Banking in Grand Cayman

From our travel guide

Grand Cayman's banking sector is one of the most developed in the Caribbean, a reflection of the island's role as a global financial centre. Retail banks, private wealth managers, and trust companies all operate here, serving residents, expats, and international clients alike, though for the everyday stuff, current accounts, mortgages, personal loans, it comes down to a handful of retail banks with branches and ATMs across the island.

Butterfield Bank, Scotiabank, Cayman National Bank, and RBC Royal Bank are the main four. Most branches sit in George Town, especially along the waterfront and Cardinal Avenue: Butterfield also has locations in Camana Bay and Governor's Square on Seven Mile Beach, Cayman National Bank is headquartered on Elgin Avenue with branches in the industrial park and at Grand Harbour, and Scotiabank and RBC both add a Camana Bay branch to their George Town one. Fewer branches serve the eastern districts, though Scotiabank keeps one in Savannah and some banks maintain ATMs in Bodden Town and East End.

CIMA, the Cayman Islands Monetary Authority, regulates banks and financial services firms. Opening an account as a non-resident or new arrival takes real time: banks typically want proof of identity, proof of address, a reference from your existing bank, and sometimes a letter from your employer. Budget a few weeks for it and bring the documents from home rather than trying to assemble them here.

The Cayman Islands Credit Union is a lower-fee alternative that covers savings, loans, and mortgages. ATMs sit at most bank branches and at busy spots like Owen Roberts Airport, Camana Bay, and the major supermarkets, dispensing CI dollars for the most part; US dollar machines are rarer but exist at some branches and the airport. Debit and credit cards work everywhere.