The official currency of Bermuda is the Bermudian Dollar, which is pegged to the United States Dollars at a rate of 1:1.
The Bermudian Dollar is available in both coinage and banknotes. That said, since the BMD is pegged to the USD on a one-to-one basis, it’s common for transactions to be completed in USD as well.
In this article, we’re going to answer the most common questions we receive about Bermuda’s currency and share important currency-related considerations if you’re planning on banking here.
This article is part of our free series on how to open a bank account in the British Overseas Territories, specifically Bermuda, which shares unique insights on the territory, account opening options for foreign non-residents and entities, available 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
- Currency of Bermuda
- Where Can You Exchange Money in Bermuda?
- Can You Use Foreign Credit Cards in Bermuda?
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Currency of Bermuda
The official currency of Bermuda is the Bermudian Dollar (BMD or $). It is available in coinage and banknotes. However, since the Bermudian Dollar is pegged to the United States Dollar (USD or $) on a one-to-one basis, both currencies circulate freely and are used interchangeably in the territory.
In the following sections, we will discuss currency exchange, local payments, available account features, and Bermuda banking services, and answer common questions we receive from our members. These factors will be especially important to anyone considering personalized account services or a Bermuda personal bank account. The same goes for anyone looking for luxury account services or Bermuda private banking services as a foreign non-resident.
Likewise, businesses considering local operations or in need of company account services or a Bermuda business bank account will want to understand how their home currency compares to BMD and USD.
But, before diving in, it’s important to note that even though Bermuda is a dollarized economy, operating financial firms and a list of banks in Bermuda do offer foreign currency and multi-currency accounts. In fact, anyone looking to transact in local currency or send money to Bermuda will be dealing in USD and other major foreign currencies.
So, if you are looking for access to international services, specifically Bermuda offshore banking services with access to USD and other currencies, Bermuda could be an option worth considering. That said, the financial management concerns and risks of banking in Bermuda could impact access to certain banks, so they are worth considering before opening accounts. Additionally, it’s important to consider the onboarding expenses and Bermuda banking costs before contacting banks directly. Not to mention, the perks of opening accounts, the specific Bermuda banking benefits, and how your specific client profile can benefit from banking here.
To get more insight on banking in Bermuda, access any of our free resources covering the required opening procedures, Bermuda banking requirements, and much more. Of course, if you want to unlock instant access to the elite financial entities and the best banks in Bermuda, you can use Globalbanks IQ to get started immediately.
Where Can You Exchange Money In Bermuda?
Where you can exchange money in Bermuda depends on the amount you want to exchange, the fees you’re willing to pay, and the currency that you’re looking to change.
That said, most people elect to either exchange money at commercial banks, currency exchanges, the airport, or hotels.
Of course, exchange rates and other costs will vary drastically between each of these options. So, it’s very important that you compare the exchange rates and fees that each of these options will charge you before choosing which method to use.
Can You Use Foreign Credit Cards in Bermuda?
Yes, you can use foreign credit cards in Bermuda. In fact, all major credit cards are widely accepted in Bermuda. Of course, there are some instances where certain credit cards, like American Express, may not be accepted. But, for the most part, vendors accept Visa, MasterCard, and Amex everywhere in Bermuda.
That said, it’s important to keep in mind that if you are using a foreign credit card to complete a purchase in Bermuda, you will likely be charged foreign exchange fees by your provider. Of course, if you have a foreign credit card that has zero foreign exchange fees, this won’t apply to you.
Can You Use Foreign Currency in Bermuda?
Yes, you can use foreign currency in Bermuda if you are using USD. However, currencies like GBP, CAD, EUR, and others are not accepted and will need to be exchanged. So, if you have foreign currency, you will either need to exchange your money into US dollars before or when you arrive in Bermuda.
That said, popular tourist destinations like certain hotels may accept major currencies. However, you will likely pay significantly higher exchange rates for the privilege of using foreign currency at these locations.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the currency of Bermuda. If you have further questions you would like us to answer, don’t hesitate to contact us directly.
What’s the Best Way to Get Bermudian Dollars in Bermuda?
The best way to get Bermudian Dollars in Bermuda will depend on the fees you’re willing to pay, the amount you want to exchange, and where in Bermuda you are located. That said, most people elect to either exchange money at currency exchanges, the airport, hotels, or branches of elite institutions, including the largest banks in Bermuda.
What Is the Best Currency to Use in Bermuda?
The best currency to use in Bermuda is either the Bermudian Dollar (BMD) or the United States Dollar (USD). This is because both currencies circulate freely and are used interchangeably on the island. If you are visiting from the US then there is no need to exchange your currency. Additionally, it’s important to note that most major US credit cards are widely accepted in Bermuda.
Is Bermuda’s Currency the Same as USD?
No, Bermuda’s currency is not the same as the USD. The currency of Bermuda is the Bermudian Dollar (BMD) and the currency of the United States is the US Dollar (USD). That said, both currencies circulate freely on the island and are used interchangeably because the BMD is pegged to the dollar at a rate of 1:1.
Can You Use a US Debit Card in Bermuda?
Yes, you can use a US debit card in Bermuda if it is issued on a major network like Visa or Mastercard. In fact, even local ATMs in Bermuda will accept both US and foreign debit cards with a PIN. Of course, if you are to use a foreign debit card, you will likely be charged foreign exchange fees so it may be more cost-effective to source USD in your home country before traveling to the island.
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