Sending Money from the UK to Bermuda: Wise vs Banks Compared
This guide is general information, not legal, immigration or tax advice. Some links may be affiliate links. See our disclosure.
Moving to Bermuda from the UK usually means converting a lot of pounds: a rental deposit, shipping costs, a first few months of living costs, and perhaps savings. On sums that size, small differences in exchange rates add up to real money.
This guide explains how the currency works, how to compare providers properly, and what the published figures we found actually show. We haven’t joined any money transfer affiliate programme yet. Any links marked as affiliate links will be labelled when we do.
First: how Bermuda’s currency works
- The Bermuda dollar (BMD) is pegged one-to-one to the US dollar. Wise’s Bermuda page shows 1 USD = 1.0000 BMD (wise.com).
- US dollars are widely accepted in Bermuda (US News Travel).
- So for a UK mover, the exchange you’re really making is GBP to USD/BMD. The GBP/USD rate moves every day. On the day we checked, Wise showed 1 GBP = 1.3232 BMD (wise.com/gb), but that changes constantly.
The two costs in any transfer
Every international transfer costs you in two ways:
- The fee you can see, e.g. “£5 fee”.
- The exchange-rate markup you can’t see. This is the gap between the rate you get and the mid-market rate (the one on Google or Reuters).
Banks often advertise “no fee” but build a markup into the rate. To compare properly, look at how many BMD or USD actually arrive for the same number of pounds sent, on the same day.
What Wise publishes
Wise’s UK to Bermuda page (wise.com/gb) says it:
- uses the mid-market rate and shows its fees upfront,
- lets you send GBP and the recipient receives BMD directly from Wise’s local bank account, and
- also supports sending GBP via Swift to Bermuda (Wise Help Centre) and USD via Swift to Bermuda (Wise Help Centre).
On the day we checked, Wise’s page listed these costs for sending £1,000 to Bermuda, by payment method:
| Pay with | Wise’s listed cost |
|---|---|
| Bank transfer | £37.25 |
| Wise account balance | £37.60 |
| Swift | £37.23 |
| Credit card | £48.82 |
| Apple Pay / Google Pay | £58.05 |
| Debit card | £66.80 |
These are Wise’s own figures, and they change. About £37 on £1,000 (roughly 3.7%) is a real cost, so it’s worth testing an alternative:
The two-step route worth testing
- Convert GBP → USD (a high-volume, usually cheap route).
- Send the USD to your Bermuda bank account. Bermuda banks commonly offer USD accounts, and USD is accepted at par.
Whether this works out cheaper depends on what the provider charges and on any fee your Bermuda bank takes on incoming USD wires. Run both options through the calculators on the same day before moving a large sum.
If you want to try Wise, sign up through Wise. A Wise multi-currency account can hold GBP and USD side by side, so you can convert when the rate suits you.
High street bank wires
UK banks can send international payments (Swift wires) to Bermuda. Typically:
- there may be a fixed sending fee,
- the exchange rate usually includes a markup, and
- intermediary or receiving banks may take further fees.
We haven’t published bank figures because they vary by bank and account. Get a quote from your own bank showing both the exchange rate and the fee, then compare the amount received.
Other specialist providers
Other money transfer firms and currency brokers operate on GBP→USD. For large one-off sums, such as savings or a house sale, brokers sometimes offer forward contracts that lock in a rate. Compare at least two quotes on the same day, and check that the provider is regulated by the FCA in the UK.
A simple way to compare (do this on one day)
- Choose an amount, e.g. £5,000.
- Get the amount received in USD or BMD from:
- your UK bank,
- Wise (direct GBP→BMD), and
- Wise or another provider for GBP→USD, then USD to your Bermuda account.
- Subtract any receiving fee your Bermuda bank charges (ask the bank).
- Pick the one that leaves the most in your account.
Timing large transfers
- Don’t try to time the market with money you need on a fixed date (such as a rental deposit). Exchange rates can move either way.
- Split very large sums over several weeks if you want to average your rate.
- Plan ahead for big payments. Some providers ask for documents for large transfers, and banks have daily limits.
Card spending while you settle in
Until your Bermuda account is open (see opening a bank account in Bermuda):
- Use a UK debit or credit card without foreign transaction fees.
- When a card terminal asks “pay in GBP or USD?”, choose USD. Paying in GBP lets the merchant’s bank set the rate (dynamic currency conversion), which is usually worse.
- A multi-currency card holding USD can help. Fund it with pounds converted at a good rate.
Receiving a UK salary or pension in Bermuda
If you’re on Permission to Reside with UK income, you’ll be converting every month, so small savings matter more:
- Set up a regular transfer once you’ve found the cheapest route.
- Keep a UK account to receive the income, then convert and send on.
- Keep records. Banks will ask about your source of funds.
Safety
- Only use regulated providers.
- Double-check account numbers and SWIFT/BIC codes. Wires usually can’t be reversed.
- Watch out for “landlord” scams asking for deposits by transfer before you’ve seen a property or a signed lease.
Bottom line
Compare amount received, not headline fees. Test both GBP→BMD and GBP→USD routes on the same day, use a mid-market-rate provider such as Wise to start with, and choose USD rather than GBP at card terminals.
Prices quoted from Wise’s site on 12 October 2026 and will have changed. Use the live calculator.
FAQ
Can I send pounds directly to a Bermuda account?
Wise says it can send GBP to Bermuda via Swift, and that it can deliver BMD to Bermuda accounts (Wise Help Centre, wise.com). Whether your Bermuda bank will convert incoming GBP, and at what rate, is something to ask the bank.
Should I open a USD or a BMD account in Bermuda?
Since BMD is pegged 1:1 to USD, both hold the same value. Local bills are in BMD, but USD is accepted. Many people hold both. Ask your bank about fees on each.
Is the peg likely to change?
The Bermuda dollar has been fixed at par with the US dollar since 31 July 1972 (Bermuda Monetary Authority). The Bermudian Dollar Parity Order of 1981 formalised it as “equivalent to one dollar in the currency of the United States” (Johns Hopkins study). Nothing is guaranteed, but it has held for over 50 years.
Do I need to tell HMRC about transfers?
Moving your own money isn’t taxable in itself. Interest or gains abroad can be, depending on your UK residence status. See UK tax when you move to Bermuda.