Cayman Bank Accounts

[hisfirstm8]

Has anyone opened an account while visiting Cayman?

 

Barbara

[VonS]

Has anyone opened an account while visiting Cayman?

 

Barbara

 

Hi Barbara,

 

I have an account on Grand Cayman, due to owning property there. Opening an account is not as simple as T.V. and movies would lead you to believe. We needed references from our bank in the U.S. to open a savings account, even though we already had a mortgage with a Cayman bank. They really want to know exactly who they are dealing with and EXACTLY what you are up to! Even attempting to deposit a few thousand dollars in cash will meet with extreme scrutiny. After Hurricane Ivan, I had to renovate my condos. On one trip, I brought about $6000 from home to pay a local tradesmen. The Cayman bank refused to take the deposit until I filled out numerous forms which they said the US government required be filled out. It's all really controlled these days. If you still want to try to open an account, bring a letter from your bank stating that you have never had any overdrafts and that you pay your bills on time. Also, expect to spend the afternoon at the bank.

[prairie girl]

Barbara,

There was a time that one could just "walk" into the bank and open up an account. Sadly, I do not think this is now the easy process it once was. The amount of information and paperwork that is now required makes it almost impossible for just anyone to walk in and start banking. I am not certain for sure, but I almost think that one has to be a "resident" (with proper immigration documentation/work permits/letters of salary from employers/copies of utility bills/possession of property/business, etc.) It doesn't hurt to try, but I would insure that you have lots of time available to speak with the bank manager and have all your ducks in a row.

 

If you want, I will help you spend your extra money on our sailing together!:D

 

Sandy

[drew sailbum]

As a resident, I can confirm that it is no simple process.

 

Since I live and work on the island I "only" needed my passport and a letter from my employer.

 

For non-residents, I would strongly suggest that you contact banks long before you arrive in Cayman so that you can inquire about what process is needed.

 

I would anticipate that you will need:

a letter of reference from at least one bank where you have done business for some time.

some proof of the source of income.

your passport.

letters attesting to your good character from professionals who have know you for some time.

a letter from a minister of religion who has known you for some time.

 

Your mileage may vary.

[hisfirstm8]

Sandy,

Looks like we will save our "Cayman" money for the casino. Hopefully the return will be even greater! See you in April and on the other boards!

 

Barbara