Bermuda has four licensed banks — Butterfield Bank, HSBC Bank Bermuda, Clarien Bank, and Bermuda Commercial Bank — all regulated by the Bermuda Monetary Authority (BMA). The banking system is stable and well-regarded, but expats should be aware that the market is closed to new entrants, fees apply to most accounts, and proof of a connection to Bermuda is required to open an account.
| Item | Details |
|---|---|
| Number of licensed banks | 4 (as of 2025) |
| Regulator | Bermuda Monetary Authority (BMA) |
| Deposit insurance | Up to BD$25,000 per eligible depositor (as of 2025) |
| Minimum opening deposit (HSBC) | BD$100 (as of 2025) |
| Proof of Bermuda connection required? | Yes — work permit, property ownership, residency, or study |
| Multi-currency accounts available? | Yes — all four banks offer foreign currency accounts |
What are the main local banks in Bermuda?
There are currently four banks in Bermuda holding full banking licences: HSBC Bank Bermuda Limited; The Bank of N.T. Butterfield & Son Limited; Clarien Bank; and Bermuda Commercial Bank. Each is licensed under the Banks and Deposit Companies Act 1999 and supervised by the Bermuda Monetary Authority. Below is a summary of the main local institutions.
The Bank of N.T. Butterfield & Son Limited
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey. With 55.30% of the domestic market share, it was recognised as Bermuda’s top bank in 2022 based on total assets.
- Address: 65 Front Street, Hamilton HM 12, Bermuda
- Website: butterfieldgroup.com/en-bm
Clarien Bank Limited
Clarien Bank Limited is a Bermuda-based financial institution offering personalised banking, wealth management, and investment solutions, combining local expertise with global reach and delivering client-focused services to individuals, families, and businesses.
- Address: 25 Reid Street, Hamilton HM 11, Bermuda
- Website: clarienbank.com
Bermuda Commercial Bank Limited (BCB)
Bermuda Commercial Bank Limited is a specialist Bermuda bank delivering innovative and effective solutions to provide superior customer experience, offering tailored financial solutions and personal attention to Bermuda-based clients. It is owned by Somers Ltd., a Bermuda-incorporated international financial services investment holding company.
- Address: 43 Victoria Street, Hamilton HM 12, Bermuda
- Website: bcb.bm
Do major international banks have a presence in Bermuda?
The Bermudian banking market is closed. Only banks licensed by the Bermuda Monetary Authority under the Banks and Deposit Companies Act 1999 are entitled to undertake banking business in or from Bermuda. This means that major US banks such as Citibank, Bank of America, or JPMorgan Chase do not operate retail branches on the island. However, HSBC — a globally recognised name — does maintain a significant licensed presence.
HSBC Bank Bermuda Limited
HSBC Bank Bermuda Limited is a global financial institution providing comprehensive banking, wealth management, and corporate services. It provides retail and corporate banking, investment, custody and fund administration services to international and local clients. While HSBC is a well-known name internationally, HSBC Bank Bermuda Limited operates as a separately licensed entity under Bermudian law and is distinct from HSBC’s UK or US retail operations.
- Address: 37 Front Street, Hamilton HM 11, Bermuda
- Phone (local): +1 441 299 6110
- Website: hsbc.bm
Although international banks are able to lend to Bermudian-based borrowers, they must comply with the provisions of the Companies Act 1981, which prevent overseas companies from undertaking business in Bermuda without obtaining a permit from the Minister of Finance. As a result, no other major UK or US bank brands operate retail or commercial branches on the island.
Do banks in Bermuda offer accounts and services aimed at expats?
All four banks offer both resident and non-resident banking services to individuals and corporate entities. Bermuda banks offer a wide range of commercial banking facilities, including comprehensive investment, trust, financial management services and direct access to a variety of currency alternatives.
Accounts can be maintained in many foreign currencies. This is particularly useful for expats who earn salaries in US dollars or other major currencies, as the Bermuda dollar is pegged 1:1 to the US dollar, meaning USD is widely accepted alongside BMD across the island.
