How to Open a Personal Bank Account in Bermuda

You can open a personal bank account in Bermuda as a foreign non-resident by meeting account opening requirements and making a minimum opening deposit.

In this article, we’ll share how to open a personal bank account in Bermuda. Not surprisingly, opening personal offshore bank accounts here will depend on your client profile and several key factors.

In this article, we’re going to help you navigate each of these factors and start the process of applying for your bank account as a foreign non-resident in Bermuda 100% remotely.

This article is part of our free series on banking in the British Overseas Territory of Bermuda, which shares unique insights on the territory, account opening options for foreign non-residents, available offshore banking services, and much more.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. How to Open a Personal Bank Account in Bermuda
  2. Personal Banking in Bermuda as a Non-Resident
  3. Benefits of Banking With Banks in Bermuda
  4. Frequently Asked Questions
  5. Ready to Open an Offshore Bank Account?

How to Open a Personal Bank Account in Bermuda

To open a personal bank account in Bermuda you will need to choose between one of the four available banks, provide supporting documentation, complete the necessary onboarding forms, and make a qualifying deposit. 

Of course, like opening personal accounts in any offshore banking jurisdiction, each bank has its account opening preferences, Bermuda banking requirements, and processes you will need to follow. Likewise, while the process of applying for a personal offshore bank account may seem straightforward, getting started is not always easy.

This is especially true for individuals looking to make deposits below USD 250,000, which is seen as an expected minimum at most banks. In fact, even USD 250,000 is considered low and is usually seen as a starting balance that would be expected to grow.

That said, if you can make a qualifying deposit and you have a reasonable risk profile, you can usually start a bank account as a non-resident in Bermuda from the comfort of your home.

In other words, opening offshore bank accounts remotely in Bermuda as a foreign non-resident is possible. This is also true for corporate banking clients interested in a Bermuda business bank account or anyone looking for a bank account for wealth management structures.

Not surprisingly, financial institutions in Bermuda may be a suitable option for anyone looking for exposure to the Bermudian Dollar (BMD), as well as foreign currencies, since all of the banks in Bermuda offer multi-currency accounts to their customers.

Let’s take a closer look at the specific requirements you can expect when applying for offshore bank accounts with a Bermuda bank.

Requirements for Account Opening in Bermuda

  • Qualifying deposit
  • Government-issued identification
  • Proof of residency (if applicable)
  • Tax ID (from country of residence)
  • Proof of address (from country of residence)
  • Bank statement (from current bank account)
  • Bank reference letter (not always required)

Can You Open an Offshore Bank Account in Bermuda from Abroad?

Yes, you can open an overseas account to access Bermuda offshore banking from abroad. This includes standard personal checking accounts, brokerage accounts, and even private banking and wealth management accounts.

That said, each client will want to select the bank that best matches their client profile. This is especially true because certain financial banking organizations, including the best banks in Bermuda, have restrictions on citizenship and residency.

Personal Banking in Bermuda as a Non-Resident

To open a personal bank account as a non-resident or expat in Bermuda, you should ideally be looking for some level of wealth management, administrative banking services, and Bermuda private banking services.

This is because, while the global financial groups and the largest banks in Bermuda do actively accept foreign non-residents, they tend to cater to larger institutions, multinationals, insurance companies, and investment funds.

So, in order for a bank to be interested in a prospective non-resident client, they need to make a qualifying deposit and ideally show that they plan to grow the relationship balance over time. Additionally, showing an interest in other asset management savings solutions, Bermuda banking services, and investments will also result in a client being a more attractive prospect that bankers will want to help.

Importantly, when opening a personal bank account, the registered financial entities and list of banks in Bermuda require a range of documents. In most cases, applicants should expect to provide reference letters, proof of income, and in certain instances tax returns and personal financial statements. That said, every bank is different and may accept alternative documentation for various opening requirements depending on your citizenship and place of residency.

Needless to say, bank selection is an important step in successfully opening an offshore personal bank account here. This is especially true if you require an account to transfer online payments to send money to Bermuda since some financial institutions in Bermuda may have restrictions on how money can be received. That said, Bermuda is known for having strong banks, pragmatic banking regulators, and a pristine banking reputation. Not surprisingly, this has also resulted in there being limited financial concerns and Bermuca banking risks, though certain banking risks still apply.

In the following sections, we’ll share how you can find the best bank for your client profile.

Do You Want to Explore All Your Offshore Banking Options?

Benefits of Banking With Banks in Bermuda

The benefits of banking in Bermuda ultimately depend on the person looking to apply for a bank account here. The reason for this is that certain banks in Bermuda offer different account types, banking services, interest rates, deposit rates, and Bermuda banking costs, and accept different client profiles.

In other words, depending on the type of account and client profile you have, you may be able to access certain financial opportunities and Bermuda banking benefits that are not available to others. That said, in certain instances, you may find that banks in other countries are better suited to your needs.

With this in mind, it’s important to consider which banks in Bermuda offer the exact benefits you’re looking for before applying for an account. You can do this by using the information in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.

Benefits of a Bermuda Bank Account

  • Accounts can be opened remotely
  • Tax-efficient jurisdiction
  • Strong international reputable
  • Complies with international standards
  • Sophisticated bankers
  • Appetite for non-resident clients
  • Strong international banks
  • Wide range of available banking services
  • Qualified wealth management solutions
  • And much more

Frequently Asked Questions

Below are a few of the most common questions we receive from people exploring how to open a personal bank account in Bermuda. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Can a Foreigner Open a Bank Account in Bermuda?

Yes, a foreigner can open an account in Bermuda. In fact, all banks in Bermuda accept foreign non-residents who can meet the required deposits. In almost all instances, opening an account in Bermuda is completed 100% remotely. However, banks in Bermuda do have specific client preferences, so it’s important to choose a bank that caters to your profile and offers the specific banking services and benefits you desire.

Which Bank Allows Foreigners to Open a Bank Account?

All banks in Bermuda allow foreigners to open a bank account. However, not all banks accept all citizenships and residency. For example, US citizens are particularly challenging to open accounts in Bermuda. That said, it is still possible if you know which banks in Bermuda to approach. Likewise, individuals from high-risk and blacklisted jurisdictions will also struggle to open accounts. However, in most cases, if you can make a qualifying deposit, account opening may still be possible.

Can I Open a Bank Account as a Non-Resident?

Whether or not you can open bank accounts in Bermuda as a non-resident will depend on your citizenship, residency, initial deposit, banking requirements, and your reason for wanting to open the account. Of course, bank selection also plays an important role in deciding where to open as not all banks in Bermuda offer the same benefits and banking services, or cater to the same clients.

Do You Want Help Opening Bank Accounts?

If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.

GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…

+ Direct support from a team of banking experts

+ Direct introductions to your desired banks

+ Answers to your most pressing questions and challenges

+ Expert insights on which banks to choose & why

+ Plus, FULL access to our entire suite of account opening tools and intelligence!

And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.

Use this link to see how GlobalBanks Insider can help you successfully open accounts.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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