Expert: Drew Wilmoth - 6/20/2008

Question
Hi,
I will be travelling to the Caribbean in September to work on private yachts for 12 months. And I was advised to arrange a bank account before I get there.As I will be travelling I will need an account I could access in several countries. Could you please recommend one for me?

Many Thanks
Kerry

Answer
Kerry,

The Cayman Islands has many banks, but only a few operate under a Class A license. This is the class of bank which offers banking services to the general public such as savings and checking accounts, ATM machines, acceptance of cash deposits, and teller services.

There are other classes of banks with offices in the Cayman Islands that handle other forms of financial transactions but do not offer the traditional banking services of a Class A bank. This includes local branches of some well known banks such as Bank of America. General all transactions with such offices are handled electronically by wire transfer. Cash deposits are not accepted.

You do not state which portions of the Caribbean you are likely to work in, but this can influence your banking relationship in the Cayman Islands.  Requirements to open an account are quite rigid for those who do not reside in the Cayman Islands and who do not hold a work permit to work in Cayman. If this is your situation, you should contact the banks directly for account requirements.

All Class A Banks with offices in Cayman offer ATM cards which are tied into international banking networks. This would allow you to withdraw funds throughout the Caribbean and the world. All offer online banking to manage your accounts. All offer accounts denominated in Cayman Islands dollars, US dollars, Canadian dollars, Euros, or UK pounds.

Cayman National Bank is the only bank with branches in all three of the Cayman Islands. They do not have branches elsewhere in the Caribbean.

Butterfield Bank has branches in Grand Cayman as well as Bermuda, Barbados, and The Bahamas.

ScotiaBank has branches in Grand Cayman as well as the US Virgin Islands, Puerto Rico, Canada, Jamaica, and many islands of the Eastern Caribbean.

Royal Bank of Canada has branches in Grand Cayman as well as Canada, parts of the southeastern United States, The Bahamas, and various islands of the Eastern Caribbean.

First Caribbean International Bank has branches in Grand Cayman, Belize, and many islands of the Eastern Caribbean.

HSBC has been granted a Class A license but has not yet begun Class A banking operations in Cayman. They have an extensive network of branches worldwide.

Depending upon your specific needs, each bank offers certain strengths.  All are well established and heavily regulated.

Sometimes the ability to easily move funds internationally is of great benefit to ex-patriate workers. If that is your case then I would recommend selecting a bank with branches in your home country, if possible.

Royal Bank of Canada, ScotiaBank, and First Caribbean probably have the largest network of branches in the wider Caribbean.