Currency

The Cayman Islands has its own currency, first issued in 1972, the basic unit is the dollar, issued in notes with denominations of CI$100, 50, 25, 10, 5 and 1 and coins valued at 25, 10, 5 cents and 1 cent. The CI$1 note bears a portrait of her Majesty Queen Elizabeth II and the Cayman Islands coat of arms. The reverse side of the CI$5 note features a schooner sailing off George Town harbour. The watermark on all notes (which may be seen by holding them up to the light) features a turtle printed into the design on the left hand side. All the coins also bear the effigy of the Queen.
 

The CI dollar has a fixed exchange rate with the US dollar of CI $1.00 equals US $1.25 OR US $1.00 equals CI $.80

Exchange rate

There is no need for visitors to exchange their US dollars into local currency. Many traders quote their prices in both CI$ and US$ and you can pay in either currency. If you pay in US$, however, be prepared to receive your change in CI$. The US dollar is accepted throughout the islands at a rate of CI 80 cents. However, this can be confusing to visitors: for example, a US$20 note becomes CI $16. Banks do NOT give a better rate of exchange! Major credit cards (with the exception of the Discover Card) and travellers checks are widely accepted. Canadian dollars and pounds sterling can be exchanged for CI dollars at local banks. The bank rate of exchange is more favourable for traveller's cheques at a rate of CI.82. If you change cash at a bank you will receive CI.80 for US$1.00. Most banks will also honour cash advances on Visa and MasterCard at the rate of CI.82 for each US$1.00. Pounds sterling are not readily accepted by local merchants or restaurants, but may be changed at one of the larger banks on the Island at the current exchange rate, which may vary daily. Coins are not accepted.

There is no limit to the amount of non-Caymanian currency you may bring into the Island.

In addition Automatic Teller Machines accepting VISA and MasterCard with Cirrus affiliation are located at Cayman National Bank and other banks and at Owen Roberts International Airport.

Banks

Although Grand Cayman now has more than 692 licensed banks, only a handful are full-service "A-class" banks providing full customer banking services as visitors know it. These include Barclays Bank; Scotiabank; Bank of Butterfield; Royal Bank of Canada; Cayman National Bank; Canadian Imperial Bank of Commerce and British American Bank. Regular banking hours are 9 :00 a.m. until 4 p.m. Monday through Thursday and until 4:30 p.m. on Friday.