Paying bills in the Cayman Islands

Member since 30 May 2013

PriscillaViP17 October 2017 09:35:31

42358

Hello everyone,

What bills do you pay? If you are renting, are bills included in the price of rent, and is this common practice in the Cayman Islands?

How can you pay your bills (e.g. online, at provider's store, at the post office)? Which is the most convenient or reliable way?

With what frequency are different bills sent in the Cayman Islands? Are there different deadlines for payment?

Thank you for sharing your experience.

Priscilla

bobbyt Member

Member since 10 February 2013

bobbytMember04 November 2017 17:55:44

Paying bills in Cayman is a bit difficult because Cayman does not have a Central Bank. Thus all Banks operate their computer systems semi-independently.

If you have a checking account at the same Bank your vendor has, no problem; because you can log in to your account online and pay a bill presented by any one who has an account there as well. If your vender deals with another Bank, you must pay in person by check or credit car or mail a check to the vendor.

There is some talk of modernizing this system by developing a local Central Bank, but as far as I know this is in the talking stage.

Gordon Barlow ViP

Member since 19 February 2012

Gordon BarlowViP08 February 2018 01:04:27

1188

bobbyt wrote:
There is some talk of modernizing this system by developing a local Central Bank, but as far as I know this is in the talking stage.

Don't hold your breath, Bobby! It's highly unlikely to happen while Cayman is a UK colony. Anyway, the system works pretty well as it is. Our Cayman Islands Dollar is a coupon-currency linked (locally) to the US Dollar, and the banks in general are comfortable with this arrangement. They (the banks) process international transfers in the trillions of dollars each year, and the lack of a central bank doesn't slow them down even a little bit!