International Banking in Bermuda

14 September 2020

Bermuda is a British Overseas Territory located in the North Atlantic Ocean. Initially focused on tourism, Bermuda has emerged info international business and offshore financial center. Bermuda's favorable taxation and legislation regimes attract international investors to incorporate companies which are going to conduct business outside Bermuda (exempted companies). Moreover, Bermuda has shown steady progress in attracting companies and individuals working in FinTech space. In 2018, Bermuda introduced regulatory and legislative framework governing initial coin offerings and digital asset businesses that is attractive to companies looking for a quality environment and ecosystem to test their ideas, develop their products and grow internationally. In 2020, Bermuda launched a website for professionals, investors, entrepreneurs and digital nomads who are able to work remotely, to apply for a one-year residence permit.

The banking sector of Bermuda consists of four banks, and is dominated by three banks with domestic capital which comprise about 65% of aggregated banking assets. Main business areas of Bermudian banks retai and private banking, asset management, as well as business banking for both individuals and companies. Bermudian banks serve both domestic and international customers, individuals and corporates. Account opening usually requires a branch visit, but is rather simple and straight-forward procedure.

International Banking Services

International banking services, provided to non-residents of Bermuda include not only traditional retail and business banking, but also private banking, asset management, wealth management, wealth and tax planning, trust adiministration, and online brokerage.

Country of Origin
BM Bermuda
% Market
1.92%
Services
estate planning and trust administration
corporate administration
private banking and wealth management
business banking
global custody and brokerage
Clients
high net worth individuals
family trusts and estates
business owners
corporations
trustees
Country of Origin
BM Bermuda
% Market
5.00%
Services
retail and corporate banking
private banking
asset and wealth management
investment banking
Clients
natural persons
high net worth individuals
companies
Country of Origin
GB United Kingdom
% Market
34.97%
Services
retail banking
business banking
corporate banking
Clients
natural persons
companies
corporations
Country of Origin
BM Bermuda
% Market
58.11%
Services
retail banking
private banking
wealth management
business banking
corporate banking
institutional banking
Clients
natural persons
high net worth individuals
companies
corporations
institutions

Market share (% Market) is calculated using total assets (2019).

Bank Accounts in Bermuda

All four banks operating in Bermuda offer non-resident accounts, usually to both natural persons and business entities.

Required Documents

Bermudian banks will need the following documents to open a non-resident account for a natural person:

To open a corporate account, a bank in Bermuda will normally need:

Account Opening Procedure and Account Access

Banks operating in Bermuda do not allow online account opening, and it's necessary to visit a branch of the chosen bank. All banks provide online banking services to access the account.

Account Currencies

All Bermuda's banks offer accounts in Bermudian dollars and US dollars. Clarian Bank and Butterfield Bank also offer other foreign currencies.

International Transfers

All Bermuda's banks are connected to SWIFT, so the banks can send and receive SWIFT transfers.

Card Providers

Banks in Bermuda offers Visa and MasterCard payment cards.

Customer Support

Bermuda's official language is English; all banks provide customer support in English, other languages are not mentioned.

Currencies
BMBMD
USUSD
Card Providers
VisaVisa
Documents
passport
utility bill or bank statement
application form
Procedure
1. submit online application
Currencies
BMBMD
USUSD
EUEUR
GBGBP
+ 1 more
Card Providers
VisaVisa
MasterCardMasterCard
Documents
passport
application form
Procedure
1. submit online application
Currencies
BMBMD
USUSD
Card Providers
VisaVisa
Documents
passport
proof of address
application form
Procedure
1. book an appointment
2. visit bank branch
Currencies
BMBMD
USUSD
CACAD
GBGBP
Card Providers
MasterCardMasterCard
Documents
passport
utility bill or bank statement
employment contract, tax return or investment statement
application form
Procedure
1. submit online application
2. visit bank branch

Bermuda Commercial Bank Limited

Customer Rating
 (3.6; 7 ratings)
Country of Origin
BM Bermuda

Bermuda Commercial Bank Limited was formed in 1969 as a local bank to offer retail banking services in Bermuda. In 1993 the bank became the only Bermudian bank focused on serving local and international business community as well as high net worth clients.

Bermuda Commercial Bank Limited provides products and services in the areas of estate planning and trust administration, corporate administration, private banking and wealth management, business banking, global custody and brokerage. Bermuda Commercial Bank Limited makes its solutions available to high net worth individuals, family trusts and estates, business owners, corporations, trustees.

Offshore Account in Bermuda Commercial Bank Limited

Opening an account in Bermuda Commercial Bank Limited can be done in a few steps:
1.
Submit online application

Required Documents

passport
utility bill or bank statement

Identity Verification

n/a

While onboarding a private individual Bermuda Commercial Bank Limited will ask him/her to provide the following documents: passport; utility bill or bank statement. For corporate clients Bermuda Commercial Bank Limited will ask to provide corporate documentation as well as information about controlling persons. Bermuda Commercial Bank Limited may request additional documentation or information depending on the case.

