If you're moving to Bermuda, here's how to manage your money
Opening a bank account in Bermuda is one of your first tasks after landing. The process varies depending on your visa type.
Banking Overview in Bermuda
| Feature | Details |
|---|---|
| Currency | Bermudian dollar (BMD) $ |
| Bank Account for Foreigners | Data not available |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | Data not available |
| N26 Available | Data not available |
Opening a Bank Account in Bermuda
Opening a bank account in Bermuda as a foreigner may have some restrictions. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
Considering Bermuda? Our decision engine scores your profile against real visa rules, salary data, and cost of living. Get Your Free Verdict →
Digital Banking Options
Wise (TransferWise)
Check Wise availability for Bermuda on their official website.
N26
Check N26 availability for Bermuda.
International Transfers
When transferring money to or from Bermuda, consider these factors:
- Exchange rate: The currency is BMD. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Bermuda is approximately €6,759 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
Frequently Asked Questions
How do international money transfers work from Bermuda?
You can transfer money from Bermuda via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
Is cryptocurrency banking available in Bermuda?
Cryptocurrency regulation in Bermuda varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Bermuda.
What are the best banks for expats in Bermuda?
For expats in Bermuda, options depend on your needs. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
Can I open a bank account in Bermuda as a foreigner?
Opening a bank account in Bermuda may have restrictions for foreigners. The difficulty level is rated as medium. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
What happens to my bank account if I leave Bermuda?
Most banks in Bermuda allow you to keep your account open even after leaving, though some may require an address in Bermuda. It is advisable to switch to a basic or non-resident account to avoid unnecessary fees. Close standing orders and direct debits before leaving.
Planning to move to Bermuda?
Get your personalised emigration verdict covering visa eligibility, cost of living, and career prospects across 200+ countries.
Get Your Free Verdict