The official currency of the Cayman Islands is the Caymanian Dollar (KYD), which has a fixed exchange rate with the U.S. dollar at a rate of $1(USD) to $0.80(KYD). This means that $5(USD) converts to about $4(KYD).
U.S. currency is widely accepted throughout the islands. You may receive change in either currency, or even both. When exchanging money, all counters will be fairly stable and banks will not necessarily be able to offer better rates, in fact, most banks charge a fee of $0.04 per dollar, so your exchange rate will look more like $0.84(KYD) for ever $1(USD). It is also important to note that most of the larger hotels charge a slightly higher fee for their exchange services. Consider exchanging enough money for airport incidentals and transportation to your hotel before leaving home, so you won't have to worry about acceptance of your currency while trying to get settled.
If you'd like to avoid exchanging money all together, Visa and MasterCard are both widely accepted by hotels, restaurants, and many shops. Contact the company through which your credit card is issued before you head out on your trip for a rundown of any fees that may be issued to you for using your card overseas. It is not uncommon for credit card companies to charge an additional foreign transaction fee with each purchase, and you want to be aware of these fees in advance. Traveler's checks are also widely accepted, though have begun to fall out of style in recent years. Personal checks are rarely accepted.
Automatic Teller Machines are the easiest way to get cash while you're away from home. Look at the back of your bank card to see which network you're on, then call or check on-line for ATM locations at your destination. On the Cayman Islands, Visa, MasterCard, and Cirrus network cards are welcome, and any debit card endorsed by a major credit card is virtually universally accepted. You may also get cash advances on your credit card at an ATM, provided that you've set up the system and have a PIN to use for such applications.
There are four ATMs located in the Cayman Islands:
American Express Travel Services, which can be contacted at 345-949-8755;
Bancard/British American Card Company, which can be contacted at 345-949-0500;
Bank of Butterfield International Ltd., which can be contacted at 345-949-7055;
the Cayman National Bank, which can be contacted at 345-949- 4655.
Overall, travelers will find that using credit cards and travelers checks is no problem in the Cayman Islands.
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