The Bermuda Monetary Authority (Authority or BMA) launched its campaign ‘Deposit It or Exchange It’ to remind the public that, from 31 December 2022, they will have one year to deposit or exchange the horizontal Bermuda Dollars legacy banknotes. Effective 1 January 2024, these notes will be retired and no longer have value as legal tender.
Removing banknotes from circulation is a common practice by monetary authorities. They do this periodically for various reasons, e.g., as banknotes deteriorate from everyday wear and tear, as technologies in anti-counterfeiting security features improve and as new banknotes are introduced.
The Authority started the call-in process in 2013 and will end it on 31 December 2023. We currently have vertical banknotes in circulation, with Legacy banknotes being exchanged at banks. When we introduced the vertical banknote series in 2009, our long-range plan was to eventually remove the Legacy banknotes from circulation. We outlined this intention in our 2013 Business Plan, stating that the Authority is removing the old ‘Legacy‘ banknotes from circulation and therefore is ‘calling in’ all denominations of these banknotes.
As per the legal notice published in the official Gazette (currently The Royal Gazette newspaper) dated 1 June 2013, the Legacy banknotes ceased being legal tender on 31 December 2013. This means that since 31 December 2013, you can no longer use Legacy banknotes for purchasing goods and services. Legacy banknotes can only be exchanged/deposited until 31 December 2023.
You can only exchange your banknotes at your bank or at the Bermuda Industrial Union Members’ Credit Union (Credit Union) if you are a member. The banks and the Credit Union are only required to exchange Legacy banknotes for their existing customers. HSBC will exchange notes up to $1,000 for tourists. Clarien, Bermuda Commercial Bank and Butterfield Bank will not exchange any banknotes for non-account holders. The Credit Union only services BIU and sister union members.
You cannot exchange your Legacy banknotes at the Bermuda Monetary Authority, Bermuda Post Office or any local money service business, retailer, supermarket, or other place that offers goods and services.
In accordance with the Bermuda Monetary Authority Act 1969, you may exchange Legacy banknotes at your local bank or at the Credit Union for a 10-year period, i.e., from 1 January 2014 to 31 December 2023. However, as of 1 January 2024, Legacy banknotes will no longer be exchanged at banks or Credit Union and will be demonetised.
Clarien - Yes
HSBC - Yes
Butterfield Bank - Yes
Bermuda Commercial Bank - Yes
Credit Union - Members only
Clarien - Only accepts deposits via no-wait from account holders. No limit on amounts to be exchanged.
HSBC - Tourists can exchange up to $1,000 per day. Customers can deposit into bank accounts.
Butterfield Bank - Customers are required to deposit notes into a bank account.
Bermuda Commercial Bank - Customers are required to deposit notes into a bank account.
Credit union - Members only.
Clarien - Yes, as deposits via their no-wait facility require an account to be processed.
HSBC - Yes, requires residents to have an account, however, tourists can exchange up to $1,000 per day.
Butterfield Bank - Yes
Bermuda Commercial Bank - Yes, requires residents to have an account.
Clarien - Withdrawals are subject to ATM limits. If the amount exceeds the limit, then an emergency cash order can be requested.
HSBC - No
Butterfield Bank - Will exchange up to a maximum of $1,000 per transaction.
Bermuda Commercial Bank - Will exchange up to a maximum of $5,000.
Clarien - Service only available to persons holding accounts.
HSBC - Service only available to persons holding accounts. However, tourists can exchange up to $1,000 per day.
Butterfield Bank - Service only available to persons holding accounts.
Bermuda Commercial Bank - Service only available to persons holding accounts.
Credit Union - Service only available to persons holding accounts.