Here’s how to send a quick, affordable and secure money transfer to Panama.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Panama doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most Panamanian balboas for your dollar.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Panama is easy. However, do your research and shop around for the best available deal.
Compare Money Transfer Services
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
Case Study: Money transfer companies compared
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 will not lose massive amounts of money in the process of sending capital through Panama.
She has made some comparisons with available companies to send $1,000 to Panama.
|Money transfer company A||Money transfer company B|
|Exchange rate||$1 USD = $0.993 PAB||$1 USD = $0.895 PAB|
|Amount of PAB received in Panama for $1,000 USD||$933 PAB||$895 PAB|
|Transfer time||10 Minutes||2-3 days|
|Transfer options||Online, phone, agent||Online, bank to bank|
|Difference||+ $38||- $38|
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?
How will you send money to Panama from the U.S.?
Money transfer services
You can use the following services to send the PAB currency to Panama: Compass Global Markets, MoneyGram, Western Union and Xpress Money. It should be noted, though, that Panama also works with the USD and, therefore, many services can be used to send the USD.
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 the USD, which can be used in Panama. You will need to visit your local bank to verify whether you can send USD to a bank account in Panama to be used there.
Panama is one of the supported markets for Paypal. An account can be created and linked with a local bank account in Panama. Check with your local bank whether you can withdraw in USD and exchange later or directly in the PAB currency.Back to topBack to top
How to send money to Panama through an independent transfer provider
When sending funds to Panama, you’ll be asked to provide the following information:
- Your name, address, contact information and valid photo ID.
- Your beneficiary’s name, address and information, along with their bank account info if the funds will be deposited in their bank account.
- How much money you’re sending, in what currency and which country you’re sending it to.
- If you are not using cash for this transaction, you will need to provide your banking info in order to have funds drafted from your account.
Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money transfer.
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.