Read This before You Transfer Money to Cayman Islands Recipients
Arranging to transfer money to Cayman Islands recipients is now a whole lot easier than it used to be. If this is something you are interested in doing you should read the following information before you send money to Cayman Islands recipients.
The unit of currency which is used in the Cayman Islands is the Cayman Islands dollar which is known by the symbol KYD. This, like the dollar is made up of 100 cents per dollar. It also pays to be aware that the currency itself is fixed to the US dollar. This is at a rate of 1 Cayman Islands dollar to 1.20 US dollars. There are no other currencies that the Cayman Islands dollar is fixed to which means that before you complete a currency transfer to Cayman Islands you should take a look at the currency rate Cayman Islands currency is being traded at.
Currency exchange is widely available
Maybe you have sent travellers cheques to your recipient in the Cayman Islands. If this is the case they will be able to exchange this for Cayman Islands dollars in banks, bureaux de change and the majority of hotels. Unlike many Islands the Cayman Islands have plenty of places where your recipient can exchange traveller’s cheques, but it is advisable to send them in US dollars as these are the preferred foreign currency.
ATMs and prepaid credit cards
Some people prefer to send a prepaid credit card as a way to complete a money transfer to Cayman Islands recipients. This can be very useful as not only can your recipients use the credit card they can also draw money out of the bank at one of the many ATMs on the island. However, this can lead to extra charges which will reduce the amount of money that your recipient will be able to access to. So think about this before you send a prepaid credit card.
