SWIFT/BIC codes in Turks & Caicos Islands

SWIFT/BIC codes in Turks & Caicos Islands

This overview covers 6 banks and financial institutions in Turks & Caicos Islands, with 6 SWIFT/BIC codes in total. You will need such a code mainly when making international transfers and for payments in a foreign currency.

Search for the bank you need in the list and open its page for all codes we have. Further down we explain how codes from Turks & Caicos Islands are built, how to send money to Turks & Caicos Islands without overpaying and what to check before you pay.

How long does a transfer to Turks & Caicos Islands take?

How quickly money arrives in Turks & Caicos Islands is determined by a few things: which currency you send, the number of banks in between, cut-off times and differences in time zone. Public holidays in Turks & Caicos Islands or in the sending country add extra days to the journey.

If the money is late, ask the sender to contact the sending bank and ask for the status or the UETR. Save the payment confirmation – you will need it if something goes wrong.

The US Dollar (USD) and conversion costs

Turks & Caicos Islands pays in the US Dollar, with the currency code USD. Money sent in a different currency will be exchanged into USD on its way to the recipient – and the bank that does it picks the rate.

Who converts the money matters, because each party uses its own rate. Check how much USD the recipient gets with different services. With bigger transfers, even a small gap in the rate adds up quickly.

How SWIFT codes from Turks & Caicos Islands are built

Bank identifier codes use one international format: eight characters, sometimes followed by three more. The first four letters identify the bank, the fifth and sixth characters are the country code and the next two give the location.

You can spot a bank code from Turks & Caicos Islands by the fifth and sixth characters. Codes with other letters in that position come from another country.

When a code ends in XXX, it means the head office and the short version works just as well. For most transfers the head office code is what you need.

How reliable is this list?

The most reliable place for the right code remains a document from the bank itself. If the code you have does not match the code listed here, stop and ask: check with the recipient or the bank.

We collect SWIFT/BIC codes using public sources and check our list from time to time. Even so, banks merge or retire codes. For any payment that matters, check the code with the recipient’s bank. GoldexPay is not a bank.

Be wary of invoices with a new account – a common fraud method. A real SWIFT code says nothing about who owns the account – scammers use the codes of real banks.

Which bank in Turks & Caicos Islands has the most codes?

Among the 6 institutions we list, Bordier International Bank and Trust LTD. has the most SWIFT/BIC codes of all banks in Turks & Caicos Islands. Its main office has BIBTTCG1XXX and that code covers most payments.

Practice differs in whether they register branch codes – a high count is not a measure of size. If not a branch code is given, BIBTTCG1XXX is fine for a payment to Bordier International Bank and Trust LTD..

Why a transfer to Turks & Caicos Islands needs a SWIFT code

Turks & Caicos Islands is outside the SEPA area, the European zone for uniform euro payments. International transfers to Turks & Caicos Islands normally travel through the SWIFT network – which is why you need the BIC of the recipient’s bank.

Depending on the country, accounts are identified by a domestic account number instead of an IBAN, sometimes with an extra bank or branch code. The receiving bank often has instructions for incoming international payments. International transfers sometimes go via one or more intermediary banks.

Receiving money in Turks & Caicos Islands from abroad

If you are waiting for money from abroad in Turks & Caicos Islands, send the payer all details at once. Give them your name as registered with the bank, your account number or IBAN, your bank’s SWIFT code and your address, which some banks require.

Find the bank in the list above to check its code – your bank statement is the final word. It helps to include your bank’s name and city as well, since some payment forms ask for it.

Do not be surprised if the incoming amount is below the amount on the sender’s receipt. Fees for incoming transfers vary per bank – your bank’s price list tells you what applies. Make clear with the sender who pays which costs before the money is sent.

Bank or transfer service for Turks & Caicos Islands?

A bank transfer to Turks & Caicos Islands can cost rather more than the fee suggests. You pay the transfer fee, sometimes charges from intermediary banks and, above all, the exchange rate markup if the money is converted.

The markup on the rate is often the largest cost item because it is hidden in the rate. Compare the rate you are offered with the mid-market rate; the gap is what conversion costs you.

For a lot of routes, a transfer service turns out to be less expensive than a traditional bank transfer, mainly because of the rate. GoldexPay compares what recipients in Turks & Caicos Islands receive across services, which makes the cheapest option easy to spot.