywood myth than reality), they will absolutely research anyone seeking to open an account. But it can be done and depending on your situation, it just might be worth it. It has been for us.