In this article, we’re going to be sharing a list of banks in the Cayman Islands that include many of the 94 financial institutions operating in the country.
Of course, each of these banks caters to specific client types, offers different banking services, requires different deposit levels, and has a different onboarding process.
In this article, we’re going to help you navigate how to choose from these 94 banks and start the process of opening in the British Overseas Territory of the Cayman Islands today, including remote account opening.
This article is part of our free series on banking in the Cayman Islands, which you can access using this link.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- List of Banks in the Cayman Islands
- How to Choose Where to Open a Bank Account in the Cayman Islands
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
List of Banks in the Cayman Islands
There are 94 banks in the Cayman Islands, spanning several license categories and catering to a wide range of clientele. The most popular banks in the Cayman Islands include:
- Butterfield Bank (Cayman) Limited
- Cayman National Bank Ltd.
- CIBC FirstCaribbean International Bank (Cayman) Limited
- RBC Royal Bank, Scotiabank
- Proven Bank (Cayman) Limited (formerly Fidelity Bank (Cayman) Limited)
- HSBC Bank (Cayman) Limited
The complete list of the 94 banks is separated into (a) Class A Banks, (b) Class A Bank & Trusts, (c) Class B Banks, and (d) Class B Bank & Trusts. Here is a look at the total banks in each license type.
List of Banks by License Type in the Cayman Islands
- Class A Banks: 3
- Class A Bank & Trust: 8
- Class B Banks: 54
- Class B Bank & Trust: 29
That said, the Cayman Islands also offers other deposit-taking and financial service licenses, including Money Service Providers, Building Societies, Cooperative Societies, Development Banks, and Money Service Businesses.
Of course, when it comes to opening accounts overseas and unlocking the Cayman Islands offshore banking services, foreign non-residents looking to bank in the Cayman Islands will need to consider banks that actively accept foreign clients.
With this in mind, before choosing where to apply to open an account, it’s important to carefully assess each bank’s preferences, financial risks, onboarding compliance regulations, and the Cayman Islands banking requirements.
Likewise, the bank that is best for you will depend on your residency status, the reason for the account, the type of financial planning help and Cayman Islands banking services you need, and your deposit level. That said, there are many additional factors you need to consider when deciding where to open a bank account. For example, if this is your first time looking at opening accounts here, it’s important to also consider the potential financial challenges and risks of banking in the Cayman Islands.
In the following sections of the article, we’ll share how to identify first-class financial firms and the best banks in the Cayman Islands that will accept your client profile and offer the services you need.
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How to Choose Where to Open a Bank Account in the Cayman Islands
To choose where to open a bank account in the Cayman Islands, you first need to understand your client profile and banking requirements. In other words, determine if you need a Cayman Islands personal bank account, individual investment account, private bank account, or business bank account.
This also means understanding how banks perceive you, the risks associated with your profile, and how desirable you may (or may not) be as a prospective client.
Of course, you also need to know which services you require, including which countries you need to transfer funds to, and how frequently you need to send international payments or send money to the Cayman Islands.
Naturally, each bank in the Cayman Islands has its own account opening requirements, onboarding process, and fee structures. For example, if you are looking for an account to hold corporate assets, such as a Cayman Islands business bank account, you might be required to demonstrate annual turnover, submit additional documents, and meet more requirements. This is especially true if you are considering opening an account with one of the leading global financial enterprises or the largest banks in the Cayman Islands.
For example, if you are looking to open a bank account for an entity, you might be required to submit more detailed documentation and a higher deposit than if you were to open a personal bank account.
To help you determine how to choose where to open a bank account in the Cayman Islands, let’s take a closer look at the key factors you should consider before choosing a bank.
Factors to Consider When Choosing the Right Cayman Islands Banks
- Can you afford the bank’s minimum deposit?
- Does the bank accept your client profile?
- Does the bank offer the services you require?
- Will the bank allow you to open remotely?
- What fees will be applied to your account activities?
- And more
It’s important to note that even if you find a bank that meets your needs and accepts your client profile, you may find a wider selection of banking options elsewhere.
Likewise, certain clients may be able to find better banks with more relevant services, more reasonable account opening fees, and lower banking costs in other banking jurisdictions.
That said, the Cayman Islands is home to sophisticated bankers, strong banks, and a wide range of services. So, for the right prospective clients, the Cayman Islands can be an interesting banking jurisdiction to consider. This is especially true whether you are looking to open personal accounts, business accounts, luxury savings accounts, or private bank accounts in the Cayman Islands.
Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about banks in the Cayman Islands. If you have further questions you would like answered, don’t hesitate to get in touch.
How Many Banks Are in the Cayman Islands?
There are 94 banks in the Cayman Islands. Out of these 94 banks, there are 3 Class A Banks, 8 Class A Bank & Trusts, 54 Class B Banks, and 29 Class B Bank & Trusts. While most of these banks do offer both resident and non-resident banking services to individuals and corporate entities, not all banks offer the same Cayman Islands banking benefits, loyalty account incentives, and banking services.
Can a US Citizen Open a Cayman Islands Bank Account?
Yes, a US citizen can open a Cayman Islands bank account. In fact, most foreign non-residents can open bank accounts in the Cayman Islands, including remotely. Of course, not all banks in the Cayman Islands accept non-resident clients. That said, Cayman banks may be a suitable banking option for anyone looking for exposure to the Cayman Islands Dollar (KYD), the currency of the Cayman Islands.
How Much Money Do You Need to Open a Bank Account in the Cayman Islands?
The amount of money you need to open a bank account in the Cayman Islands will depend on a variety of factors, including your residency, the type of account you want, the banking services and products you need, and the bank you approach. That said, generally speaking, account opening deposits can range between $100,000 to $250,000 for non-resident banking in the Cayman Islands. That said, if you are looking to access private banking services, banks here will want to see a commitment to increasing this balance.
Ready to Open an Offshore Bank Account?
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