Bermuda is an offshore financial center with a pristine reputation, strong international banks, secure offshore bank accounts, sophisticated bankers, an appetite for foreign non-resident clients, and the ability to open accounts remotely.
In other words, it has many of the attributes that individuals and business owners look for when deciding where to open an offshore bank account.
However, Bermuda primarily caters to multinationals, insurance companies, public companies, trusts and other wealth management structures. In other words, Bermuda specializes in institutional clients with a lot of money.
So, the average person looking to get started in the offshore banking world will likely find more suitable options elsewhere. Though, non-residents looking to open with a higher minimum deposit and seeking wealth management solutions certainly have options to choose from in Bermuda.
Use the information below to learn more about banking in Bermuda or select the type of account you’re interested in to get started.
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Bermuda Bank Account Opening
In this free country guide, we’re going to help you navigate how to open a bank account in Bermuda. This will include personal banking and business banking for foreigners, non-residents, and international entities.
In fact, depending on your client profile and desired deposit level, you can even open an offshore bank account 100% remotely.
Feel free to use the table of contents to find the most relevant information for your Bermuda banking needs.
Table of Contents
How to Open a Bank Account in Bermuda
Before taking a look at the step-by-step process to open a bank account in Bermuda, it’s important to understand the key considerations and clients that Bermuda banks accept.
With this in mind, here’s a quick snapshot of key bank account opening considerations and the prospective clients that can consider opening here.
- Bermuda Banking Considerations
- Remote Opening: Possible
- Opening Difficulty: Medium
- Currency: BMD (Bermudian Dollar)
- Minimum Deposit: 25,000 to 250,000 USD
- English Support: Yes
- Deposit Insurance: 25,000
- Active Banks: 4
- Who Do Bermuda Banks Accept?
- Non-residents: Yes
- Foreign businesses: Yes
- Offshore entities: Yes
- Wealth management entities: Yes
Of course, not all Bermuda banking organizations, including the largest banks in Bermuda accept all client types. And, while there are only four financial institutions in the territory, they do have differences in terms of the clients they accept and reject (e.g. US persons).
That said, all of the banks in Bermuda do actively accept foreign non-resident clients. So, finding a bank that is willing to accept your client profile should be relatively straightforward. To assist you in your selection process, our team has prepared a detailed list of banking groups including a list of banks in Bermuda.
Additionally, it’s worth noting that all banks in Bermuda offer remote opening to foreign non-residents and wealth management entities. This is true for most nationalities, residencies, and countries of registration.Â
Of course, opening in Bermuda will be easier for prospective clients looking to make sizable deposits and for those seeking private banking, wealth management, and related administrative services.
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Who Can Open Offshore Bank Accounts in Bermuda?
There are a number of factors that go into determining who can open an offshore bank account in Bermuda. These factors range from involved countries, transaction activity, source of income and wealth, risk profile, and much more.Â
We discuss all of these factors and more in GlobalBanks IQ for our premium members.Â
In short, GlobalBanks IQ helps members navigate their unique client profile, understand their risk factors, and determine how to clearly and accurately communicate with banks.Â
In doing so, our members avoid accidentally red-flagging themselves by saying things that could be misconstrued or misinterpreted by bankers and compliance teams.
So, if you’re interested in learning more about GlobalBanks IQ and how you can start opening bank accounts in Bermuda today when you join, click here or use the link below to see everything you unlock with immediate access.
Personal Bank Accounts in Bermuda
Personal bank accounts in Bermuda can be opened by foreign non-residents, foreign temporary residents, foreign permanent residents, and of course Bermudian nationals living in Bermuda and abroad.Â
In other words, regardless of your residency status, it is possible to open a personal bank account in Bermuda.
Needless to say, banking in Bermuda can be a good choice for anyone seeking offshore banking in a reputable jurisdiction with strong international banks and access to sophisticated bankers and services.Â
It’s also worth noting that banking in Bermuda will be conducted in foreign currencies, through access to multi currency accounts instead of the Bermudian Dollar (BMD), the currency of Bermuda.
Of course, there are restrictions that apply to certain nationalities, residencies, and risk profiles. So, understanding your client profile and how banks perceive you is important before applying for accounts.
You can access our free guide on managing exclusive accounts and how to open a personal bank account in Bermuda by clicking here, which gives you the step-by-step process to start opening accounts and explains how to choose a bank that is right for you.
Business Bank Accounts in Bermuda
Business bank accounts in Bermuda are available to a wide range of foreign entities, including private, public, operating companies, and wealth management structures.Â
However, similar to personal banking, there are restrictions that apply to certain countries of registration, operation, and specific business activities.Â
So, knowing which banks will realistically accept your company is important – especially before approaching bankers and submitting applications.
