Bermuda Dollar (BMD) is the official currency in Bermuda. In reality US and Bermuda dollars are used interchangeably because the exchange rate is fixed at a 1:1 ratio. Every shop and restaurant will accept USD and it is is practically impossible to buy BMD outside of the island so if you’re coming to the island just bring your Benjamins. Even the appearance of money is similar. Bermuda dollar coins are denominated similarly to USD – nickels, dimes, quarters – and the size of the coins is the same. Interestingly thickness of the coins is a little different so despite the same size vending machines on the island will accept either US or Bermuda dollars only.
The Government has recently introduced a 1.25% foreign currency purchase tax so you’re actually better off not exchanging currency assuming your bank doesn’t charge you extra for overseas transactions. So why would you want to get the BMD? The main reason is that banknotes are a bit unusual – things are printed on them vertically rather than horizontally. Also, unusually, there aren’t any famous people or the Queen. There is always a national bird or animal on one side, such as a Bluebird on this $2 which won the “Bank Note of the Year Award” in 2012.
On the other side is a famous Bermudian landmark such as the St. Peter’s Church in St. George’s on the $50 note.
So the banknotes are a nice souvenir to take back home with you.
A simple postcard would be cheaper though.
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