In this article, we’re exploring the banking and financial services that individuals and companies can access when opening a Bermuda bank account from abroad.
This will include an overview of the available services offered by Bermudian banks, the services Bermudian banks do not offer, and a comparison of Bermuda and other banking jurisdictions.
If you would like access to our free country guide and complete series on banking in the British Overseas Territories, specifically Bermuda, use the link above to unlock access now.
Alternatively, keep reading to learn more about the banking and financial services that you can access as a foreign non-resident when banking in one of the British Overseas Territories’s most popular banking jurisdictions.
Table of Contents
- Bermuda Banking Services
- What Banking Services Are Available in Bermuda?
- What Banking Services Are Not Available in Bermuda?
- How Does Bermuda Compare to Other Jurisdictions?
- Benefits of Bermuda Banks?
- Frequently Asked Bermuda Banking Questions
- Ready to Open an Offshore Bank Account?
Bermuda Banking and Financial Services
Bermuda banking and financial services primarily cater to high-net-worth individuals seeking private banking and wealth management services as well as large corporate clients, including commercial entities, insurance companies, and investment funds. That said, retail and local business banking are available to local residents and businesses.
In other words, foreign non-residents looking to open personal bank accounts in Bermuda should be looking for private banking services. Not surprisingly, applicants also need to be ready to make a qualifying deposit. In the case of Bermuda, a qualifying deposit usually requires an initial commitment of USD 250,000 to USD 1,000,000. That said, depending on which of the four banks you decide to open an account with, the services you’ll be able to access and the requirements to open will vary.
In the following sections, we will take a closer look at the specific services foreigners, non-residents, and foreign entities can access in Bermuda. Plus, we will also discuss the accounting fees and Bermuda banking costs for various account types.
But first, as a quick recap, here is a list of the Bermudian banking and financial services that most customers can unlock when banking in the country.
Bermuda Banking and Financial Services
- Private banking services
- Wealth management services
- Cross-border business banking
- Offshore banking facilities for non-resident individuals
- Offshore banking facilities for foreign and offshore entities
- Banking for domestic and foreign trusts and foundations
- Investment banking
- And more
What Banking Services Are Available in Bermuda?
Banks in Bermuda tend to offer sophisticated banking and financial services compared to other international banking jurisdictions. This is in large part a reflection of the customers that Bermudian banks tend to serve. With this in mind, individuals looking to open an offshore bank account with basic banking services and low deposit requirements should look elsewhere instead.
Not surprisingly, Bermudian banks may be a suitable option for anyone looking for exposure to the Bermudian Dollar, the currency of Bermuda, as well as foreign currencies, since all of the banks in Bermuda offer multicurrency accounts to their customers.
That said, the specific services that each Bermudian bank offers will vary slightly. So, if you are looking to bank in Bermuda in order to access specific private banking or commercial services, you should confirm whether these services will be available to you before applying for an account. The need for comparison is especially important if you are looking to open a business bank account in Bermuda, as the available services, acceptance criteria, and costs can vary widely.
To help you better understand which banking services you can access in Bermuda, we’ll break down the services that non-resident individuals, businesses, and entities can unlock in Bermuda below.
We’ll also review a few of the non-banking and financial services that Bermuda has to offer, which are important for anyone considering moving to Bermuda, Bermuda real estate investments, or starting a business in Bermuda.
Foreign Non-Resident Banking Services in Bermuda
The banking and financial services that foreign non-resident individuals can access in Bermuda include:
- Bermudian private bank accounts
- Wealth management services from Bermudian banks
- Support for cross-border transfers between Bermuda and other jurisdictions
- Basic banking services that supplement private banking requirements
- And more
If you would like to access these personal banking services, you can start by reviewing our guide on managing personal assets with a Bermuda personal bank account by clicking here. Alternatively, you can dig into the account opening regulations and Bermuda banking requirements by clicking here.
Bermuda Business Banking Services
The banking and financial services that foreign non-resident businesses can access in Bermuda include:
- Cross-border banking services designed for large commercial entities
- Sophisticated financial services for insurance companies
- Required banking and financial services for investment funds
- Basic banking services to supplement the other needs of large companies
If you would like to access these business banking services, you can start by reviewing our guide on opening a corporate funds account and a Bermuda business bank account by clicking here.
Bermuda Private Banking Services
As mentioned, foreign non-residents looking to bank in Bermuda will typically be looking to open a private bank account. With this in mind, the comments above relating to personal banking capture the specific services available to individuals in Bermuda.
That said, individuals are not the only ones who can open a private bank account in Bermuda. In addition to personal accounts, Bermudian banks that offer private banking services are also accustomed to opening accounts for wealth management entities. For clarity, wealth management entities include trusts, foundations, and holding companies that are registered in Bermuda or other jurisdictions to preserve and grow wealth.