Remote Access

Remote access to the account is possible via online banking, mobile app.

Account Currencies

BMBMD
USUSD

Card Providers

VisaVisa

Clarien Bank Limited

Customer Rating
 (3.3; 8 ratings)
Country of Origin
BM Bermuda

On 22 April, 2014, Capital G Bank Limited and its wholly owned subsidiaries were rebranded, with Capital G Bank Limited changing its name to Clarien Bank Limited ("CBL"). Clarien has more than eight decades of banking history in Bermuda. Today Clarien is one of Bermuda’s largest independent integrated financial services organisation. Clarien is a universal bank, offering products and services in retail and corporate banking, private banking, asset and wealth management, investment banking.

Clarien Bank Limited provides products and services in the areas of retail and corporate banking, private banking, asset and wealth management, investment banking. Clarien Bank Limited offers a range of products including debit cards, credit cards, checking accounts, savings accounts. Clarien Bank Limited makes its solutions available to natural persons, high net worth individuals, companies.

Offshore Account in Clarien Bank Limited

Opening an account in Clarien Bank Limited can be done in a few steps:
1.
Submit online application

Required Documents

passport

Identity Verification

n/a

While onboarding a private individual Clarien Bank Limited will ask him/her to provide the following documents: passport. For corporate clients Clarien Bank Limited will ask to provide corporate documentation as well as information about controlling persons. Clarien Bank Limited may request additional documentation or information depending on the case.

Remote Access

Remote access to the account is possible via online banking.

Account Currencies

BMBMD
USUSD
EUEUR
GBGBP
CACAD

Card Providers

VisaVisa
MasterCardMasterCard

HSBC Bank Bermuda Limited

Customer Rating
 (5.0; 2 ratings)
Country of Origin
GB United Kingdom

HSBC is a global financial services provider, serving customers in wealth and personal banking, commercial banking, and global banking and markets. HSBC Bermuda is a provider of financial services in Bermuda, serving individuals, institutions and corporations locally and globally.

HSBC Bank Bermuda Limited provides products and services in the areas of retail banking, business banking, corporate banking. HSBC Bank Bermuda Limited offers a range of products including current accounts, debit cards, credit cards, savings accounts, time deposit accounts, consumer loans, mortgage loans. HSBC Bank Bermuda Limited makes its solutions available to natural persons, companies, corporations.

Offshore Account in HSBC Bank Bermuda Limited

Opening an account in HSBC Bank Bermuda Limited can be done in a few steps:
1.
Book an appointment
2.
Visit bank branch

Required Documents

passport
proof of address

Identity Verification

branch visit

While onboarding a private individual HSBC Bank Bermuda Limited will ask him/her to provide the following documents: passport; proof of address. For corporate clients HSBC Bank Bermuda Limited will ask to provide corporate documentation as well as information about controlling persons. HSBC Bank Bermuda Limited may request additional documentation or information depending on the case. HSBC Bank Bermuda Limited performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking, mobile app, phone.

Account Currencies

BMBMD
USUSD

Card Providers

VisaVisa

The Bank of N T Butterfield & Son Limited

Customer Rating
 (3.7; 3 ratings)
Country of Origin
BM Bermuda

The Bank of Butterfield & Son is a universal community bank encompassing retail and corporate banking and treasury activities and a provider of specialised international financial services. In the wealth management area, the bank provides private banking, asset management and personal trust services. Butterfield also provides services to corporate and institutional clients which include asset management and corporate trust services.

The Bank of N T Butterfield & Son Limited provides products and services in the areas of retail banking, private banking, wealth management, business banking, corporate banking, institutional banking. The Bank of N T Butterfield & Son Limited offers a range of products including current accounts, debit cards, credit cards, savings accounts, time deposit accounts, consumer loans, mortgage loans. The Bank of N T Butterfield & Son Limited makes its solutions available to natural persons, high net worth individuals, companies, corporations, institutions.

Offshore Account in The Bank of N T Butterfield & Son Limited

Opening an account in The Bank of N T Butterfield & Son Limited can be done in a few steps:
1.
Submit online application
2.
Visit bank branch

Required Documents

passport
utility bill or bank statement
employment contract, tax return or investment statement

Identity Verification

branch visit

While onboarding a private individual The Bank of N T Butterfield & Son Limited will ask him/her to provide the following documents: passport; utility bill or bank statement; employment contract, tax return or investment statement. For corporate clients The Bank of N T Butterfield & Son Limited will ask to provide corporate documentation as well as information about controlling persons. The Bank of N T Butterfield & Son Limited may request additional documentation or information depending on the case. The Bank of N T Butterfield & Son Limited performs client's identity verification via branch visit.

Remote Access

Remote access to the account is possible via online banking.

Account Currencies

BMBMD
USUSD
CACAD
GBGBP

Card Providers

MasterCardMasterCard

See Also