Money

1. Currency Exchange

The main currency of Cayman Islands is the Cayman Island Dollar (KYD). The notes issued are of the denominations CI $ 1, 5,10, 25,50,100 while the coins issued are 1 cents, 5, 10 and 25 cents. The United States Dollar is widely accepted all throughout the island. However, you can also exchange foreign currency at numerous places on the island. The rate of a dollar does not fluctuate and the general practice of banks providing better exchange rates does not hold good here. MasterCard, VISA Electron and American Express cards as well as travelers' checks are widely accepted on all the three islands. The islands also have numerous banks and ATMs that accept VISA and MasterCard having Cirrus affiliation. These ATMs are located at most banks as well as the airport. The normal regular banking hours on the islands are Monday through Thursday 9 am till 4 pm. However, on Fridays the banks only remain open until 4:30 p.m.

2. What A Dollar Will Buy You

The cost of living in Cayman Islands is comparatively higher than most cities in the U.S. and Canada.

Baby Food (6 oz. jar) $1.09

Bagels - 6 $2.80

Batteries - pack of 4 x AA $8.52

Beer - pack of six $11.59

Bread $2.74

Cake mix $2.79

Cereals - 13oz Kellogg's $5.48

Cheese - cheddar 1 lb $6.09

Chicken - whole roaster $9.76

Cigarettes - carton of 200 $39.63

Coca Cola - 6 pack cans $4.01

Coffee - 11 oz $4.50

Deodorant $4.62

Disposable diapers - Pampers (28) $19.50

Eggs - imported free range/ 6 $5.79

Ice cream - Haagen-Daz - 1 pint $5.84

Laundry detergent - 32 loads $13.89

Milk - 1/2 gallon $3.65

Pasta sauce - 10 oz bottle $4.35

Pineapple - 1 $7.06

Strawberries - 16 oz. punnet $7.30

Bath mat $19.51

Bath towel $18.29

Blender $53.66

Broom $9.76

Bucket $13.11

CD player - portable $71.95

Coffee maker - Cuisnart 10 cup $52.44

3. Telecommunications

The island has a reliable and well-developed telecommunication infrastructure. All the regional centers of the island are connected to each other by fiber optic cable and satellite. The telecommunication system provides reliable telephone and fax communication services. Cable & Wireless (Cayman Islands) Ltd. and WestStar TV have been granted licenses by the Cayman Islands Information and Communications Technology Authority to provide Internet and Internet telephony service to its inhabitants. Calls can also be made from mobiles by using service providers such as Cable & Wireless, Cingular Wireless, AT&T and Digicel. Tourists can make long distance calls from all major hotels and resorts. Prepaid calling cards of varied denominations can also be used for making calls. These cards can be easily purchased all throughout the island.

4. Cab Fares

Taxis can be hailed at Owen Roberts International Airport on the Grand Cayman. A trip from Grand Cayman to Seven Mile Beach will cost you $10 to $25 depending on the number of people, and quantity of luggage. A taxi ride from Owen Roberts Airport to Seven Mile Beach will approximately cost you $11-$12.

The rates of these taxis are fixed per person or per vehicle to all places. This information can be obtained from the taxi regulator at the curb. The rates for taxis in George Town are also fixed and a sign with the current fares are posted at the docks.

5. Currency Exchange Rates

Currency Exchange Rates

1 KYD USD = 1.17 EUR = 0.92 CAD = 1.32 AUD = 1.55 GBP = 0.63 NZD = 1.90

US Dollar Cayman Island Dollar (KYD)

$ 10 8.58

$ 50 42.91

$ 100 85.83

$ 200 171.66

$ 1000 858.34

$ 2000 1716.68

6. Taxes

There are no taxes or currency exchange control rules in the Cayman Island.

Tourists are advised to keep in mind the fact that there is a compulsory and standard 10% Government room tax that is generally added to your hotel bill.

Along with the room tax, an additional departure tax of $25 per person is levied. This tax amount will usually be included in the cost of your airline ticket itself. The Government of Cayman Islands does not levy any sort of capital gains tax, payroll tax, corporation tax, withholding tax, property tax, or income tax.

7. Tipping

Most restaurants and bars in Cayman Island may add an extra service charge of 15% to your total food and beverage bill. In case this amount is already charged, you may not be required to tip the waiter. However, in case you feel that you have received poor or sub standard service you can always opt to decline to pay the extra service charge levied.

The waiter only receives a small portion of the gratuity and hence you may also pay an extra tip in case you feel you have been served well. Bell hops or porters may be tipped a dollar each for every piece of luggage carried by them. Similarly, tipping taxi drivers also purely depends on your discretion.