In this article, we’re going to be sharing a list of banks in Bermuda, which (interestingly) only includes four licensed financial institutions.
That said, each of these four banks actively opens accounts for foreign non-residents and offers a range of attractive services. Though, the specific services they offer, their required deposits, and preferred clients do vary.
In this article, we’re going to help you navigate these variables and choose from these four banks to start the process of account opening in the British Overseas Territory of Bermuda.
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
- List of Banks in Bermuda
- How to Choose Where to Open a Bank Account in Bermuda
- List of Banks in Bermuda
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
List of Banks in Bermuda
The complete list of banks in Bermuda includes only four financial institutions, including Butterfield (The Bank of N.T. Butterfield & Son Limited), HSBC (HSBC Bank Bermuda Limited), Clarien (Clarien Bank Limited), and BCB (Bermuda Commercial Bank Limited).
It’s important to carefully assess each bank’s account opening preferences and Bermuda banking requirements before choosing where to apply for an account as the onboarding can be time-consuming and each bank does have its own preferences.
Of course, the Bermudan bank that is best for you will also depend on your residency status, the reason for the account, the type of account products and Bermuda banking services you need, your risk profile, and your deposit level.
Likewise, if this is your first time looking at opening accounts in Bermuda it’s important to consider the potential monetary hazards and Bermuda banking risks and compare your other options as well.
In the following sections of the article, we’ll share how to identify superior banking companies and the best banks in Bermuda that will accept your client profile and offer the services you need.
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How to Choose Where to Open a Bank Account in Bermuda
To choose where to open a bank account in Bermuda, you first need to understand your client profile and banking requirements. In other words, determine if you need individual account services with a Bermuda personal bank account, a private bank account, or a business bank account.
This also means understanding how banks perceive you, the risks associated with your profile, and how desirable you may (or may not) be as a prospective client.
Of course, you also need to know which services you require, including which countries you need to transfer funds to and from, and how frequently you need to use payment transfer methods to send money to Bermuda.
Naturally, each bank has its own account opening requirements, onboarding process, account managing fees, and Bermuda banking costs. For example, if you are looking for financial services for your company or a Bermuda business bank account, you might be required to demonstrate annual turnover while opening a personal bank account may require you to establish a private banking relationship.
To help you determine how to choose which Bermudian financial companies, including the largest banks in Bermuda, to open with, let’s take a closer look at the key factors you should consider before applying.
Factors to Consider When Choosing the Right Bermuda Banks
- Does the bank accept your client profile?
- Does the bank offer the services you require?
- Will the bank allow you to open remotely?
- Can you meet the bank’s deposit requirement?
- Does the bank require you to invest or use other services?
- What fees will be applied to your account activities?
- And more
It’s important to note that even if you find a bank that meets your needs and accepts your client profile, you may still find a wider selection of banking options elsewhere.
Likewise, certain clients may be able to find better banks with more relevant services and lower banking costs in other banking jurisdictions. But, for prospective clients seeking exclusive wealth management services, Bermuda private banking can be an interesting banking hub to consider.
With this in mind, let’s take a look at a list of the most popular banks in Bermuda.
List of Banks in Bermuda
- Butterfield (The Bank of N.T. Butterfield & Son Limited)
- HSBC (HSBC Bank Bermuda Limited)
- Clarien (Clarien Bank Limited)
- BCB (Bermuda Commercial Bank Limited)
(Presented in order of total assets from highest to lowest)
Frequently Asked Questions
Below are a few of the most common questions we receive from people asking for a list of 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 (The Bank of N.T. Butterfield & Son Limited), HSBC (HSBC Bank Bermuda Limited), Clarien (Clarien Bank Limited), and BCB (Bermuda Commercial Bank Limited). These four banks offer both resident and non-resident banking services to individuals and corporate entities. It’s important to note that not all banks offer the same attractive financial services and Bermuda banking benefits.
What Banks Are Licensed in Bermuda?
The banks licensed in Bermuda are Butterfield (The Bank of N.T. Butterfield & Son Limited), HSBC (HSBC Bank Bermuda Limited), Clarien (Clarien Bank Limited), and BCB (Bermuda Commercial Bank Limited).
Can a US Citizen Open a Bank Account in Bermuda?
Yes, a US citizen can open a bank account in Bermuda. However, it’s important to note that not all banks in Bermuda openly accept US clients. In fact, regardless of where you apply, the onboarding can be onerous. For this reason, there are often more suitable international account opening options other than Bermuda offshore banking. That said, Bermudan banks are suitable for anyone looking for exposure to the BMD, the official currency of Bermuda.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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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.
