Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Send money to Bermuda
Take advantage of low fees and competitive exchange rates when sending money to Bermuda.
Compare money transfer services to Bermuda
Best ways to send money to Bermuda
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Bermuda. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts.
1. Digital money transfer servicesCompanies like PayPal and XE specialize in foreign currencies, making them some of the most cost-effective ways to send money to Bermuda. Most offer transfers directly to your recipient's bank account in Bermuda, often in as little as a day or two.
- Why? Digital money transfer services are cheaper because they exist online and don't have as many employees or physical locations.
2. Cash transfersServices like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Bermuda— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees.
- Why? Picking up cash is more expensive because more people are involved.
3. BanksThe Bermudan dollar may be offered by your bank, but beware of high fees and wide margins on the exchange rate. Compare bank transfers to digital services and other options before sending a wire transfer to Bermuda.
- Why? Banks offer money transfers as a secondary service so don't strive to offer competitive prices.
Let's crunch the numbers: Sending $1,000 to BermudaLet's say you need to send $1,000 to family in Bermuda. Here's what you might face as far as fees and exchange rates using today's rate of 1 USD = 1.000 BMD.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$0||$20||$25 + additional correspondent bank fees|
|Exchange rate||1 USD = 0.997 BMD||1 USD = 0.995 BMD||1 USD = 0.950 BMD|
|Transfer speed||1-2 days||Minutes||2-5 days|
The bank option ends up being the slowest and gets the smallest amount of money to your recipient in Bermuda. A digital transfer sends the most, which is BMD$71 more than the bank. For speed, a cash transfer can typically have your transfer to Bermuda in as little as 15 minutes. Make sure there's a cash pickup location near your recipient before sending.
How to send money to Bermuda online
Sign up and send money to Bermuda with a digital money transfer specialist in four steps:
- Sign up for a free account. Compare and pick a provider before signing up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient's contact information and pick a delivery method. If transferring to a bank, you'll need their bank account details in Bermuda.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt's confirmation number to track the progress of your transfer to Bermuda. Some money transfer providers send a text or email when your transfer is complete.
Get the most out of your money transfer to Bermuda
Weigh costs and fees against convenience to best compare money transfer providers that send to Bermuda. Consider:
- Exchange rates. The USD–BMD relationship fluctuates, so using a service that allows you to lock in exchange prices may help you save money down the line if the Bermudan dollar rises against the US dollar.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger USD–BMD exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of Bermudan dollars you're sending to Bermuda.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Bermuda.
- Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you're sending is a valid strategy for saving money.
- Transfer methods. Whether you want money sent to a bank account in Bermuda or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
How to send money to Bermuda without a bank accountIf you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up Bermudan dollars without a bank account.
Emergency cash transferWhen urgency trumps cost to get your money to Bermuda quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Bermuda's exchange rates explained
Banks and money transfer companies use exchange rate to calculate how much Bermuda's currency is worth when converted to USD. The USD-BMD relationship can change daily based on global economic stability, interest rates, inflation and more.Today's exchange rate USD to BMD
What to watch out for
Sending money to relatives or family members in Bermuda may be subject to taxes on the money transfer and certain documents may be required.
Taxes on transfers to Bermuda
In general, any large transfers being sent from the US to Bermuda should be filed with the IRS to avoid any penalties.
Receiving money in Bermuda:
- Transfer confirmation details like a transfer number, an MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID like a passport or similar official ID may be required to pick up your transfer.
- Sender's information. Take along your sender's full name, the sending country and their address, if known.
Sending to Bermuda from the US:
- Proof of identification like a government-issued ID or your SSN number.
- Recipient information like their name, address and bank account information in Bermuda.
Sending your hard-earned money to Bermuda shouldn't cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.
More guides on Finder
Ando Savings review
A free savings account that’s socially responsible, but the APY is only 0.16%.
Edward Jones review
Edward Jones is a full-service brokerage firm that grants every investment account access to a financial advisor.
Emergency fund: What it is and how to build one
This type of savings account can save you from a lot of financial stress and anxiety.
Fidelity Cash Management account review
Fidelity’s cash management account lets you avoid unlimited ATM fees, but it earns little interest.
NEA Smart Money account review
The NEA Smart Money account combines aspects of banking and investing, but only educators qualify.
Ellevest Debit Card review
The Ellevest Debit Card offers rewards, round-ups and ATM rebates, but it’s missing key features.
United Quest℠ Card review
The Chase United Quest piles on the perks without breaking the bank.
Review: FTX US cryptocurrency exchange
What you need to know about using FTX US, including fees, available cryptocurrencies and what payment methods are available.
Kachinga Prepaid Mastercard review
Teach your kid to save, spend and give wisely with this prepaid debit card and mobile app.
Patch of Land competitors
Patch of Land competitors for investors interested in residential or commercial real estate.
Ask an Expert