Incoming instructions
To receive funds by wire, you will need to let the sender know our banking information (standard settlement instructions), the exact beneficiary account name, account number and address.
If you are receiving funds by wire transfer into your Butterfield account, you will need to provide the sender with our Correspondent Bank routing details for the currency being sent. For example, if a Pounds Sterling (GBP)transfer is being sent to a US dollar (USD) account, use our GBP correspondent bank. When the funds are received by Butterfield, they will be converted from GBP to USD using the day’s exchange rate and credited to the USD account.
Please use our Standard Settlement Instructions (SSIs) below for the currency being sent. If these instructions are not used, the payment may be delayed, fail to reach your account, or be charged additional fees.
Please note:
- All payments must include the beneficiary’s account number, beneficiary account name, and beneficiary address.
Incoming payment orders received through our correspondent banking network shall be processed on the relevant value day, subject to the following "cut off" times:
KYD | Same day if received by 5:00 p.m. |
USD | Same day if received by 5:00 p.m. |
CAD | Same day if received by 5:00 p.m. |
GBP | Same day if received by 5:00 p.m. |
Foreign Currencies | Two business days if received by 5:00 p.m. |
Outgoing instructions
Wires can be sent directly from Butterfield Online or by downloading and completing a Wire Transfer instruction form and returning it to any one of our Banking Centres.
What information do you need to provide?
For us to issue a Wire Transfer payment on your behalf, we will need you to provide us with:
- Details of the bank where the beneficiary's account is held, i.e., the name and address of the bank.
- A routing code for the bank (this could be its SWIFT Code, national clearing code such as a Sort Code, an ABA number or a Canadian Transit Number). Note: If you are sending a non-local currency to a country (e.g., USD to the UK), you will also need to provide us with the name and routing details of the relevant intermediary bank for the beneficiary's bank.
- The name of the customer placing the wire transfer request.
- The amount and currency of the wire transfer.
- The name, address and account number of the beneficiary who will receive the payment.
- Whether the wire fee should be added to the amount of the transfer, or deducted from the amount sent.
- Finally, the account number at Butterfield to be charged for the transfer and fees.
Using Butterfield Online for Wires
Using Butterfield Online, your payment can be processed in the same business day, providing the request is received before 1:00 p.m. If you are sending more than one payment to the same beneficiary, you can set up a template, making future payments more convenient.
You can also specify a later date for the funds to be transferred, or set up standing order instructions for recurring transfers. These future dated payment instructions can be viewed under Pending Transfers and Payments until they are sent. Future dated Standing Instruction payments can be reviewed or cancelled at any time before sending by clicking the Standing Instructions option.
After the funds are transferred, you can keep track of your transaction using your Butterfield Online Dashboard or Account Activity Screen.
International Bank Account Numbers (IBAN)
Sending a payment to Europe? You will need to provide an IBAN and a BIC (Bank Identifier Code) in the same manner that you currently quote an account number and a BIC for all other payments.
If you do not have an IBAN for your Euro payment, please contact the intended payment beneficiary and ask them to provide you with this information.
For payments where the final beneficiary bank is not in the EU, the beneficiary bank's Bank Identifier Code (BIC) is required. Should the final beneficiary bank not be situated in the EU (e.g., Butterfield (Cayman) Limited), then an IBAN may not be required.
Failure to provide all relevant information may result in additional charges being incurred or delays in the beneficiary receiving your payment.
If you have any further questions, please contact our Call Centre on +1 (345) 949 7055.