The Cayman Islands has its own currency, first issued in 1972, whose basic unit is the dollar, issued in notes with denominations of CI$100, 50, 25, 10, 5 and 1 and coins valued at 25 cents, 10, 5 and 1 cent. The CI dollar has a fixed exchange rate with the US dollar of CI$1.00 equals US$1.25. Or, the US dollar equals CI $.80.
There is no need for visitors to exchange their US dollars into local currency. The US dollar is accepted throughout the islands at a rate of CI 80 cents. However, this can be confusing to visitors: for example, a US$20 note becomes CI$16. Banks do NOT give a better rate of exchange! Major credit cards (with the exception of the Discover Card) and travellers checks are widely accepted. Canadian dollars, Euro dollars and pounds sterling can be exchanged for CI dollars at local banks.
In addition, Automatic Teller Machines accepting VISA and MasterCard with Cirrus affiliation are located at Cayman National Bank and other banks and at Owen Roberts International Airport as well as a few other locations such as the grocery stores.
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