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Cayman Islands Dollar
The Cayman Islands use the Cayman Islands dollar as their official currency. Each door is divided into 100 cents, like any other dollar system. The currency is denoted by the code KYD and it is symbolised as CI $ to distinguish it from other dollar systems.
The currency is issued by the Cayman Islands Monetary Authority and it is issued in 1, 5, 10 and 25 cent coins, as well as $ 1, 5, 10, 25, 50 and 100 dollars.
The dollar is rated as the 9th highest valued currency in the world and it is the strongest dollar, particularly since the US dollar has been weak for some time.
History of the Cayman Islands' Dollar
The Cayman Islands dollar was introduced in 1972 as a replacement for the Jamaican dollar. It was then pegged to the US dollar in 1974 and from that time the value has been 1 Cayman Islands dollar to 1.2 US dollars. However, in reality this is often taken as being 1.25 dollars, just for ease of calculation.
Due to the fact that the Cayman Islands are a British Overseas Territory, the currency features the image of Queen Elizabeth ll.
Getting hold of CI Dollars
The Cayman Islands are a major financial institution and centre, so there are plenty of ways to get hold of cash, since most of the banks have ATMs and these will usually accept MasterCard, Visa as well as Cirrus.
In addition, you will find that credit and debit cards are widely accepted in most shops and restaurants as well as hotels. They tend to be used for purchases over a few CI $, but are in widespread use.
Due to the fact that the Cayman Islands are a tax haven, a major financial centre and an area that has quite a reputation for handling money, some of which may be not the cleanest money in the world, it is worth notifying your bank prior to travel that you will be using your card in the Cayman islands. This will alleviate the risk of the bank putting a stop on your card because it suspects fraudulent activity or even money laundering.
It is also very easy to use US dollars. However, you need to bear in mind that the exchange rate is different, they are not at par and if you try to buy something in US dollars, then check that the price you are being quoted is indeed for US dollars and not CI $. Otherwise a bargain may not actually be a bargain.
Travellers cheques are also easily exchanged in banks and they have a good exchange rate, but it is much easier to exchange US dollars (and a preferential exchange rate) than it is to exchange euros or British Sterling.
Safety Issues
Due to the fact that the Cayman Islands are quite wealthy, people generally enjoy a good standard of life and there is little need to steal to supplement their incomes. As a result it is quite a safe country to visit and crime rates are very, very low. In a sense, you probably will feel so safe that the main risk is simply becoming complacent and leaving your things lying around. So whilst it is a safe area to visit, just make sure that you keep your belongings safe and near to you at all times. People may not snatch your bag or wallet, but if they find it lying around, unattended, they may feel that it is too good a chance to miss.
It is true that in the summer months hurricanes may happen and it is also true that in 2004, about 70% of buildings on Grand Cayman were destroyed by a hurricane, but since then, most of the damage has been repaired and in addition, there have been improvements to the infrastructure, so that the buildings are able to withstand hurricane damage, which makes them safer. But if you are concerned about hurricanes (they can be extremely unpleasant to witness and live through, even if little damage is done) then try to avoid the hurricane season which usually lasts from around June until the end of October.
Spending CI Dollars
The Cayman Islands are one of the richest groups of islands in the entire world. They are also a very exclusive tourist destination and almost everything that is consumed here, needs to be imported. These three circumstances make the Cayman Islands a fairly expensive destination, with people who come here having fairly hefty bank balances. In other words, it is not a cheap destination.
If you are looking for a very cheap place to visit, then the Cayman islands is probably not for you. In addition, it is illegal to camp on the islands, for some strange reason, so you are forced to stay in a hotel or hire a condominium or villa and self cater, if you don't have the money to pay for a hotel.
Eating and drinking is also quite expensive in the Caymans. This is not just because everything has to be imported, but also because everything is geared up to tourist prices. Most people who visit the Cayman Islands actually come on a cruise ship (something like 60 % of visitors simply come for the day) and they tend to be quite wealthy Northern Americans. So they pop in for the day and have lunch or dinner and do a little sight seeing and shopping. But these are not the kind of people who want fast food or a burger to go, so the Islands provide good quality food at quite high end prices, so this becomes the norm to some extent.
There are around 150 restaurants on the islands, so there is plenty of choice and some of these are more casual and as a result cheaper, but still tends to be quite good quality.
Alcohol is all imported and as a result is quite expensive and in some of the more exclusive hotels, can be prohibitive (although this is a good way of keeping out the wrong sort of people).
If you do like to drink and don't like to pay very high prices, then the best way of getting some alcohol is to buy it from a liquor store, which are open every day apart from Sunday: but they tend to close at 7 pm, so don't leave it too late in the day if you fancy some wine with dinner!
Enjoying Your Stay on the Cayman Islands
The Cayman Islands are just south of Cuba and are the most set of three islands, almost nestled and hidden from the view of the world. Yet with no taxation system and a people who enjoy a really good standard of living, you may well feel that you have entered the nearest thing to heaven that you will find on earth.
Here there is no grinding poverty, no political instability, no threat of violent street crime or terrorist attack, just three little islands that have a great deal to offer any tourist and traveller who has the financial capacity to enjoy somewhere with an edge of exclusivity.
It is reputedly one of the best scuba diving locations in the world, which means that it is something of a Mecca for scuba divers. When you see how clear the water is then you can understand why scuba diving is so popular. There are various tour options available for scuba diving and you can even learn to scuba dive in the Cayman Islands. If you are contemplating trying a few lessons when on the islands or you wish to have a go at any kind of water sports, just check that your insurance policy will pay out for any accident that may occur. Whilst all the operators are quite well licensed and regulated, accidents do happen and so it is best to check out the small print before you end up having to claim!
George Town, the capital of the Caymans is home to the 7 mile beach, where you will find an amazing array of hotels, from extremely expensive to more moderately expensive. The beach itself is reputed to be one of the best in the world.
But on Grand Cayman itself there is lots to see. One of the more interesting trips in terms of its title is to take a 'Trip to Hell'! That's right, even thought the 3 little Cayman Islands are like heaven on earth, you really can take a trip to Hell and send postcards back home as well!
Hell is (on the Cayman Islands at least) an area that has some volcanic rocks that have formed, which are completely black. The name Hell was derived from the fact that it might be what 'Hell' looks like. As a result it became a bit of a tourist 'hot spot' but it is not dramatic and is a little over hyped, so do not have high expectations when you go there, it is more about having a little fun and sending postcards home that have been postmarked from 'Hell'.
More interesting trips out include the amazing turtle farm, where you can see 14,000 turtles of all shapes and sizes. This is an amazing experience and possibly the closest that you will ever get to turtles. Also worth a visit is the Stingray City where you can snorkel in amongst stingrays (after they have been fed of course….).
The Caymans are also home to some fantastic museums and there is even an 18th Century castle to have a look around. Or if you just want to relax with a few drinks, some fantastic beaches and no hassle, then the Caymans will certainly hit the mark!
Overview
The Cayman Islands are a wonderful place to go and enjoy real peace, tranquillity and some excellent food, wines and very high standards of service. This is not a backpackers delight, but does offer travellers a real sense of life being good and relaxed. In fact it really is hard not to relax on the Cayman Islands and once they are 'under your skin' you will probably want to come back again.
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