Money & Payments in Palau

Typical Fee

$5.00

Best Practice

Select 'Decline Conversion' or 'Charge in USD' to use your bank's exchange rate rather than ATM's rate

Fee With Conversion

$5.00

Note

No fee-free ATMs in Palau. Standard fees charged by bank ATMs.

Hours

Typically 24/7, but outages and low cash levels possible on weekends/holidays

Location

ATMs primarily located in Koror; limited or absent outside main commercial area

Max Withdrawal Per Transaction

$1,000

Overview

Credit cards accepted only at major hotels, dive shops, and tourist-focused businesses. Cash essential for most transactions.

Cash Required For

• Local restaurants and small eateries
• Shops and markets outside Koror
• Boat tours and water activities
• Local taxis
• Souvenir shops and local vendors
• Budget accommodations and guesthouses
• Outer islands and remote areas

Available Services

Online banking, domestic transfers, debit/credit cards, bill payments

Currency Limitation

Palauan banks operate exclusively in USD; no multi-currency accounts available; expatriates typically use hybrid approach with local USD account plus international multi-currency accounts elsewhere

Account Opening Process

Primarily paper-based with limited digitalization; most institutions require physical branch visit; processing time 5–7 business days for standard accounts, 1–2 weeks for offshore/complex accounts

Digital Residency Option

Palau Digital Residency program (launched 2022) allows non-residents to open entirely digital banking accounts without physical presence; includes access to Palau ID for KYC purposes across multiple financial platforms

Non Resident Account Status

Non-residents can open accounts in Palau, though some traditional banks have restrictions or may temporarily freeze applications during compliance reviews

Account Opening For Foreigners

Possible with conditions