This page explains how incoming and outgoing payments work at Bermuda Commercial Bank (BCB), including fee handling, cut-off times, and expected settlement timelines.
- Bermuda does not use IBANs for inbound payments.
- Clients must use:
- Account number
- BIC/SWIFT code
- BCB can send payments to destinations that use IBAN (e.g., EU), but incoming payments are always received via account number and SWIFT.
There are two primary scenarios for how fees are applied to incoming funds:
| Scenario | Description | Fee Application | Amount Credited |
|---|---|---|---|
| Straight-Through Processing (STP) | Payment arrives automatically through correspondent banks | Fees are deducted by intermediaries | Net of fees (e.g., $100 sent → $94 credited) |
| Manual Posting | Payment is manually posted by BCB | BCB may credit the gross amount and debit the fee separately | Gross amount, followed by fee debit |
Because intermediary/correspondent banks may apply their own charges, the credited amount may not match the amount sent.
To minimize unexpected deductions, remitters should use the following SWIFT charge code:
OUR(DEBT): Remitter pays all fees.- Not
SHA(SHAR) orBEN(CRED).
With increased adoption of ISO 20022, fee details will become more transparent to remitters.
| Currency | Outgoing Cut-off (AST) | Typical Value Date | Incoming Cut-off (AST) |
|---|---|---|---|
| USD | 2:30 PM | Same day | 4:00 PM |
| CAD | 3:00 PM | 1 business day | 4:00 PM |
| EUR | 12:30 PM | 2 business days | 4:00 PM |
| GBP | 12:30 PM | 2 business days | 4:00 PM |
| AUD | 11:00 AM | 2 business days | 4:00 PM |
| NZD | 11:00 AM | 2 business days | 4:00 PM |
| NOK | 11:00 AM | 2 business days | 4:00 PM |
| Other currencies | 11:00 AM | 2 business days | 4:00 PM |
Settlement times may vary due to correspondent routing, time zones, and regulatory checks.
| Currency | Outgoing Cut-off (AST) | Value Date | Incoming Cut-off (AST) |
|---|---|---|---|
| BMD | 12:30 PM | Same day | 4:00 PM |
| USD | 12:30 PM | Same day | 4:00 PM |
| Currency | Outgoing Cut-off (AST) | Value Date | Incoming Cut-off (AST) |
|---|---|---|---|
| BMD / USD (local banks) | 3:15 PM | Same day | 3:15 PM |
- On Bermuda and international public holidays, cut-off times are earlier, and value dates roll forward to the next business day.
- Payments to certain jurisdictions may be delayed or incur extra charges due to sanctions or additional checks.
| Corridor | Typical Settlement | Notes |
|---|---|---|
| Domestic (Bermuda) | Same day | SWIFT or ACH |
| United States | Same or next business day | Depends on remitting bank |
| Europe | 1–2 business days | IBAN destinations |
| Asia (e.g., China) | 1–3 business days | Subject to FX controls |
- Incoming payments may be net of fees depending on how the remitter sets up their payment.
- To avoid intermediary deductions, remitters should use
OURcharges. - Domestic payments typically settle same day; international payments typically settle in one to three business days.
- Early submission is required on holiday periods to meet value dates.
- Fee transparency will improve as ISO 20022 adoption expands.
Developers should account for potential net settlement when reconciling expected inbound payment amounts. Integrations should not assume that the credited amount will always equal the amount sent.