Living and Trading in BMD: FX Guide to Bermuda
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Bermuda with the Bermudan dollar
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.
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Frequently Asked Questions
What currency should I use in Bermuda?
The domestic currency in Bermuda is the Bermudan dollar.
What is the Bermudan dollar currency code and symbol?
The three letter currency code for the Bermudan dollar is BMD — symbol is B$.
What doe the Bermudan dollar look like?
Here is an example Bermudan dollar banknote:
Which countries use the Bermudan dollar?
It is the domestic currency in Bermuda.
Is the Bermudan dollar a closed currency?
No, the Bermudan dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and BMD?
Here are some popular conversion amounts for USD to BMD (US dollar to Bermudan dollar)*.
*Converted at the current USDBMD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the Bermudan dollar
The currency code "BMD" refers to the Bermudian dollar, which is the official currency of Bermuda. It is represented by the symbol "$" 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 money for Bermuda
Using Wise for Bermudan dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Bermudan dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Bermudan dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the BMD cash locally or even on travel day at the airport.
Bermuda: Travel Guide
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.
USD/BMD Market Data
The below interactive chart displays the USD/BMD change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Bermuda - Best Rates
To get a good (and fair) exchange rate when sending money to Bermuda you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers 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 4 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.
Use the above calculator to compare the exchange 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 and less margins and fees kept by the banks!