SWIFT/BIC codes in Bermuda

Bermuda: banks and their SWIFT/BIC codes

For Bermuda our database holds 58 SWIFT/BIC codes from 49 financial institutions. Every code points to a bank or one of its branches, so a payment from abroad reaches the right place.

Each bank has its own page with its main code and if there are any, branch codes. Below the list you can read how a code from Bermuda is put together, how to send money to Bermuda without overpaying and how to check a code before you pay.

Verifying a SWIFT code from Bermuda

The most reliable place for the right code remains a document from the bank itself. If the code you have does not match our list, do not guess: check with the recipient or the bank.

The directory on GoldexPay draws on public sources that we update periodically. Even so, banks merge or retire codes, so information can be out of date. Treat this list as a reference: the bank details from the recipient come first. GoldexPay is an independent comparison site and has no link to the banks in this list.

Watch out for invoices containing changed bank details, especially when they come by email. A valid BIC says nothing about whether a request is genuine.

Receiving money in Bermuda from abroad

When you are waiting for a payment from another country on an account in Bermuda, send the payer a complete set of details. In practice that means: your full name as your bank knows it, your account number or IBAN, the SWIFT/BIC code of your bank and, often, your postal address.

The code of your bank is in our list, yet the version on your own statement or in your banking app is leading. You can include the name and city of your bank as well because some forms have separate fields for it.

What lands in your account is often lower than the amount sent. Charges on incoming payments differ from bank to bank. Make clear with the sender who pays which costs.

What the letters in a Bermuda BIC mean

Bank identifier codes follow the same format worldwide: eight characters, sometimes followed by three more. Characters one to four identify the bank, characters five and six are the country code and the next two mark the location.

For banks in Bermuda, characters five and six are the ISO country code of Bermuda, which makes these codes easy to recognise. A code with a different country code belong to another country.

The last three characters, if present, identify a branch or department; XXX is used for the head office. Use a branch code just when the recipient’s bank asks for it.

Bank or transfer service for Bermuda?

A bank transfer to Bermuda often costs rather more than you think. There is a transfer fee, possibly fees from correspondent banks along the way and, most importantly, the exchange rate markup.

That exchange rate margin tends to be the biggest part of the cost, even though it is not listed as a fee. Compare the bank’s rate against the mid-market rate. The difference is your real cost.

For many currency pairs, a specialist provider is less expensive than a bank – mostly thanks to the exchange rate. Before you send money to Bermuda, take a minute to compare the total cost via GoldexPay instead of going straight to your bank.

HSBC Bank Bermuda Limited and its SWIFT codes

Of all banks we list for Bermuda, HSBC Bank Bermuda Limited has the most SWIFT codes. The head office uses BBDABMHMXXX – the code most transfers need.

How many codes a bank has tells you more about how it organises its payments than about how big it is. Paying someone at HSBC Bank Bermuda Limited? Go with BBDABMHMXXX unless the recipient gives you a branch code.

How long does a transfer to Bermuda take?

There is no single delivery time for transfers to Bermuda: some arrive within a day, others take several business days. Bank holidays in Bermuda or in the sending country add extra days.

When a payment takes longer than expected, the sender should contact their own bank and ask for the status or the UETR – the receiving bank often cannot see a payment that has not arrived. Money transfer services usually show a status in their app.

Paying a bank in Bermuda from abroad

Bermuda is not part of the SEPA area. International transfers to Bermuda normally travel over the SWIFT network – which is why you need the BIC of the recipient’s bank.

Depending on the country, accounts are identified by a local account number instead of an IBAN. The recipient’s bank usually has instructions for incoming international payments, and it is worth following them to the letter. International transfers can pass through correspondent banks.