SWIFT/BIC codes in Faroe Islands

Bank SWIFT codes for Faroe Islands

In Faroe Islands our database holds 6 SWIFT/BIC codes from 5 banks. A SWIFT code shows the banks handling a transfer which institution should receive an international payment.

Select the bank from the list to view the head office code and its other codes along with tips for payments to and from that bank. Further down we explain how codes from Faroe Islands are built, how to send money to Faroe Islands without overpaying and how to check a code before you pay.

Which bank in Faroe Islands has the most codes?

Of the 5 banks we list for Faroe Islands, Nordoya Sparikassi is listed with the most codes. Its main office uses NOYAFO21XXX.

Banks differ in whether they register branch codes – a high count is not a measure of size. Unless the recipient asks for a branch, the head office code NOYAFO21XXX works for a payment to Nordoya Sparikassi.

Sending DKK to Faroe Islands

Most accounts in Faroe Islands are typically held in DKK – the Danish Krone. If you send another currency, the amount gets converted somewhere along the way – by your bank, a bank in between or the recipient’s bank.

Where the conversion happens affects the final amount, as rates and margins differ per bank. Check how much DKK arrives with several services; the difference between options can be larger than you expect. Rates for DKK change all the time, so a quote is usually valid only briefly.

Incoming international payments in Faroe Islands

Someone abroad who wants to pay you will ask for several details from you, and missing ones are a common cause of delays. That means: your name exactly as it appears on the account, your account number or IBAN, the SWIFT/BIC code of your bank and, often, your address.

Find the bank in the list on this page to check its code – your bank statement is the final word. Some sending banks may also want your bank’s address.

Do not be surprised if the amount credited is below what the sender paid. Charges on incoming payments vary per bank. On invoices, state how the fees are split, so nobody is left short.

How long does a transfer to Faroe Islands take?

How quickly money arrives in Faroe Islands depends on a few things: which currency you send, how many intermediary banks are involved, daily processing deadlines and differences in time zone. Transfers sent after the cut-off time or just before a weekend or public holiday usually go out the next business day.

A growing number of banks are connected to SWIFT gpi. Every payment carries a unique transaction reference, the UETR, which the sending bank can use to trace it. Specialist transfer services usually show tracking in their app.

What the letters in a Faroe Islands BIC mean

A SWIFT code is either 8 or 11 characters long and follows a fixed pattern. It starts with a four-letter bank code, then a two-letter country code and a two-character location code.

No matter which bank, every code from Faroe Islands have the same country code in positions five and six: the ISO code of the country. If the country letters do not match Faroe Islands, you are looking at a bank somewhere else – worth double-checking.

If the last three are XXX, it means the head office. Use a branch code just when the recipient’s bank asks for it.

Sending money to Faroe Islands for less

If you send money to Faroe Islands with a regular bank, the stated fee is only part of the cost. On top of a fixed fee, intermediary banks can take a cut, and when the money is converted the bank usually uses a less favourable rate than the real market rate.

The real cost is often in the rate – the bank builds a margin into its rate. An easy check: set the offered rate next to the mid-market rate and work out the difference on your amount.

Specialist money transfer services frequently offer rates closer to the mid-market rate with clearer fees. On GoldexPay you can compare what recipients in Faroe Islands receive across providers, so you can pick the cheapest route.

Paying a bank in Faroe Islands from abroad

Faroe Islands is not part of the SEPA area, the European zone for uniform euro payments. International transfers to Faroe Islands usually travel through the SWIFT network.

Not every country uses the IBAN. The receiving bank usually provides a list of required details for incoming international payments, and it is worth following them to the letter. Before it arrives, a transfer may go through correspondent banks.

Verifying a SWIFT code from Faroe Islands

The safest source for a SWIFT code is the bank details provided by the recipient: an invoice, a statement or their online banking. When the code you were given differs from our list, stop and ask.

We collect SWIFT/BIC codes using publicly available data and update them from time to time. Even so, banks merge or change codes and our data may lag behind. For a payment that matters, check the BIC with the recipient. We are an independent comparison service.

Be wary of invoices with a new account, especially when they come by email. Always verify a change of bank details through a separate channel.