Opening a Bank Account in Bermuda as a New Resident

Last checked 12 October 2026

This guide is general information, not legal, immigration or tax advice. Some links may be affiliate links. See our disclosure.

Rent, utilities and payroll in Bermuda mostly run through local bank accounts, so opening one is one of the first jobs after you land. The good news is that the main retail banks publish their requirements. The catch is that nearly all of them need proof of your tie to Bermuda, such as a work permit, and proof of a local address. That’s a chicken-and-egg problem when you’ve just arrived.

This guide compares what the three main retail banks say they need, based on their own published documents. Requirements change, so confirm with the bank before you visit.

The short version

Almost every bank will want:

1. ID: a valid passport for non-Bermudians.
2. Proof of address: usually dated within the last three months.
3. Proof of your tie to Bermuda: a work permit, an employer letter, a spousal letter, a PRC or similar.
4. Proof of income or source of funds.
5. Tax self-certification forms (FATCA/CRS, plus a W-9 if you’re a US person).
6. An opening deposit: BM$100 at Butterfield and HSBC.

Butterfield

Butterfield’s Bermuda account application (butterfieldgroup.com PDF) asks for:

• Verification of nationality: an original or notarised copy of all current passports, or a birth certificate plus government photo ID.
• Main source of income: e.g. a pay slip, employer letter, or investment statement. This applies to residents and non-residents.
• Physical address: one of a utility bill or another bank’s statement (both within three months), a rental agreement or landlord letter, an employer letter, a letter from a household member over 18 with their address proof, or a current-year property tax invoice.
• Minimum deposit: BM$100 or equivalent for a chequing or savings account.
• Bermuda residency (non-Bermudians only): “An official immigration document is required.”
• A W-9 if you’re a US person.

The PDF was uploaded in 2023. Ask the branch whether a newer form exists.

HSBC Bermuda

HSBC’s “Opening your first bank account” guide (hsbc.bm) and online application page (hsbc.bm) list:

• ID: for non-citizens, a valid passport and proof of tie to Bermuda.
• FATCA and CRS individual self-certification form: each joint applicant completes their own.
• Proof of address: a Bermuda driver’s licence, signed lease, utility bill (within three months), home insurance document, or employer’s pay receipt (within three months). If none are in your name, a signed letter from someone you live with, plus their proof of address and ID.
• Temporary residents can supply a work permit or employment letter as proof of address.
• Acceptable ties to Bermuda: employment (work permit or employer letter), property ownership including timeshare or fractional share, studying in Bermuda, residency (spousal letter or PRC), or receiving a pension in Bermuda.
• Initial deposit: BM$100 or equivalent.
• You must be 18 or over to apply online.

HSBC lets you start online, which may save a branch visit.

Clarien Bank

Clarien’s personal onboarding checklist (clarienbank.com PDF) and May 2025 product guide (clarienbank.com PDF) ask for:

• Completed Customer Information Form and account application
• Government photo ID (a valid passport)
• Evidence of physical address within the past three months
• Tax forms (FATCA; a W-9 for US persons)
• Source of funds and wealth, plus disclosure of where initial and future deposits come from
• Intended purpose of the account
• Evidence of Bermuda residency status: a work permit, spousal letter, landing permit or PRC certificate

Clarien notes that documents must be originals or certified copies, and that copies submitted from outside Bermuda should be notarised. Clarien’s checklists don’t state an opening deposit, so ask when you book.

Side-by-side

Solving the address problem

Most new arrivals don’t have a utility bill in their own name for weeks. The workarounds the banks themselves list:

• Employer letter. Butterfield accepts one as address proof, and HSBC accepts a work permit or employment letter for temporary residents. Ask HR for a letter on headed paper confirming your role, start date and Bermuda address.
• Signed lease. Butterfield and HSBC both accept this. Get a signed copy from your landlord or agent as soon as you sign.
• Household letter. If you’re staying with someone, a signed letter from them plus their ID and address proof.

What if I’m on Permission to Reside rather than a work permit?

Your official permission letter is “an official immigration document” in Butterfield’s terms. HSBC’s list of ties doesn’t name Permission to Reside explicitly, so check with HSBC before applying there.

Bermuda dollars and US dollars

The Bermuda dollar is pegged one-to-one to the US dollar, and US News Travel notes US dollars are widely accepted on the island (travel.usnews.com). Many residents hold both BMD and USD accounts. Wise’s rate pages, for example, show 1 USD = 1.0000 BMD (wise.com).

Getting money in before your account is open

Until your Bermuda account is open, you’ll probably rely on UK cards and transfers. To keep currency costs down in the meantime:

• Use a card without foreign transaction fees.
• Consider a multi-currency account that holds USD, such as Wise, to convert pounds at the mid-market rate. Wise says it supports sending GBP to Bermuda and receiving BMD (wise.com).
• Once your local account is open, compare a bank wire with a specialist transfer service. See sending money from the UK to Bermuda.

Need a lease first? See renting in Bermuda.

Checklist for your first bank appointment

• Passport (and certified copies if you’re applying from abroad)
• Work permit, permission to reside letter, or other immigration document
• Employer letter on headed paper, or signed lease
• Recent payslip or employment contract
• Completed FATCA/CRS self-certification (and W-9 if you’re a US person)
• BM$100 or equivalent for the opening deposit
• A note of where your future deposits will come from (banks will ask)

Should I keep my UK bank account?

Usually yes, at least at first, for paying UK bills, receiving any UK income and keeping a credit history. Ask your UK bank directly what its policy is for customers living abroad before you move.

Sources checked 12 October 2026. Bank requirements change, so confirm with the branch before you go.