What Our Members Offer
The following elements comprise the offerings of the banking sector in Bermuda:
Deposits, Funds Access, and Transfers
Bermuda’s banks provide a full suite of deposit products from demand accounts to savings accounts, time deposits, and cash management products. All Bermuda banks offer wire transfers and debit cards to facilitate customer movement of and access to their funds. There is also a local automated clearing house (ACH) to expeditiously post Bermuda dollar transactions between local banks.
Bermuda’s banks provide a full range of retail loans to include residential mortgages, credit cards, personal loans, and commercial loans. Loans are granted solely on the borrower’s creditworthiness, ability to repay, and the value of any related collateral.
Asset Management, Private Wealth, and Trust
Bermuda has long been known as a jurisdiction that provides expert asset management, private wealth management, and trust services. This remains true today and, in fact, Bermuda’s global reach into the Caribbean, Channel Islands, the US, and Europe is stronger than ever and has been further enhanced through the adoption of global reporting standards.
Branches, ATMs, and Debit Cards
Bermuda’s banks provide a network of branches covering Hamilton, St. George’s, Somerset, and Paget Plaza. There is also a widespread network of ATMs throughout the island with the majority of the machines located in Hamilton. Other areas with widespread ATM coverage are grocery stores, gas stations, and the airport. Most Bermuda merchants accept local debit and credit cards as well as US and other internationally issued cards.
Our Partner Organisations
The BBA is proud to be a member of the Bermuda financial community and is in active partnership with the
Bermuda Business Development Agency (BDA),
the Association of Bermuda Insurers and Reinsurers (ABIR),
and the Bermuda Chamber of Commerce (BCC).