Holders of full banking licences are required to provide certain minimum Core Banking Services, including: current accounts in Bermuda dollars; the payment and collection of cheques, drafts and orders; savings and deposit accounts in Bermuda dollars; overdraft and loan facilities in Bermuda dollars; loans in Bermuda dollars secured against real property in Bermuda; foreign exchange services; and credit or debit card facilities.
Beyond these core offerings, both Butterfield and HSBC provide private banking and wealth management services well-suited to higher-net-worth expats. Private banking in Bermuda caters to discerning clients with personalised solutions, including investment management, estate planning, and trust services. Bermuda’s tax-neutral environment is particularly attractive to high-net-worth individuals, businesses, and investors seeking efficient wealth management solutions, with no taxes on income, capital gains, or dividends.
HSBC Bermuda also benefits from its international network. It is free to open an overseas account if you are an existing HSBC One or Premier customer. This can be a major advantage for expats who already hold HSBC accounts elsewhere and want to establish banking in Bermuda before they arrive.
What are typical bank opening hours in Bermuda?
Bank opening hours in Bermuda are broadly similar to those found in other major financial centres, with branches generally open on weekdays only. All banks are closed on Bermuda’s public holidays.
HSBC Bermuda’s customer support lines are open Monday to Friday, 9:00–18:00 Atlantic Time (excluding public holidays), reachable locally on +1 441 299 6110. Branch hours may differ slightly from telephone support hours, so it is worth confirming directly with your branch.
Butterfield’s banking centres are open from 9:00 a.m. to 4:00 p.m. on weekdays, and the Front Street Banking Centre offers Saturday banking from 10:00 a.m. to 3:00 p.m. Saturday availability at Butterfield has at times been subject to temporary suspension, so check the bank’s website before making a Saturday visit.
A majority of the population uses internet banking to transfer cash and pay for services. All four banks offer online and mobile banking platforms, which expats will find indispensable for managing finances outside branch hours, particularly given Bermuda’s relatively compact branch network.
What should expats be aware of regarding banking in Bermuda?
A closed and limited banking market
There are only four licensed banks in the British Overseas Territory of Bermuda, which is far fewer than other offshore financial centres. Unlike moving to a large country such as Canada or Australia — where dozens of banks compete for customers — expats in Bermuda have limited choice. It is important to research each bank’s offering carefully before committing.
Monthly account fees
All local banks charge customers a monthly fee for checking accounts. These fees vary by bank and account type. Always request a full fee schedule before opening an account, as costs can add up over time and may differ significantly from what you are used to in your home country.
Deposit insurance is limited
Bermuda recently implemented a mandatory deposit insurance scheme guaranteeing the deposits of eligible investors up to a maximum of BD$25,000. This is considerably lower than deposit protection limits in many other jurisdictions — for example, the UK’s Financial Services Compensation Scheme covers up to £85,000, and the US Federal Deposit Insurance Corporation (FDIC) covers up to $250,000. Expats holding large balances should factor this into their financial planning.
Compliance and Know Your Customer (KYC) requirements
Regardless of which bank you apply to, the onboarding process can be onerous. Not all banks openly accept all client types. Banks in Bermuda are subject to strict anti-money laundering regulations and will carry out thorough due diligence on all new customers. Be prepared to provide extensive documentation and allow time for the process to be completed.
The banking market is not internationally open
Bermuda is not an international banking centre, and the Bermudian banking market is closed — only banks licensed by the BMA under the Banks and Deposit Companies Act 1999 are entitled to undertake banking business in or from Bermuda. This means that expats cannot simply use a foreign bank with a local branch; they must bank with one of the four licensed institutions.
Fraud awareness
Criminals have been known to impersonate bank staff by calling customers to gain access to online banking accounts. Banks will never ask for passcodes, PINs or security codes through social media, text message or phone call, and will never ask to take control of your computer remotely or ask you to delete a mobile app. If you receive a suspicious call, contact your bank directly using the number on the back of your card or on the official website.
Opening A Bank Account
Opening a bank account in Bermuda as an expat is straightforward in principle, but the compliance requirements mean you should gather your documents carefully before applying. You can apply for an account in a matter of minutes with a simple online form at some banks, though in-branch visits may still be required to verify original documents.
