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How to send money to Bermuda

Take advantage of low fees and competitive exchange rates when sending 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.

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
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.?

  • Bank transfers. Many major U.S. banks can safely wire your funds to countries around the world. Banks rely on existing links between banks and banking systems worldwide. However, a downside is the frustratingly high fees and weaker exchange rates you’ll receive by going through your bank.
  • Online money transfer services. These specialists offer more affordable transfers than banks do, allowing you to quickly and easily manage your transactions from home. With competitive exchange rates and lower fees, you can send funds from your bank account. Many also allow you to pay with a credit or debit card.
  • Providers with cash pickup. Trusted providers like Western Union and MoneyGram offer the key advantage of giving your recipient fast access to the cash you send — sometimes within minutes. You can often pay online or at one of thousands of agent locations worldwide. However, services typically cost more than an online transfer specialist and vary by where you’re transferring your money and how you’re paying for it.
  • PayPal transfers. Not just for online purchases, PayPal offers transfers to more than 100 countries and supports multiple currencies. Its exchange rates are often better than those you’ll get from a bank but not quite as strong as rates from money transfer companies. PayPal calculates its transfer fee as a percentage of the amount you’re sending — meaning it’s often better for sending smaller amounts of money.
  • International money order. You can get this type of money order from your bank and send it overseas to your recipient, who then cashes it in with their own bank. While more secure than a personal check, it’s a slower option than using an electronic transfer. It also costs a little more — you’ll have to purchase the check, and your recipient may be charged a fee by their own bank cashed.
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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.

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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