Banking and payments in Bermuda: an account with your work permit, the dollar and 1.25 percent on euros
You open a Bermudian bank account on the spot, with your passport, proof of address and a connection to Bermuda, such as your work permit. The Bermudian dollar is equal to the US dollar. If you buy foreign currency at a Bermudian bank as a resident, you pay 1.25 percent tax. You declare more than 10,000 dollars in cash to customs; when leaving the EU the limit is 10,000 euros.
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You can only open a Bermudian bank account once you live there. The banks ask for your passport, proof of your address and a connection to Bermuda, such as your work permit or a letter from your employer. By law the Bermudian dollar is equal to the US dollar. Buying euros at a Bermudian bank costs you 1.25 percent tax as a resident. So keep your Dutch account.
We convert amounts at the European Central Bank rate of 23 October 2026: 1 euro is about 1.12 dollars.
What rules apply to money in Bermuda?
| What | Rule |
|---|---|
| Currency | Bermudian dollar (BD$), equal to 1 US dollar |
| Buying foreign currency as a resident | 1.25% Foreign Currency Purchase Tax |
| Cash on arrival in or departure from Bermuda | declare more than BD$10,000 |
| Cash when leaving the EU | declare €10,000 or more |
| Opening an account at HSBC | deposit at least BD$100 |
| AOW outside the Netherlands | in euros, via Citibank, at most €0.48 per payment |
What do you need for an account?
The Department of Social Insurance names three banks for individuals: HSBC, Butterfield and Clarien. HSBC Bermuda asks for:
- Valid proof of identity. For a Dutch national, your passport.
- Proof of your address. No older than three months, such as your lease, an energy bill or a payslip. If you have just arrived, it may also be your work permit or a letter from your employer.
- A connection to Bermuda. For example your work permit or a letter from your employer, a home you own, a course of study, your residence permission as a partner or on your own income, or a pension paid in Bermuda.
- An opening deposit. At least BD$100 (about €89).
Clarien Bank only opens an account for someone who is Bermudian or lives in Bermuda, such as a work permit holder. You open the account online, with your passport, your mobile phone and a selfie. If you do not have a lease yet, a letter from your employer's HR department is enough.
We did not find what Butterfield asks for exactly from the bank itself. Ask.
A bank asks for proof of your connection to Bermuda. If you live on your own income, bring the letter from Immigration about your residence: HSBC names it as proof. If you come as a visitor first, do not count on being able to open an account yet.
What does buying euros cost?
Since 1 April 2019 Bermuda has levied the Foreign Currency Purchase Tax: 1.25 percent on all foreign currency a resident buys at a Bermudian bank. If you send money to the Netherlands every month, for example for a mortgage or a child at university, you pay 1.25 percent on every amount.
It works the other way too. If you have your AOW paid into a Bermudian dollar account, the bank converts the euros, and there may be charges. You can also have your AOW and your pension paid into your Dutch account and transfer only what you need in Bermuda. Ask your Dutch bank in advance whether it keeps a customer living in Bermuda. See keeping your bank account and DigiD.
How much cash do you take?
In Bermuda you declare more than BD$10,000 in cash or negotiable instruments on the Customs Traveller Declaration, the customs form. You then go through the red channel. That applies on arrival and on departure.
When leaving the EU you declare €10,000 or more to Dutch customs. That also applies to bearer cheques and gold. Note the difference: in the EU "10,000 or more", in Bermuda "more than 10,000".
Take little cash and transfer large amounts. That is safer, and you have proof of where the money comes from.
How do you pay your contributions and bills?
As a self-employed person you pay your contribution to the Bermudian pension through online banking at HSBC, Butterfield or Clarien. As an employee, your employer withholds it from your salary.
In the first weeks you pay with your Dutch card. Bring a credit card, and check what your bank charges for paying in dollars.
What happens to your AOW?
Your AOW goes with you, but a single person gets about 30 percent less in Bermuda, because there is no social security agreement. You pay no tax on it. See AOW, pension and tax.
In Vertrekklaar this is phase 5 of 5 of the journey, step 5.4: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Bermuda or go straight to step 5.4 in the open plan.
What this rests on
The facts in this article come from these official pages. Rules change. When in doubt, go by the source, not this article.
- HSBC Bermuda — opening your first account, with the requirements for non-Bermudians — hsbc.bm
- Clarien Bank — opening an account online, for residents only — onboarding.clarienbank.com
- Bermudian Dollar Parity Order 1981 — the Bermudian dollar equals the US dollar — bermudalaws.bm
- Office of the Tax Commissioner — the Foreign Currency Purchase Tax of 1.25% — gov.bm
- Bermuda Customs — declaring goods and cash — gov.bm
- Department of Social Insurance — paying contributions through HSBC, Butterfield or Clarien — socialinsurance.gov.bm
- European Commission — declaring cash when leaving the EU, from €10,000 — taxation-customs.ec.europa.eu
- SVB — payment of your AOW outside the Netherlands, in euros — svb.nl
- European Central Bank — the daily dollar rate — ecb.europa.eu
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