In this article, we’re going to be sharing a list of banks in the Cayman Islands that includes many of the 96 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 96 banks and start the process of opening a Cayman Islands bank account today, including remotely.
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
- Do You Want Help Opening Bank Accounts?
List of Banks in the Cayman Islands
There are 96 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 96 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: 55
- Class B Bank & Trust: 30
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 bank accounts offshore, 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, account opening requirements, and risks.
Likewise, the bank that is best for you will depend on your residency status, the reason for the account, the type of 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 in the Cayman Islands, it’s important to also consider the potential risks of banking here.
In the following sections of the article, we’ll share how to identify 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 to open a personal bank account, private bank account, or a 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 send money to and from.
Naturally, each bank in the Cayman Islands has its own account opening requirements, onboarding process, and fee structures. For example, if you are looking to open a business bank account in the Cayman Islands, you might be required to demonstrate annual turnover, submit additional documents, and meet more requirements. This is especially true if you are considering opening with one of 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 and lower banking fees 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, business, 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 96 banks in the Cayman Islands. Out of these 96 banks, there are 3 Class A Banks, 8 Class A Bank & Trusts, 55 Class B Banks, and 30 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 banking benefits 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 official currency of the Cayman Islands, the Cayman Islands Dollar.
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.
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