New Cayman Islands Bank Account
Opening a new Cayman Islands bank account isn't as easy as you may think. Grand Cayman banks have the most colorful reputation of many offshore banks. The general feeling is these Cayman banks do not check too closely who opens an account and, therefore, their accounts are used for money laundering or other illegal activities. As a result, the Grand Cayman banking industry has implemented changes to the banking system to make illegal activities more difficult. In the process, these banks have made it more difficult to conduct regular banking business.
Cayman Islands Bank Account at Cayman National
So, when my husband went to the bank to open account, he was told he could only open a savings account (not checking). This forces the majority of his transactions to be conducted either in cash or via their somewhat clumsy online bill pay system. In any case, there are restrictions on how much cash can be withdrawn per day, and restrictions on who you can pay with the bill pay system. I mention this to say that banking when you first arrive here will feel as if you've gone back in time.
The local banks here are:
- Butterfield Bank (Cayman), Ltd.
- Cayman National Bank, Ltd.
- Fidelity Bank (Cayman), Ltd.
- FirstCaribbean International Bank
- HSBC Bank (Cayman), Ltd.
- Royal Bank of Canada
- Scotiabank & Trust (Cayman), Ltd.
Cayman Islands Bank Account at First Caribbean
One more thing to keep in mind is that foreign banks operating here don't always have the same rules as their home country. For example, a bank that operates in Canada will have deposit insurance for it's insurers in Canada. However, if you open an account with them in Grand Cayman you probably will not have access to the deposit insurance.
Not too long ago, I was investigating banks that I could use for offshore banking. It turned out that many of the banks here in the Caribbean are linked to Eastern European banks. It's not obvious when you look at their website -- you really have to dig. This may or may not be a problem for you. I was a bit concerned because of the global financial crisis. To summarize, banks are very complex entities, and you must pay attention to the fine print when you decide to deposit your money.
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