Foreign Exchange Guide to Bermuda
In this guide we review :
- Bermudan dollar info - general info about the Bermudan dollar
- Travelling in Bermuda - currency & money saving tips
- Buying Bermudan dollar cash online - travel money for Bermuda
- Sending money to Bermuda - save on Bermudan dollar bank transfers to Bermuda
- Bermudan dollar exchange rates - latest info & charts.
Bermudan dollar (BMD) general currency information
Bermuda currency and money saving tipsThe Bermuda dollar is pegged to the U.S dollar through gold on an equal basis i.e. BD$1 = US$1. Although the legal tender is the BD, USD is generally accepted in shops, restaurants and hotels. ATMs are plentiful making cash easily accessible but, as always, be wary of possible fees imposed for each withdrawal. It's wise to always have some petty cash on you as you'll need it to pay for bus and ferry tickets, taking taxis, tipping bellhops, and paying in some cheaper restaurants. BDs are difficult to exchange outside of the country so exchange any remaining dollars before you leave.
Bermuda Trip Checklist
Travel money for Bermuda
Save money and time by Ordering your Bermudan dollar online from Travelex, you get better rates and can pick up the BMD cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Bermudan dollar otherwise you may get much worst exchange rates.
Sending money to Bermuda
When sending money to Bermuda it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Bermudan dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted BMD amount will be transfered to the recipient account you specify in Bermuda.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Bermudan dollar deposited into the recipient bank account in Bermuda and less margins and fees kept by the banks!