The largest banks in Bermuda include prominent local banks and a major international bank. Interestingly, there are only four licensed banks in Bermuda, which is far fewer than other offshore financial centers.
In this article, we’re going to share details about these four Bermuda banks and help you navigate your options when choosing where to open accounts.
This article is part of our free series on how to open a bank account in 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
- Largest Banks in Bermuda
- Opening a Bank Account in Bermuda
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Largest Banks in Bermuda
The largest banks in Bermuda are Butterfield Bank and HSBC Bank Bermuda. Both Butterfield and HSBC have multi-billion dollar balance sheets, offer a wide range of banking and wealth management solutions, and cater to foreign non-resident clients and institutions.
That said, the remaining banks on the island, Clarien and Bermuda Commercial Bank (BCB), offer similar banking services and also onboard foreign non-residents. In fact, the main difference between these Bermudan banks is that Butterfield and HSBC are roughly ten times larger than Clarien and BCB.
Needless to say, finding the right financial institution requires a combination of finding a trustworthy bank, competent banker, and an onboarding process that is accepting of your client profile.
In order to do this, you need to understand your own client profile, banking needs, desired deposit level, and much more before you even start the process of applying for accounts. We discuss the costs of banking in Bermuda in our free guide, which you can access by clicking here. But, for now, here’s a recap of the largest banks in Bermuda.
Largest Banks in Bermuda (Listed in Descending Order of Assets)
- Butterfield (The Bank of N.T. Butterfield & Son Limited)
- HSBC (HSBC Bank Bermuda Limited)
- Clarien (Clarien Bank Limited)
- BCB (Bermuda Commercial Bank Limited)
What Banks Are There in Bermuda?
As mentioned, there are only four banks licensed to operate in Bermuda, these include Butterfield, HSBC, Clarien, and BCB. All four banks offer resident and non-resident personal banking services. These services include commercial banking, retail banking, multi-currency accounts, private banking and wealth management services, and more.
That said, depending on the amount that you want to deposit, your specific client profile, and the services that you want to access, not all four of these banks will be suitable options for you.
In fact, each client’s options will depend on residency status, the type of account they require, the jurisdictions that they plan to send and receive money to and from, the banking services they need access to, and more.
With this in mind, it’s important to directly compare all of the account opening options available to you, including the benefits of banking in Bermuda, so you can identify the one that will realistically open accounts for you and meet your needs. Of course, depending on your client profile, there could be risks of banking in Bermuda you may need to consider.
Opening a Bank Account in Bermuda
If you are looking to open a bank account in Bermuda as a foreign non-resident, any of the four banks referenced above may be suitable. That said, it’s important to directly compare all of the account opening options available to you to find the one that will realistically open accounts for your profile.
This is especially important if you are opening as a foreign non-resident or for a foreign (or offshore) entity as banks will have different account opening requirements depending on your profile.
In fact, most of the banks listed above look for an initial deposit of between USD 250,000 and USD 1,000,000 if you are a foreign non-resident. On the other hand, it is also possible to open with a smaller amount, but the account opening process is more difficult and you will have fewer options to choose from.
If you would like to start directly comparing your account opening options in Bermuda, you can immediately access available banks in the GlobalBanks IQ Database. Each bank profile includes detailed account opening requirements, preferred clients, important considerations and risks, account opening deposits, and much more. You can see everything you’ll get instant access to when you join GlobalBanks IQ below.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the largest banks in Bermuda. If you have further questions you would like us to answer, don’t hesitate to contact us directly.
How Many Banks Are There in Bermuda?
There are four banks in Bermuda, including Butterfield, HSBC, Clarien, and BCB. These four banks offer both resident and non-resident banking services. That said, each bank has its own onboarding process, preferred client types, and account opening requirements. So, it’s important to understand these factors before applying to open an offshore bank account as not all client profiles are eligible to open accounts with all four banks.
What Are the Four Licensed Banks in Bermuda?
The four licensed banks in Bermuda include The Bank of N.T. Butterfield & Son, HSBC Bank Bermuda Limited, Bermuda Commercial Bank Limited, and Clarien Bank Limited. All four banks offer a wide range of business banking services, retail banking services, as well as wealth management and related services.
Why Do People Bank in Bermuda?
People choose to bank in Bermuda for a wide range of reasons, including the territory’s strong banking sector, sophisticated financial services offering, reputable banks, and pragmatic regulatory environment. Of course, whether or not it’s a suitable banking jurisdiction for you (or your business) will depend on your banking objectives. That said, a Bermuda bank account may be a suitable option for anyone looking for exposure to the Bermudan dollar (BMD), as well as foreign currencies, since all of the banks here offer multi-currency accounts.
Do You Want Help Opening Bank Accounts?
If so, you can get access to GlobalBanks IQ in just a few clicks.
GlobalBanks IQ is our flagship international account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
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+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, just click here now. Or, contact us directly with any questions!