Best way to send money to Bermuda | finder.com

How to send money to Bermuda

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When you need to get money to a loved one in Bermuda, you don’t want to get caught in maelstrom of complications and unnecessary expenses. Sending money from the United States to Bermuda doesn’t have to be a mysterious process. Compare the transfer fees and exchange rates of the options available to you to get the best deal.
World First

Why we like: World First

Pay $0 fees to transfer money in more than 140 currencies to more than 45 countries overseas.

Convenient money transfers with excellent customer service and no transfer fee every day:

  • Enjoy competitive exchange rates.
  • Lock in low rates with forward contracts and limit orders.
  • Get weekly updates on the market.

    Compare money transfer services to Bermuda

    Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Bermuda with our money transfer partners.

    Banks versus money transfer companies

    Instead of shopping around for a more affordable deal, many people simply send money overseas via their bank, which is a big mistake. Banks offer some of the lowest exchange rates around on the international money transfer market, while also charging high fees on each transaction. If you want to find a more cost-effective way to send a transfer, consider the services offered by dedicated online money transfer companies. Specializing in handling international transfers around the world, these companies offer far better exchange rates and more reasonable fees than banks. In addition to saving you money, they also offer the convenience of fast and secure online transactions.

    Case Study: Bill sends money to Bermuda

    Bill is spending 18 months working in the U.S. and saving money for his family back home in Bermuda. But when he gets word from his sister that she has fallen behind on her rent and needs money ASAP, Bill plans to send an emergency transfer of $1,000. Rather than sending money via his bank and accepting their low exchange rate and slow processing time, he compares the services of two money transfer companies that offer the convenience of online transfers.

    Money transfer company 1Money transfer company 2
    Exchange rate1 USD = 0.998 BMD1 USD = 0.98 BMD
    Fee$0$45
    Transfer methodOnlineOnline, bank account to bank account
    Transfer time1 day1 day
    Amount received$998$936
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    How do I compare transfer companies when sending money to Bermuda?

    • Exchange rates. Look for a provider that regularly offers better exchange rates than its competitors, but watch out for providers who temp you in with great rates but then hit you with high transaction fees.
    • Transfer fees. You’ll generally need to pay a transfer fee each time you send money overseas, so compare the fees and charges each company imposes per transaction. Some providers will even offer a fee-free threshold, which means you won’t have to pay any fee if you transfer more than a specified amount.
    • Transfer methods. Some companies only offer online transfers, while others will require you to visit a branch. Telephone transfers and mobile app transactions are also available.
    • Options available. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
    • Turnaround time. Some companies can get your funds to your beneficiary in around 10 minutes, while others will take several business days to process transfers.
    • Minimum transfer amounts. If a company imposes a minimum limit of $500 on each transfer, will this be suitable for your needs?
    • Pickup options. How will your beneficiary receive the funds? Will they be deposited into his or her bank account or made available for collection from a cash pickup point?
    • Customer service. Finally, make sure that the company you choose to handle your transaction has an excellent reputation for customer service. If you ever need a question answered, knowing that the help you need will be instantly available offers peace of mind.

    Foreign exchange rates explained

    The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. The Bermudian dollar is fixed to the US dollar, ensuring the two have the same value, so the exchange rate is 1-to-1.
    Currency exchange rate for Bermuda

    What are my options for sending money to Bermuda from the U.S.?

    Steps to send money to Bermuda?

    1. Sign up for an account with a provider supplying your name, contact details and bank account information.
    2. Enter transaction details for how much money you’re sending, in which currency, and where you are transferring the funds to.
    3. Provide your recipient’s name and contact details.
    4. Submit and pay for your transaction; make sure you keep your receipt or reference number so you can monitor the progress of your transaction.
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    Emergency cash transfers in Bermuda

    If you ever need to send an emergency cash transfer to Bermuda, watch out for any extra costs associated with the transaction. Urgent transfers regularly attract poor exchange rates and higher fees than ordinary transactions, so double-check the full cost of your transfer before deciding which provider you use. Taking a few extra moments to read the fine print can save you a whole lot of money.

    Tips for picking up cash in Bermuda

    If you’re picking up cash in Bermuda following a money transfer, make sure to exercise a few simple precautions to ensure the safety of yourself and your money. Avoid visiting any unsafe or high-crime areas and don’t carry large sums of money around in public. Keep your money hidden at all times and, if possible, have a friend accompany you when you go to pick up the funds to provide an extra deterrent against thieves.Back to top

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    US International Money Transfers Offers

    Important Information*
    XE Money Transfer

    Transfer up to $500,000 with no minimums and no fees.

    WorldRemit International Money Transfers

    Use promo code FINDER to send your first transfer with no fee.
    Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

    World First

    No maximum limit, no fees and competitive exchange rates for 100+ currencies.

    TransferWise

    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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