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Send money to Panama

Here’s how to send a quick, affordable and secure money transfer to Panama.

The Panamanian balboa may be a small currency, but that doesn’t mean it has to cost an arm and a leg you if you want to send money to a loved one. Compare your money transfer options to determine if you should go with a bank or dedicated money transfer company and what types of fees you might face when you send money to Panama.

Send money to Panama with WorldRemit

WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.

  • No minimum transfers.
  • Wide range of destinations.
  • Competitive exchange rate.
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Compare money transfer services to Panama

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

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OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
24 hours
$0
SPECIAL OFFER ✓ Minimum transfer of $1,000 for Finder readers (normally £5,000)

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Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Dunbridge Financial
Dunbridge Financial
24 hours
$10

View details
Dunbridge Financial offers diverse transfer options to more than 120 countries.
XE
Within minutes
$3

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XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From $1.99

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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Compare up to 4 providers

How can I send money to Panama from the US?

  • Money transfer services. You can use World Remit, MoneyGram, Western Union and similar services to send money to Panama. And because Panama also accepts US dollars, you have even more money transfer companies to choose from.
  • Banks. Citibank and HSBC both have a reach that extends to branches into Panama. Visit your nearest branch to see whether you can do a bank-to-bank transfer to a branch in Panama. Most banks in the world also support USD transfers.
  • PayPal. This online giant can help you get money from your PayPal account to Panama. But there’s a catch: PayPal doesn’t send to Panamanian bank accounts. Your recipient’s PayPal account must be linked with a US bank account in Panama. Ask your recipient to confirm with their bank if they can withdraw in US dollars or Panamanian balboas.

How to send money to Panama through an independent transfer provider

If you decide to send money to Panama, follow these steps to make your transfer easy and quick.

  1. Compare your money transfer options in the table above.
  2. Click Go to site and register with a provider.
  3. Start a transaction and supply your recipient’s information.
  4. Select how much money you want to send.
  5. Pay for your transfer and save your tracking number.
Back to topYou can use your tracking number to check up on the status of your transfer and make sure everything goes smoothly.

Case Study: Shana compares money transfer companies

Shana is an investor from New York and has recently been contacted by a group of investors in Panama. Part of her feasibility analysis of the opportunity is to make sure she won’t lose too much money in the process of sending capital through Panama.

Money transfer company AMoney transfer company B
Exchange rate$1 USD = $0.993 PAB$1 USD = $0.895 PAB
Transfer fee$60Free
Amount of PAB received in Panama for $1,000 USD$933 PAB$895 PAB
Transfer time10 Minutes2 to 3 days
Transfer optionsOnline, phone, agentOnline, bank to bank

As you can see, even though company B doesn’t charge a transfer fee, its poorer exchange rate makes it more expensive.

How to compare transfer companies when sending money to Panama

When comparing your options, pay attention to these factors:

  • Exchange rates. How do each company’s exchange rates compare to the competition?
  • Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
  • Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
  • Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments, or does the company only provide one-off spot orders?
  • Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
  • Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfers?
  • Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
  • Customer service. What sort of customer support is offered and during what hours can you receive assistance?

Foreign exchange rates explained

Exchange rate is used to determine the value of one currency when exchanged for another. A strong currency will generally yield more when exchanged for a weak currency, but the Panamanian balboa is worth approximately the same amount as the US dollar. Why does this happen? The Panamanian balboa is pegged to the US dollar so it won’t fluctuate. So if you can’t find a money transfer company that will convert balboas to dollars, you may be better off just sending a lump sum in US dollars instead.

Today’s exchange rate USD to PAB


Read these tips before you pick up cash transfers in Panama

Picking up cash from a transfer agent in Panama? Follow a few simple steps to ensure that you and your money stay safe:

  • Avoid any areas where crime is known to be a problem.
  • Keep your wallet and/or bag safe and secure at all times.
  • Take a friend along to provide additional security and peace of mind.
  • Don’t flash your cash around in public.
  • Don’t carry large sums of money around for any longer than is absolutely necessary.
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Zero fees on your first THREE money transfers

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