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Island Banking: Fees and Costs Revealed

The Cayman Islands, a popular offshore banking destination, has its own set of fees and costs associated with opening and maintaining a bank account. From SWIFT transfer fees to ATM charges, here’s a breakdown of what you can expect.

Inbound and Outbound Transfer Fees

  • Inbound SWIFT fees: up to $30 for low-value transactions
  • Outbound SWIFT fees: $10 to $1,000 depending on transaction value
  • Inbound Cayman Islands transfers: free
  • Outbound Cayman Islands transfers: $2.50

ATM Fees

  • Domestic ATM fees in the Cayman Islands: $2.00
  • International ATM fees outside of the Cayman Islands: $2.50 (varies based on network provider)

Money Transfer Costs

  • International bank transfers to the Cayman Islands: $30.00
  • International money transfer to the Cayman Islands: $2.99
  • Digital transfer service to the Cayman Islands: $15.00

Other Banking Costs

  • Onboarding and account maintenance fees for clients with different risk profiles
  • Travel costs for opening an account in person, including flights, hotels, transportation, and daily expenses
  • Compliance costs, such as filing taxes (e.g., FBAR and Form 8938) for US citizens

Frequently Asked Questions

  • How much does it cost to open a bank account in the Cayman Islands? The costs vary depending on the client, bank, and type of account.
  • Is it safe to open a bank account in the Cayman Islands? Yes, with careful selection of a reputable bank.
  • Can non-residents open a bank account in the Cayman Islands? Yes, many banks offer remote account opening.

GlobalBanks Insider

For those looking to open an offshore bank account, GlobalBanks Insider offers a dedicated account opening solution with direct support from banking experts and introductions to top banks. With this service, you’ll gain access to expert insights, account opening tools, and more.

Use the link provided to learn how GlobalBanks Insider can help you successfully open accounts in the Cayman Islands and other offshore jurisdictions.