Here is another look at the private banking services that foreign non-residents and wealth management entities can expect in Bermuda when opening private bank accounts,
- Bermudian private banking services
- Wealth management services from Bermudian banks
- Support for cross-border transfers between Bermuda and other jurisdictions
- Basic banking services that supplement private banking requirements
- And more
If you would like to access these private banking services, you can start by reviewing our guide on opening a wealth management bank account and Bermuda private banking by clicking here.
Bermuda Non-Banking and Financial Services
Bermuda is synonymous with serving the needs of offshore and institutional clients with a lot of money. And, thanks to strong banks, pragmatic regulators, and a pristine reputation, Bermuda continues to attract sophisticated clients from around the world. Not surprisingly, this has also resulted in there being limited financial hazards and Bermuda banking risks, though certain risks still apply.
Beyond banking and financial services, these clients have other related needs that also require attention. As a result, an ecosystem of non-banking and financial services has emerged in Bermuda. Here is a look at some of the main non-banking and financial services that you can access through Bermudian service providers.
- Corporate structuring of Bermudian companies
- Structuring of Bermudian wealth management entities
- Bermudian trust administration services
- Nominee director services
- Accounting and professional services in Bermuda
- Bermuda residency and citizenship services
- And more
Importantly, while Bermuda is a sophisticated jurisdiction, the level of service, communication, and competency can still vary between Bermudian service providers. So, it’s important to seek out Bermudian firms that specialize in your area of interest and have reviews from trusted sources prior to engaging.
Support for Cross-Border Transactions
Unlike many of the popular offshore financial centers, Bermuda is not included in any of the major greylists or blacklists, including FATF, the European Union, or the United Kingdom. This means that individuals with accounts in Bermuda will face limited restrictions (if any) when they use a payment service to send money to Bermuda from existing accounts or from Bermuda abroad.
Which Services Should You Consider in Bermuda?
Considering the above information, Bermuda is well-positioned to offer banking and financial services to non-resident individuals seeking wealth management, private banking, or related administrative services (e.g. trust administration) and mainly large operations or larger institutions, multinationals, insurance companies, and investment funds with sophisticated financial service requirements.
Which Banking Services Are Not Available in Bermuda?
While Bermuda is an offshore banking hub, there are limits on the services that you can access in the country. This is mainly due to the fact that Bermuda serves clients seeking private banking & wealth management and commercial banking services.
With this in mind, applicants seeking basic offshore bank account services, transactional accounts, low account opening deposits, or who are not planning to deposit at least USD 250,000 as a foreign non-resident, should consider opening elsewhere instead.
How Does Bermuda Compare to Other Jurisdictions?
Compared to other international banking jurisdictions, Bermuda is best suited to high-net-worth individuals in need of wealth management services and large institutions seeking cross-border support. That said, despite the focus on wealthy clients, the cost of banking in Bermuda is considered reasonable when compared to other jurisdictions offering similar services. Of course, depending on you or your entity’s profile, Bermudian banks may not be the best fit and there could be better-suited banking options available elsewhere.
Benefits of Bermuda Banks?
In short, the Bermudian financial advantages and Bermuda banking benefits depend on your client profile, desired deposit, expected transactions, your reasons for banking in Bermuda, and the Bermudian bank you decide to open with.
That said, there are general benefits that most people can expect when banking in Bermuda, which include the following.
Benefits of Opening With Bermuda Banks?
- Reasonable starting deposits to access reputable international banks
- Remote account opening and management of accounts
- Accepting of most citizenships and residencies
- Sophisticated banking services and qualified bankers
Benefits of Banking in Bermuda?
- Strong international and domestic banks
- Strong correspondent bank relationships
- Stable political and economic environment
- Consistent banking regulations
- Not included on any international greylists
These are just a few of the general benefits that you can access when banking with some of the highly respected financial institutions and the best banks in Bermuda. Of course, if you would like to explore your options you can use the free Bermuda guides above. Alternatively, if you would like to explore a curated schedule of banking companies and a list of the banks in Bermuda, you can click here now. This list includes some of the major financial enterprises and largest banks in Bermuda, including both domestic and international financial institutions.
Frequently Asked Bermuda Banking Questions
Below are a few questions we receive from people exploring banking and financial services in Bermuda. If you have additional questions don’t hesitate to get in touch with us directly.
Which Banks Operate in Bermuda?
There are only four financial institutions that operate in Bermuda, including Butterfield, HSBC, Clarien, and Bermuda Commercial Bank (BCB). These four banks offer both resident and non-resident banking services to individuals and corporate entities. That said, the acceptance criteria for each of the four banks does vary, so a careful assessment of each bank should be conducted prior to applying for accounts.
Why Do People Bank in Bermuda?
People bank in Bermuda because of its stable, reputable, and sophisticated banking sector. Additionally, Bermuda offshore banking offers sophisticated international services including private banking and wealth management services. With this in mind, Bermuda attracts people from around the world who want access to world-class banks, a reputable jurisdiction, and sophisticated banking.
Ready to Open an Offshore Bank Account?
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