In this article, we’ll explain how to send money to Bermuda. This will be relevant for anyone with a bank account in the British Overseas Territories (BOTs), specifically Bermud, or looking to transfer funds to someone locally.
Importantly, certain banks will have restrictions on sending money to Bermuda. In fact, certain banks in Bermuda may even restrict how money can be received.
We will discuss these considerations and more in the following sections to help you make an informed decision on how to transfer funds.
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
- How to Send Money to Bermuda
- Can I Transfer Money From a US Bank to a Bermuda Bank?
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
How to Send Money to Bermuda
The best method to send money to Bermuda will depend on where the money is coming from, the amount being sent, the bank that is receiving the transfer, and the sending party’s willingness to pay fees. Of course, there are other considerations as well, including transfer requirements, restrictions, and security.
That said, in most cases, you can choose from standard transfer services when sending money to first-class financial organizations or the best banks in Bermuda, including:
- International bank transfers (SWIFT)
- International transfer services (Wise)
- Money order services (Western Union)
- Payment services company (PayPal)
- And more
Importantly, unlike many of the more popular international finance jurisdictions, Bermuda offshore banking is not on any blacklists, greylists, or watchlists, which means that sending money to Bermuda should not automatically face compliance scrutiny.
However, additional factors that could influence which method for sending money is best for you, include processing time, transfer fees, and exchange rate fees for the currency of Bermuda. With this in mind, let’s take a look at some of the most important factors to consider.
Important considerations before sending money to Bermuda:
- Exchange rates between home currency and receiving currency
- Transfer fees charged by the sending bank
- Transfers fees charged by the receiving bank
- Processing time for sending the transfer
- Security of the transfer being sent
- Enhanced due diligence requirements (e.g. extra documentation)
When it comes to fees, all transfer methods will have their own Bermudian fee structures and Bermuda banking requirements for sending money internationally. So, before sending money to Bermuda, you should also compare the transaction fees and Bermuda banking costs among the available options.
Do You Want Our Free Offshore Banking Guide?
Sign up here to receive our Free Offshore Banking Guide and weekly updates on the best account opening options available:
Can I Transfer Money From a US Bank to a Bermuda Bank?
Yes, you can transfer money from a US bank to a Bermudian financial institution, including the largest banks in Bermuda. In fact, there are many different transfer methods you can choose from. That said, most people can transfer money from a US bank account to an individual savings account or a Bermuda personal bank account without too much hassle. The same goes for sending money to a corporate financial account or a Bermuda business bank account. Of course, the transfer method best suited for you will depend on the type of account you have, whether it’s an exclusive financial account, a Bermuda private banking account, a business bank account, or a personal Bermudian account. But also, the bank you have an account with and the amount of money you will transfer.
That said, if you are looking to tap into the account perks and Bermuda banking benefits and sending and receiving international money transfers are a must-have, it’s important to choose banks that offer this service.
It’s important to take these factors into consideration when choosing how to send money to Bermuda since each financial institution has different requirements, limits, fee structures, exclusive products, and Bermuda banking services. This is especially true since there are some service quality concerns and Bermuda banking risks to sending money to Bermuda that you should be aware of.
Here’s a look at the various ways you can send money from a US bank to a Bermuda bank.
Methods for Transferring Money From a US Bank to a Bermuda Bank
- International wire transfer
- Online money transfer services
- e-Wallet transfers (international platforms)
- Money order services
- Money service businesses
- Sending physical check
- Depositing cash
- And more
What App Can I Use to Send Money to Bermuda?
There are several apps you can use to send money to Bermuda. The app available to you will depend on if it is accessible in your country of residence. Likewise, it’s important to note that not all domestic apps allow you to send international transfers.
For example, if you are in the United States and you use either Venmo or Zelle, you will not be able to send money to Bermuda via these platforms. This is because both Venmo and Zelle only allow domestic transfers between US banks.
On the other hand, international transfer apps like Wise, PayPal, Remitly, and many others can facilitate transfers to a group of banking organizations and a list of banks in Bermuda, including digitally and directly to a local bank account.
Importantly, in order to use these money transfer apps (or any other apps) to send funds to Bermuda, you will need the correct account information, address, and confirm that the recipient’s bank accepts transfers from third-party applications.
Frequently Asked Questions
Below are a few of the most common questions we receive from people trying to determine how to send money to Bermuda. If you have further questions you would like us to answer, don’t hesitate to contact us directly.
Does Zelle Work in Bermuda?
No, Zelle does not work in Bermuda. In fact, Zelle can only be used in the United States and is restricted to sending funds between bank accounts domiciled in the US. In fact, if you try to send funds via Zelle while outside of the US you will receive an error.
Does Western Union Work in Bermuda?
Yes, Western Union does work in Bermuda. In fact, many residents and non-residents use Western Union as a money transfer service to send and receive money to and from Bermuda. Of course, fees, exchange rates, and other considerations will apply depending on the country of the recipient.
How to Send Money From Bermuda to the USA?
To send money from Bermuda to the USA, you can choose from a range of different transfer options, including money orders, bank transfers, transfer services, digital wallets, and more. Of course, the service you choose will depend on the amount of money you’re looking to send, the banks involved, the fees for sending, and how fast you need the transfer to arrive.
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.
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.
