SWIFT/BIC codes in Palau

SWIFT/BIC codes in Palau

In Palau our database holds 1 SWIFT/BIC codes. A SWIFT code tells every bank in the chain exactly which bank should receive the money.

Pick the bank from the list to see the head office code and any branch codes. Further down we explain how codes from Palau are built, how to send money there at a fair price and how to check a code before you pay.

When does money sent to Palau arrive?

How quickly a payment reaches Palau depends on several factors: the currency, the number of banks in between, cut-off times and time zones. Public holidays in Palau or in the sending country add a day or more, because banks do not process payments on those days.

A growing number of banks use SWIFT gpi. Every payment carries a unique reference, the UETR, which the sending bank can use to trace it. Save the payment confirmation – you will need it if something goes wrong.

How SWIFT codes from Palau are built

Every SWIFT/BIC code consists of 8 or 11 characters in a fixed order. Characters one to four stand for the bank, characters five and six form the country code and characters seven and eight mark the location.

In every code from Palau, characters five and six are the two-letter ISO code of Palau – that is the quickest way to spot one. If those two letters do not match Palau, you are looking at a bank somewhere else.

The last three characters, if present, stand for a specific branch; XXX means the head office. In most cases the head office code is fine, unless the recipient gives you a branch code.

Why a transfer to Palau needs a SWIFT code

Palau is not part of the SEPA area. Payments from abroad normally go through the SWIFT network – which is why you need the BIC of the recipient’s bank.

Depending on the country, the account is identified by a domestic account number instead of an IBAN and sometimes a local routing or branch code. The receiving bank usually provides instructions for payments from abroad. SWIFT payments sometimes go via correspondent banks, each of which may deduct a fee.

What a sender needs to pay you in Palau

A sender in another country will ask for several details from you. Share your name as registered with the bank, your account number or IBAN, your bank’s SWIFT code and your address.

Find your bank in the list above and compare the code with your own bank details, but take the code from your own bank details when in doubt. Some sending banks also want the name and address of your bank; it does no harm to include it.

What lands in your account can be lower than the amount sent. Fees for incoming transfers vary per bank. Make clear with the sender who pays which costs before the money is sent.

What a transfer to Palau really costs

When you transfer money to Palau with a regular bank, the fee you see is rarely all of what you pay. There is the transfer fee, possibly fees from correspondent banks and, above all, the exchange rate markup if the money is converted.

That exchange rate margin is often the biggest part of the cost because it is hidden in the rate. Compare the rate you are offered against the mid-market rate, the midpoint you see on financial news sites; the gap is what conversion costs you.

For many currency pairs, a specialist provider is cheaper than a bank – mostly thanks to the exchange rate. GoldexPay compares what recipients in Palau receive with different services, so you can pick the cheapest route.

Sending USD to Palau

Palau uses the US Dollar, code USD. Money sent in a different currency is exchanged into USD on its way to the recipient – and the bank that does it picks the rate.

Where the conversion happens affects the final amount, as rates and margins differ per bank. Check how much USD the recipient gets via several providers; the difference between options can be larger than you expect. Exchange rates move all the time – some providers let you lock in a rate.

Check the code before you pay

Have the recipient copy the account details straight from a recent statement. An incorrect BIC may lead to delays, a payment being sent back or additional charges – compare it with the code in our list.

We gather bank codes using publicly available data and check our list regularly. Even so, banks merge, rename themselves or retire codes, so information can be out of date. For any payment of any size, confirm the code with the recipient’s bank. GoldexPay is an independent comparison site and has no link to the banks in this list.

Fraudsters regularly use payment requests with new bank details that look completely genuine. Before paying, verify changed details by phone.

Most SWIFT codes in Palau: Bank of Hawaii

Of the 1 banks in Palau, Bank of Hawaii has the largest number of SWIFT codes. The head office uses BOHIPW21XXX – the code most transfers need.

The number of codes tells you something about how it registers branches and services than about how big it is. If not a branch code is given, the head office code BOHIPW21XXX works for a payment to Bank of Hawaii.