Bermuda Banking and Financial Services

 
 
Below is the directory of banking and financial services institutions in Bermuda. 
 

Banks in Bermuda

 
There are four banks in Bermuda. All of them are regulated under the Banks and Deposit Companies Act 1999. The banking system in Bermuda is considered stable because of various factors such as improving asset quality, sound liquidity and strong capital buffers.  
 
 
 
Bank of Bermuda, located in Hamilton Front Street, is one of the largest banks in Bermuda. It was taken over by HSBC group in 2004. Check out the link for details of offerings and contacts. 
 
 
Online banking 
Call +1 441 299 5959 (open Monday - Friday except public holidays, 08:00-17:00 AST). 
 
HSBC Net 
Call +1 441 299 6110 (open Monday - Friday except public holidays, 08:00-18:00 AST). 
 
Located in Hamilton City, Butterfield bank is the oldest bank in Bermuda and caters to both local and international clients. 
 
Head Office/ Reid Street 
65 Front Street, Hamilton City, Bermuda. 
Phone: (441) 295 1111 
 
Hours 
 
Reid Street: 
Monday - Friday, 9:00 a.m. to 4:00 p.m. 
Saturday, 10:00 a.m. to 3:00 p.m. 
 
Somerset & St. George's: 
Monday - Friday, 9:00 a.m. to 4:00 p.m. 
 
Bermuda Commercial Bank Ltd. 
The bank, a subsidiary of Somers Ltd., caters to commercial and corporate clients mainly from the International Business. It offers a wide range of banking services, and a full range of custody, fund administration and corporate services. Today, it is Bermuda’s only bank that is dedicated solely to the needs of high net-worth clients. 
 
Update 2019/2020: Bermuda Commercial Bank is to be sold out to a New York investment firm, Permanent Capital. The latter however mentioned that they intend to maintain the status quo as they are very impressed with the management team and staff. They expressed every intention of growing the bank by introducing competitive lending rates, services like reinsurance for key industries as well as better technology including mobile banking. 
 
Location and Contacts: 
Bermuda Commercial Bank Building,  
19 Par-la-Ville Road, Hamilton HM 11 
 
REGISTERED ADDRESS: 
Bermuda Commercial Bank 
34 Bermudiana Road, 
Hamilton HM 11, Bermuda 
Mailing Address: P.O. Box HM 1748, Hamilton HM GX 
 
Phone: 441/295-5678 Fax: 441/295-8091 
 
Clarien Bank (erstwhile Capital G Bank) is a relatively new bank in Bermuda. The bank offers services like Personal Banking, Lending, Business Banking and Private Banking. The bank also has two wholly owned subsidiaries that offer Investments and Trust management services. Check out the link for details. 
 
Main Office: 
19 Reid Street, Hamilton, Bermuda 
P.O. Box HM 1194, Hamilton HM EX 
Phone: 441/296-6969, Fax: 441/292-1277 
 
Paget Office: 
161 South Road, Paget, DV 04, Bermuda 
 
Hours 
Clarien Head Office: 
Monday - Friday | 8:30am - 4:00pm 
Clarien Paget Plaza: 
Monday - Friday | 8:30am - 4:00pm 
 

Other Financial Services in Bermuda

 
 
This is a Bermuda based company that provides various financial services to its clients including businesses as well as individuals in Bermuda. The services include check guarantee and collections, electronic payments and ACH (Automated Clearing House), payments and collections for American Express cards and so on. 
 
Bermuda Stock Exchange or BSX is the largest offshore security trading exchange in the world and is fully automated. Click the above link to know the details and some of the unique products and services offered by the exchange. 
 
BNY Mellon Alternative Investment Services Ltd. 
The Bermuda based company Windward Management Ltd. has joined hands with BNY Mellon Wealth Management in a strategic alliance relationship in order to introduce high net-worth investors in Bermuda. They provide alternative investment services for individuals and corporate. Offerings include Wealth Management, Treasury Services, Security Services and Asset Management. 
 
129 Front Street, Hamilton HM 12, Bermuda 
Phone: 441/279-9600 
 
First Bermuda Group Limited 
The two operations of First Bermuda group, Securities and Savings & Loan offer access to a wide range of financial products and services. Another unit, First Bermuda Asset Management offers complete portfolio management services. Client base includes both local and international clients. 
 
Maxwell R. Roberts Building, 1 Church Street, Hamilton 
P.O. Box HM 136. Hamilton HM AX 
Phone: 441/295-1330 Fax: 441/292-9471 
 
 
 
Lines Overseas Management (LOM) Bermuda 
LOM was setup in 1992. The group is one of the world's largest and independent offshore financial services company. LOM has its head office in Bermuda and subsidiaries in Grand Cayman, Bahamas and London.  The company offers various financial services including offshore accounts and Investments, Offshore Brokerage, Wealth Management, Offshore Stockbroker, Mutual Fund, Offshore Financial Services, Custody etc. 
 
LOM Building, 27 Reid Street, Hamilton 
P.O. Box HM 2908, Hamilton HM LX 
Phone: 441/292-5000 Fax: 441/295-3343 
 
Bermuda Investment Advisory Services (BIAS) 
An investment management company that provides services to Bermuda-based companies, captive insurers, trusts and private clients. Incorporated in the year 1992, it is independent of any other major financial institution or bank. It is the only non-bank investment firm in Bermuda that is led by Chartered Financial Analysts as its senior executives. 
 
Address: 
2nd Floor, Wessex House, 
45 Reid Street, Hamilton, HM12, Bermuda 
Phone: (+1 441) 292-4292 
 

How to open a bank account in Bermuda?

 
Before applying for opening a bank account in Bermuda, carefully review the laws of your country to learn if you are legally allowed to bank with Bermuda. For instance, investment services are not offered to United States citizens. 
 
Ensure you keep careful track of your income and banking activity as, failing to report them in your Bermudian bank account is likely to be illegal. The necessary details must always be reported to your home country. Moreover, these laws regarding your income and how you are to report it, is constantly changing. So, stay abreast with it and make sure you know what to report. 
 
Review the most recent deposit protections guarantees in Bermuda, before you decide to bank there. 
  • Pick a bank you want to work with. Bermuda has just four banks that are allowed operation within the country (HSBC Bank of Bermuda, Clarien Bank, Bermuda Commercial Bank, Butterfield Bank). Identify your banking needs and pick one, although you will find overlapping services in all.  
  • Select an account type that you wish to open (Personal account/ Corporate account/ Savings account/ Checking account).  
  • Enquire about recurring fees as all Bermudian banks charge a monthly or a yearly account fees. This amount depends of when you open your account, the account type and with which bank. Charges may increase if the account stays inactive for two years. You also might need to maintain a minimum level of funds in your bank account.  
  • Ensure you learn all about the bank’s service fees before opening an account. Convenience banking services like opening a credit card or wiring money to a foreign bank, might incur special charges. Often e-banking or online services are included in the deal and come at no extra fee. 
  •  

    Related Articles

     
    1) Check out Bermuda Insurance to know about the growth and offerings about this industry in both international and domestic market.