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Is this still accurate regarding money?

New York, New York
Level Contributor
234 posts
25 reviews
Is this still accurate regarding money?

Traveling to Cayman and found this online - article was from 2010. Need to know if still true - thanks.

Article reads: Bring cash with you. IF you use your credit card, restaurants/shops charge you the difference from Cayman money to US dollars, and then your CC company charges you a percentage as well.

Grand Cayman
Destination Expert
for Grand Cayman
Level Contributor
10,889 posts
81 reviews
1. Re: Is this still accurate regarding money?

Yes and no. Some credit cards charge a fee for foreign transactions others do not. Yes restaurants like everyone else charge in CI. It is this country's currency just as visitors to the US would have to pay in US dollars for their purchases. The US dollar is fixed on the exchange rate which is nice for Americans. Keep in mind the the CI dollar is worth more than the US dollar so if you choose to pay with US you don't pay more you just use more US currency to make up the shortfall.

New York, New York
Level Contributor
234 posts
25 reviews
2. Re: Is this still accurate regarding money?

Thanks so much. Very helpful and I appreciate you responding.

chicago suburbs
Destination Expert
for Grand Cayman
Level Contributor
4,252 posts
20 reviews
3. Re: Is this still accurate regarding money?

Just to clarify...if the bill is $100 CI....it will cost y ou $125 US.

We use our credi card for just about wverything, but now have a card that doesn't charge the foreign transaction fee which can be 3%...The fee is charged even when they charge you in USD.

New York City, New...
Level Contributor
4,317 posts
117 reviews
4. Re: Is this still accurate regarding money?

So the lesson is...... know before you go. No surprises

Check with your credit card company to see if they charge international transaction fees. If they do (and if you plan other trips outside the US), then get one that does not charge fees. Plenty out there.

I use Shelly's conversion..... if something costs CI$1....it's US$1.25........CI$10 = US$12.50.........CI$100 = US$125.

Syracuse, New York
Destination Expert
for Seven Mile Beach, West Bay, Syracuse, Cayman Islands
Level Contributor
6,152 posts
100 reviews
5. Re: Is this still accurate regarding money?

Using A credit card on island that has no international transaction fees is probably the absolute best way of paying for things. After that, use your ATM card, rather than bringing cash - that way you're not carrying vast amounts of cash around with you, and can get it when you need it.

I would say that the "advice" given in that article is a bit shonky.

White Bear Lake...
Level Contributor
240 posts
61 reviews
6. Re: Is this still accurate regarding money?

We found out several years ago that while our credit card company at the time had international fees, Discover did not. So for that year, we used Discover. Our VISA provider has since changed their rules and gotten rid of the fees. Only reason for mentioning it, is that if your VISA has fees and you happen to have a Discover card - you don't need to go looking for a new card now.

Agree with everyone else, we use a credit card for almost all of our transactions. Cash was only used if we went to the Pirates Week street food fair, etc.

Have a great trip!

hudson valley
Level Contributor
3,190 posts
7. Re: Is this still accurate regarding money?

"The fee is charged even when they charge you in USD."

A little more clarification. The "foreign transaction" fee has nothing to do with currency conversion or the exchange rate. It's strictly about the transaction involving a foreign merchant. That's important because you can pay a foreign transaction fee even if you use your credit card online or on the phone while sitting in your own home in the US if the merchant isn't also in the US, or even if a US based merchant uses a foreign bank. Booking your (expensive) lodging is one place where you could get blindsided even if you knew you'd pay the fee if you paid at the check in desk once you arrived at your destination. The booking agent may be based in the US, but use a foreign bank located in the country the lodging is located in.

"restaurants/shops charge you the difference from Cayman money to US dollars"

Depending on exactly what you meant maybe it's just semantics. but it's a conversion, not a difference. You're always charged a product's price, period. I think that both the US and CI having "dollars" confuses a lot of people, but regardless of what name is used measuring money is no different than measuring weight or volume. You don't lose any weight when you step on a foreign scale and weigh 68 kilos instead of 150 pounds, and you don't pay anything extra when you pay US $12.50 for something that costs CI $10.

Rock Hill, South...
Level Contributor
19 posts
78 reviews
8. Re: Is this still accurate regarding money?

Use a credit card for everything preferably Visa or MC and IF by chance they did charge you a foreign exchange fee a phone call and threat of closing your card will get it removed. It's best if you travel outside the US to always have one credit card that states no foreign exchange fees and covers your car rental completely then leave all the rest of your cards at home.

9. Re: Is this still accurate regarding money?

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