July 8, 2020

Cayman Islands banks making Revolut useless


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From Revolut Community



Finally for the first time I am using Revolut in (now I am visiting, but previously I lived here for 8 years). I know that local banks do like to rip off tourists, but I didn’t expect them to go to that extent.

What they do is they basically force CCC (Convenicence Currency Conversion) on everybody who doesn’t have local Cayman-issued card and even worse, that they do CCC to , not currency of the issuer and they do it at very unfavourable rate (pocketing up to 5%). So people with non- and non- cards are getting ripped twice – first by local bank, then by their own bank. In case of Revolut, second part is solved, but not the first part.

Merchants showed me what happens when they try to charge my card in KYD – machine just responds with “Currency mismatch” or “Use USD” message and refuses to charge my card in KYD.

To me it looks like violation of Visa / Mastercard rules on CCC and I am pissed of with them.

For Revolut it means that it’s advertised support of KYD is basically useless, as local banks use mean techniques to still rip people off.

Has anybody been in this situation? Anything can be done?
If you agree that this is illegal on behalf of local banks, I am willing to make a complaint with Visa, if anybody did this before – please give a few pointers on what to do.

For more on this story go to: https://community.revolut.com/t/cayman-island-banks-making-revolut-useless/42714

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