Money, Money, Money! US Dollar or Bermuda Dollar?

Home/Money, Money, Money! US Dollar or Bermuda Dollar?

Travelling to Bermuda is so much easier than visiting to some other countries where currency is concerned.  Why? Because, we use the U.S. dollar just as much as we use our Bermudian currency.  As a result, there really is no need to exchange your dollars to Bermudian currency because if a visitor spends U.S. dollars, vendors will often support the visitor by repaying or giving change in the same currency, i.e. U.S. dollar for U.S. dollar.  As a courtesy to the visitor, vendors will even give change in U.S. dollars if Bermuda dollars (BMD $) are used as long as there are U.S. dollars (U.S. $) in their till.

A couple of things that one might need to know is that: the Bermuda dollar is tied to the U.S. dollar and converts 1:1, dollar for dollar against the U.S. dollar  It has been trading 1:1 for well over 5 years.  For knowledge sake, prior to that time, on average, the Bermuda dollar floated anywhere from one (1) cent to three (3) cents above the U.S. dollar, but of course, that is now history.

Bermudian Coins

Before the 1970’s Bermuda used sterling – pound, shillings and pennies – but regardless of the currency used, our Bermudian banks will usually have a stock of the most common currencies traded on our Island which are Canadian dollars, UK pounds and even Euros – these are readily available in modest amounts. Other currencies exchanged less often, may be obtained but may require some notice to the bank and availability may be totally dependent on the amounts being traded.

There are a few local Bermudian banks but HSBC, one of the world’s largest banking and financial service organizations is located on Island.  This bank services 73 countries and territories – Europe, Asia, the Middle East and Africa, North America and Latin America.  So regardless of where you are visiting from, you will be able to get any and every financial need addressed.  We do however encourage you to bring U.S. dollars so that you will be able to conduct business immediately upon arrival on our shores.