Currency in Bermuda
A practical currency and money guide to travel, living and doing business in Bermuda and the Bermudan dollar (BMD).
What's in this Bermuda currency guide:
What currency is used in Bermuda?
The official currency of Bermuda (country code: BM) is the Bermudan dollar, with symbol B$ and currency code BMD.
Things to know about the Bermudan dollar
The currency code "BMD" refers to the Bermudian dollar, which is the official currency of Bermuda. It is represented by the symbol "$" and is abbreviated as BMD. The physical currency consists of coins and banknotes. The coins come in denominations of 1 cent, 5 cents, 10 cents, 25 cents, and 50 cents. The banknotes come in denominations of $1, $2, $5, $10, $20, $50, and $100. The banknotes feature images of famous Bermudian historical figures, such as William Reid and Sir Henry Tucker. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Travel Ideas and Money Tips for Bermuda
Bermuda is a small island country located in the North Atlantic Ocean. It is a British Overseas Territory and is known for its subtropical climate, pink-sand beaches, and historic landmarks. The official language is English, and the currency is the Bermuda dollar. Bermuda has a strong economy, with a focus on tourism and international business. The island is known for its British colonial-style architecture, and there are many historical sites to visit including the Royal Naval Dockyard, which was a major naval base in the 19th century. Bermuda is also home to a number of parks and nature reserves, including the Bermuda National Trust's 33 acres of botanical gardens.
The 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.
Expat Money & Business Guide to Bermuda
Managing your finances in Bermuda
Here we list some key points for expats and businesses to consider when managing financial dealings in Bermuda:
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Understand Bermudan dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the BMD exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Bermudan dollar bank account: A local BMD bank account can make it easier for you to manage your finances and pay bills while you are in Bermuda. It may also be more convenient to use a local BMD bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Bermuda. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Bermuda. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Bermuda, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
BMD/USD – Market Data
The exchange rate of Bermudan dollar (BMD), or the amount of BMD that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest BMD/USD rate plus recent trend, chart, and historic rates.
| Date | BMD/USD | Period |
|---|---|---|
13 Mar 2023 | 1.0000 | 2 Week |
27 Dec 2022 | 1.0000 | 3 Month |
27 Mar 2022 | 1.0000 | 1 Year |
28 Mar 2018 | 1.0000 | 5 Year |
29 Mar 2013 | 1.0000 | 10 Year |
01 Apr 2003 | 1.0000 | 20 Year |
Compare Bermudan dollar Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Bermuda or planning a trip or maybe living there, so will need to exchange and spend Bermudan dollar.
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It is important to note that the exchange rate of the Bermudan dollar can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect BMD exchange rates before making any financial decisions.
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