Cayman Islands Currency Guide: Explore with the Cayman Islands dollar
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in the Cayman Islands with the Cayman Islands dollar
What's in this Cayman Islands currency guide?
What currency is used in the Cayman Islands?
The official currency of the Cayman Islands (country code: KY) is the Cayman Islands dollar, with symbol K$ and currency code KYD.
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Frequently Asked Questions
What currency should I use in the Cayman Islands?
The domestic currency in the Cayman Islands is the Cayman Islands dollar.
What is the Cayman Islands dollar currency code and symbol?
The three letter currency code for the Cayman Islands dollar is KYD — symbol is K$.
What doe the Cayman Islands dollar look like?
Here is an example Cayman Islands dollar banknote:
Which countries use the Cayman Islands dollar?
It is the domestic currency in Cayman Islands.
Is the Cayman Islands dollar a closed currency?
No, the Cayman Islands dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and KYD?
Here are some popular conversion amounts for USD to KYD (US dollar to Cayman Islands dollar)*.
*Converted at the current USDKYD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the Cayman Islands dollar
The Cayman Islands dollar (KYD) is the official currency of the Cayman Islands, a British Overseas Territory located in the Caribbean Sea. Here are a few things to know about the Cayman Islands dollar:
- The Cayman Islands dollar is abbreviated as KYD and is divided into 100 cents.
- The Cayman Islands Monetary Authority is responsible for issuing and regulating the Cayman Islands dollar.
- The exchange rate for the Cayman Islands dollar is determined by supply and demand in the foreign exchange market.
- The Cayman Islands have a high standard of living and a high per capita income, and the country's economy is heavily reliant on the financial services industry. The Cayman Islands are also a major tourist destination, with a significant portion of the country's GDP coming from the tourism industry.
- The Cayman Islands dollar is pegged to the US dollar at a fixed exchange rate of 1 KYD = 1.2 USD. This means that the value of the Cayman Islands dollar is closely tied to the value of the US dollar.
Travel money for the Cayman Islands
Using Wise for Cayman Islands dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Cayman Islands dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Cayman Islands dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the KYD cash locally or even on travel day at the airport.
The Cayman Islands are a British Overseas Territory located in the Caribbean Sea. The Cayman Islands are known for their beautiful beaches, clear blue waters, and tropical climate, making them a popular destination for tourists. Here are a few top things to do in the Cayman Islands:
Visit Seven Mile Beach: Seven Mile Beach is a popular tourist destination located on the western side of Grand Cayman. The beach is known for its beautiful white sand and crystal-clear water, and is a great place to relax, swim, or snorkel.
Explore the Cayman Islands National Museum: The Cayman Islands National Museum is a great place to learn about the history and culture of the Cayman Islands. The museum features exhibits on the island's natural history, marine life, and cultural heritage.
Take a boat tour: The Cayman Islands are home to a variety of marine life, including colorful fish, dolphins, and sea turtles. There are many boat tours available that allow you to explore the islands' beautiful waters and see these animals up close.
Go snorkeling or diving: The Cayman Islands are known for their clear waters and vibrant marine life, making them a popular destination for snorkeling and diving. There are many snorkeling and diving spots around the islands, and you can see a variety of fish, coral, and other marine life.
Visit the Queen Elizabeth II Botanic Park: The Queen Elizabeth II Botanic Park is a beautiful garden located on Grand Cayman. The park features a variety of plants, flowers, and trees, and is a great place to relax and take in the natural beauty of the islands.
Top Travel tips for Cayman Islands
1. There is no need to worry about safety in the Cayman Islands as it is one of the safest countries in the world.
2. The best time to visit the Cayman Islands is between December and April.
3. It is advisable to book your accommodation and travel tickets in advance as the islands can get crowded during peak season.
4. The currency in the Cayman Islands is the Cayman Dollar.
5. English is the official language in the Cayman Islands.
USD/KYD Market Data
The below interactive chart displays the USD/KYD change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to the Cayman Islands - Best Rates
To get a good (and fair) exchange rate when sending money to the Cayman Islands you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to the Cayman Islands
When sending money to the Cayman Islands it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Cayman Islands dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted KYD amount will be transfered to the recipient account you specify in the Cayman Islands.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Cayman Islands dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in the Cayman Islands
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Cayman Islands dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the KYD exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Cayman Islands dollar bank account: A local KYD bank account can make it easier for you to manage your finances and pay bills while you are in the Cayman Islands. It may also be more convenient to use a local KYD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in the Cayman Islands. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in the Cayman Islands. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in the Cayman Islands, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in the Cayman Islands.
How is the cost of living in Cayman Islands?
The cost of living in the Cayman Islands is generally considered to be high compared to many other countries. The Cayman Islands have a high standard of living and a high per capita income, and this has led to high prices for goods and services in the country. However, the cost of living in the Cayman Islands can vary depending on a number of factors, including your personal expenses, the area in which you live, and your lifestyle.
Some things that may be more expensive in the Cayman Islands include housing, transportation, and food. However, there are also many things that are less expensive in the Cayman Islands, such as clothing and entertainment. Overall, the cost of living in the Cayman Islands is similar to that of other Caribbean countries, such as Barbados and the Bahamas.
It is worth noting that the cost of living in the Cayman Islands can vary significantly depending on the region. For example, the cost of living in Grand Cayman, the largest of the three Cayman Islands, is generally higher than in the other two islands due to higher housing and transportation costs.
How is the expat life in Cayman Islands?
There is no definitive answer to this question as everyone's experience is going to be different. However, in general, most expats seem to find life in Cayman Islands to be very good. The cost of living is relatively high, but this is offset by the high salaries that many expats receive. There is a strong expat community in Cayman Islands, which can make it easy to meet new people and make friends. The weather is beautiful year-round, and there are plenty of activities and attractions to keep people busy.
Any laws in Cayman Islands that foreigners should be aware of?
The International Business Companies Act is the key piece of legislation governing offshore business activity in the Cayman Islands. The act provides a flexible and favourable regulatory environment for international business companies operating in or from the Cayman Islands.
What is doing business like in Cayman Islands?
The Cayman Islands is considered to be a very business-friendly jurisdiction, and has a well-developed financial services sector. The Cayman Islands is a popular destination for businesses seeking to set up offshore operations, due to its low taxes and supportive legal and regulatory framework. The Cayman Islands is also a popular destination for business events and conferences.
How is the economy in Cayman Islands?
The economy in the Cayman Islands is stable and diversified, with tourism and financial services being the two main industries. The government has been proactive in diversifying the economy and has seen success in attracting new businesses, such as information technology and medical tourism. The Cayman Islands has a well-developed infrastructure and a highly educated workforce. The unemployment rate is low and the standard of living is high.