- Choose your bank. Each bank has its own onboarding process, preferred client types, and account opening requirements. It is important to understand these factors before applying, as not all client profiles are eligible to open accounts with all four banks. Consider your needs — whether you want private banking, a basic current account, or multi-currency facilities — and compare offerings from Butterfield, HSBC, Clarien, and BCB.
- Gather your proof of identity. Acceptable identity documents include a passport, a Bermuda driver’s licence, a Bermuda voter’s registration card, or a Special Person’s Card. The document should be current and must contain your full name.
- Provide proof of address. Acceptable proof of address includes a driver’s licence, a lease agreement, a utility bill, pay stub, home insurance document, bank statement, or a letter from someone who lives with you (including a copy of their valid ID). All documents should be dated from within the last three months. Temporary residents can supply a work permit or employment letter.
- Provide proof of your connection to Bermuda. Non-Bermudians need to provide proof of one of the following: employment in Bermuda (i.e. a work permit or letter from an employer); property ownership in Bermuda, including a timeshare or fractional share; or residency in Bermuda (i.e. a spousal letter or permanent residency certificate). Studying in Bermuda or receiving a pension payment in Bermuda are also typically accepted.
- Make your initial deposit. To open a Bermuda bank account with HSBC, you need to deposit a minimum of BD$100 or equivalent currency. Minimum deposit requirements vary by bank and account type, so confirm the exact amount with your chosen institution beforehand.
- Submit your application. Depending on your chosen bank, you may be able to apply online or will need to visit a branch in person. Take original copies of all documents. The bank’s compliance team will review your application and may request additional information during the KYC process — respond promptly to avoid delays.
- Register for online and mobile banking. Once you have opened your account, register for online and mobile banking to access your accounts 24/7 without the need to visit a branch. You can download the mobile banking app from most app stores, including Apple and Google Play.
The Bermuda Monetary Authority (BMA) oversees all four licensed banks and is the appropriate contact point if you have concerns about a bank’s conduct or need to verify a bank’s licence status.
Frequently Asked Questions
How many banks are there in Bermuda?
The complete list of banks in Bermuda includes four financial institutions. These are Butterfield Bank, HSBC Bank Bermuda, Clarien Bank, and Bermuda Commercial Bank. All are licensed by and regulated by the Bermuda Monetary Authority.
Can a non-resident open a bank account in Bermuda?
All four banks offer both resident and non-resident banking services to individuals and corporate entities. However, you will still need to demonstrate a credible connection to Bermuda — such as employment, property ownership, or residency — and undergo a thorough compliance process.
Is my money protected if a bank in Bermuda fails?
Bermuda has implemented a mandatory deposit insurance scheme guaranteeing the deposits of eligible investors up to a maximum of BD$25,000. This is lower than many comparable jurisdictions, so expats with larger savings should seek independent financial advice on how to structure their funds.
Can I hold a foreign currency account in Bermuda?
Accounts can be maintained in many foreign currencies. Given that the Bermuda dollar is pegged 1:1 to the US dollar, USD accounts are particularly common and practical for day-to-day life on the island.
Does Bermuda have online banking?
A majority of the population uses internet banking to transfer cash and pay for services. All four licensed banks in Bermuda offer online banking platforms and mobile apps, enabling 24/7 access to accounts, payments, and transfers.
Are banks in Bermuda open on Saturdays?
Butterfield’s Front Street Banking Centre is open from 10:00 a.m. to 3:00 p.m. every Saturday. However, Saturday banking has been subject to temporary suspensions in the past, so it is worth checking the bank’s website before visiting. Other banks generally operate Monday to Friday only. ATMs are available around the clock across the island.
What is the main banking regulator in Bermuda?
The Bermuda Monetary Authority (BMA) regulates and inspects Bermuda’s financial institutions, issues currency, manages exchange control transactions, and advises Bermuda’s government on monetary matters. The BMA is the first point of contact for any consumer complaints or regulatory queries relating to banking.
Are there any US banks with retail branches in Bermuda?
No major US retail banks such as Citibank, JPMorgan Chase, or Bank of America operate branches in Bermuda. The Bermudian banking market is closed, and only banks licensed by the BMA under the Banks and Deposit Companies Act 1999 are entitled to undertake banking business in or from Bermuda. HSBC, although internationally recognised, operates in Bermuda as a separately licensed local entity.