Grand Cayman Banking Services

Over the years, the Cayman Islands have reached a point where success is not merely confined to the influx of visitors coming in to enjoy the island's splendid sceneries. The Cayman Islands especially the largest Grand Cayman Islands is recognized by the entire global community as a diverse, modern, and stable financial center. As a leading financial services jurisdiction, Cayman has been attracting the world's premier legal, accounting and financing firms, while the banking industry is deemed as the economic life-blood of the Cayman Islands.

Presently, Grand Cayman banks now total more than 692. This includes trust companies and 43 of the largest banks in the world. Despite this number, only a few of these Grand Cayman banks can be classified as top class banks, which are able to provide the highest customer banking services based on how visitors rated them. To name a few, they are Scotiabank, Barclays Bank, Royal Bank of Canada, Bank of Butterfield, Cayman National Bank, British American Bank, and the Canadian Imperial Bank of Commerce.

Nonetheless, banks in Grand Cayman have a strict adherence to the standards as regulated by the Basle Committee on Banking Supervision and the Cayman Islands being an active member of the Basle Committee's Offshore Group of Bank Supervisors, finds the regulations essential to meeting the standard approach.

Moreover, investors are assured of a pre-existing distinct combination of maturity, legislation with innovation, commercial strength, and ample support from the government. Moreover, local and foreign entities can enjoy investments on a tax-free environment on capital gains, corporate, payroll, income, and withholding taxes.

Grand Cayman banks are renowned as being well-managed, substantial, and established since the islands carefully choose to belong to the banking sector. These banks carry licenses from the Banks and Trust Companies Law (revised 2001). This includes giving security from activities related to anti-money laundering, which the Cayman Islands earnestly tries to eliminate along with other severe crimes.

It comes as no surprise for Grand Cayman Banks to offer a complete array of banking services to local and foreign clients some of which are savings and checking accounts that can enjoy competitive interest rates for all of the world's major currencies. Time deposits are likewise popular among the clients, although one must understand that interest rates for time deposits depend on the existing international rates at any particular time.

Other banking services immediately available to clients include foreign exchange, letters of credit, safe custody, guarantees, mortgages, and commercial loans. Grand Cayman banks' regular banking hours are generally from 9a.m. to 4p.m. Monday to Thursday and it goes until 4:30p.m. on Firdays.