However, getting a bank to accept your foreign or offshore company is not always any easy task. In fact, one of the biggest challenges is finding a banker that will even pick up the phone, respond to email, or give you clear information on account opening requirements, fees, and restrictions.
These communication challenges are true regardless of the type of bank account you are looking to open. However, it’s especially challenging if you do not plan on making an initial deposit of at least USD 250,000 to USD 1,000,000.
You can access our free guide on managing corporate funds by opening a business bank account in Bermuda by clicking here, which includes important considerations for both foreign and offshore entities.
Risks of Banking in Bermuda
Yes, there are risks when banking in Bermuda. That said, this is true in any jurisdiction that you might be considering opening accounts in. And, in the case of Bermuda, there are significantly fewer risks than many of the other offshore jurisdictions you may be considering.
That said, there are Bermuda-specific risks that all prospective account openers should consider before opening accounts. These risks may impact how to transfer bank funds and send money to Bermuda, and they can impact the specific banks that you decide to open with.
With this in mind, our team has covered the most common financial exposure concerns and Bermuda banking risks, which can be accessed here right now.
Bermuda Banking Resources
To help you successfully open a Bermuda bank account, our team of banking experts has prepared step-by-step account opening instructions for the best non-resident banking options in Bermuda. This includes actionable banking insights, detailed bank profiles, bank specific client preferences, and information that you can’t find anywhere else.
Here is a look at all of the banking resources that you can access right now to help you navigate your Bermuda banking options:
- Available Bermuda Banking Resources
- Detailed Bank Profiles of Top Bermuda Banks for Non-Resident Individuals
- Detailed Bank Profiles of Top Bermuda Banks for Foreign Businesses
- Detailed Bank Profiles of Top Bermuda Banks for Offshore Entities
- Plus: Hundreds of Banks & Account Opening Options in Other Jurisdictions
- Answers to Your Most Pressing Account Opening Questions via the Members Q&A
These resources are delivered exclusively to our premium members through GlobalBanks IQ, which you can unlock immediately.
MEMBER ACCESS
GlobalBanks IQ provides immediate access to everything you need to open Bermuda Bank Accounts for you or your business!
- Choose banks in minutes with our international banking database
- Open accounts with detailed step-by-step instructions
- Handle banker questions easily with detailed conversation scripts
- Meet bank requirements (e.g. local address) with proven solutions
- Unlock exclusive offers from the best banks in our member reports
- Receive lists of banks that accept high-risk & offshore businesses
- Plus much more!
Looking for a more personalized account opening experience?Â
Get personalized one-on-one support from our team of experts to navigate your personal, business, & private banking needs around the world. Click here to compare your options.
Frequently Asked Bermuda Banking Questions
Below are three of the most common questions we receive from people looking to open a bank account in Bermuda. If you have additional questions that you’d like to ask our team, don’t hesitate to get in touch.
Can a Foreigner Open a Bank Account in Bermuda?
Yes, a foreigner can open a bank account in Bermuda. In fact, all of the financial institutions in Bermuda will open accounts for foreign non-residents that meet the deposit requirements and have suitable client profiles. However, it’s important to note that banks in Bermuda primarily cater to institutional clients and private clients seeking private banking and wealth management services.
Which Bank Allows Foreigners to Open a Bank Account?
All of the banks operating in Bermuda allow foreigners to open bank accounts, though the account opening requirements vary widely. For example, certain banks may allow a foreigner to open a bank account with an initial deposit of USD 25,000. However, most banks in Bermuda want to see a starting relationship balance of at least USD 250,000 and have an expectation that this balance will grow over time.
How to Open an Offshore Bank Account in HSBC Bermuda?
To open an offshore bank account with HSBC in Bermuda, you will need to make a qualifying deposit and have a suitable client profile. However, in most cases, our team suggests opening with HSBC in other jurisdictions instead. The reason for this is that HSBC caters to foreign non-residents and offers streamlined account opening with limited restrictions through their European operations, which we discuss in greater detail in the GlobalBanks IQ Database.
Free Bermuda Banking Resources
Below you’ll find our archive of free Bermuda banking resources to assist with account opening.Â
This includes detailed articles to help you open bank accounts explaining how to navigate challenges for specific client types and more.
Bermuda Banking and Financial Services: Ultimate Guide
What Are the Benefits of Banking in Bermuda?
Bermuda Bank Account Opening Requirements
What Are the Best Banks in Bermuda?
Costs of Banking in Bermuda: Opening & Operating Accounts
How to Open a Private Bank Account in Bermuda
How to Open an Offshore Bank Account in Bermuda
Currency of Bermuda [Banking in Bermuda]
Risks of Banking in Bermuda [Banking in Bermuda]
List of Banks in Bermuda [Banking in Bermuda]
Largest Banks in Bermuda [Banking in Bermuda]
How to Open a Business Bank Account in Bermuda
