---
title: "Settlement instructions"
---
A settlement instruction is a destination you save once and reuse: a bank account or a crypto wallet that funds settle to. You reference it by ID instead of re-entering the bank or wallet details each time.

Settlement instructions are the saved destinations for [OTC orders](/platform/foreign-exchange/place-an-otc-order). When you place an order with `destination_type` set to `ssi`, the `destination_id` is the settlement instruction the proceeds settle to.

> 📘 Settlement instruction vs external account
>
> A settlement instruction is where *you* receive settled funds (for example, the bank account that receives the proceeds of an FX order). An [external account](/platform/external-accounts/add-an-external-account) is a payee you send funds *to*. They're separate.

## Instruction types

| Type           | Use it for                          | Key fields                                                   |
| :------------- | :---------------------------------- | :---------------------------------------------------------- |
| `bank_account` | settling to a bank account          | `account_number`, `bank_name`, plus `routing_number`, `swift_code`, or `iban` depending on the corridor |
| `crypto_wallet` | settling to a crypto wallet         | `wallet_address`, `network`, and `memo` where the network needs one |

Each instruction has a `currency` and a `status` of `active` or `inactive`. You can mark one instruction as the default per currency with `is_default`.

## Next step

See [Manage settlement instructions](/platform/settlement-instructions/manage-settlement-instructions) to create, list, update, and delete them.