Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Find the best way to send money to Panama

Learn how to send money to Panama from the US in our step-by-step guide.

Looking for the best way to send money from the United States to family, friends or businesses in Panama (or even to your own overseas bank account)?

Don't head straight to your American bank – compare specialist money transfer services instead. They nearly always offer better PAB exchange rates and lower fees, so for the same amount of US dollars you send, your recipient will receive more balboas.

Of the companies we've compared, MoneyGram is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? MoneyGram can get money to your recipient in Panama within minutes.

Best ways to send money to Panama from the US

The best way to send money to Panama depends on your payment method, how you want your money to be received and how fast you need it to arrive.
  • Online money transfer provider. When buying US dollars or balboas money transfer specialists typically offer better rates and cheaper fees than a local bank.
  • Bank transfer. Bank transfers are an easy way to send money to Panama but they charge extra for the convenience and are often slower than other methods. US banks generally add a 3% to 6% markup onto exchange rates.
  • Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in Panama.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Compare the best money transfer companies to send money to Panama

Use our table to compare the best money transfer companies to send money to Panama. You can compare deposit and receiving options, fees and transfer speeds, then click the "Go to site" button when you've found the best one to get your money to Panama.
1 - 3 of 3
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Airwallex
Airwallex
Within minutes
$0
After spending $15k in your first 90 days, receive a one-time $500 bonus that will automatically be credited to your account on any FX conversion.
Airwallex can help you make business payments to 150+ countries in 60+ currencies.
Go to site
View details
MoneyGram
MoneyGram
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Go to site
View details
Western Union
Western Union
Within minutes
From $0
Enjoy $0 fee on your first online transfer. Western Union makes money from currency exchange. Not valid on credit cards or sends to Cuba.
Western Union sends money online to friends and family in 200+ countries and territories around the world.
Go to site
View details
loading

Cheapest way to send money to Panama

Bank transfers are typically the cheapest way to get your money to Panama. MoneyGram and Western Union have some of the lowest bank transfer fees of the brands we've compared.

When you're hunting down the cheapest ways to send money to Panama, it's more important to look at the overall cost of your transfer. This has a couple of elements:

  • Transfer fees. While still cheaper than your American bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market USD/PAB exchange rate.

Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many balboas your recipient will end up with.

Fastest way to send money to Panama

Many online providers can offer transfers to Panama within minutes, although you're likely to pay a premium for the convenience.

Here are some of the fastest average transfer speeds to Panama:
  • MoneyGram — within minutes
  • Western Union — within minutes

Actual transfer times from the United States to Panama can depend on several different factors including transfer amount, payment method and currency.

Safest way to send money to Panama

The safest way to get your money to Panama is to use a provider registered with the United States's industry regulator, the Consumer Financial Protection Bureau. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both the United States and Panama.

A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to Panama

If you need to make a sizable money transfer to Panama, consider using a provider such as to benefit from its expertise in handling larger transfer amounts.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to Panama may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on IRS's latest advice.
  • Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the PAB exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
  • Phone service. If you want to talk your transfer through with someone, providers such as Airwallex and MoneyGram can give you support over the phone.

How to send money to Panama from the US

To send money to Panama, you'll need the necessary documentation, your recipient's details and a way to pay.
  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to Panama. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Panamanian bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total balboas your recipient gets.
  5. Complete your transfer.
    Send your money transfer to Panama. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

    6. How to choose the best money transfer companies to send money to Panama

    When choosing a money transfer provider to send money from the United States to Panama, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:

    • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the PAB you're offered to the mid-market rate and look for the smallest difference.
    • Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to Panama for a flat or low fee might work out better if you plan to send a large amount.
    • Transfer type. Does your recipient have a Panamanian bank account or is cash or cell phone top-up a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
    • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as Western Union offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value and get your money to Panama faster and cheaper than banks.
    • Transfer limits. Find out how much you can send with each service. For example, MoneyGram has a transfer limit of $25,000 while Western Union allows transfers up to $50,000.
    • Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of balboas.

    Frequently asked questions

    Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.

    Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
    WorldRemit
    WorldRemit
    Within minutes
    From $0.99
    Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
    WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
    View details
    Remitly
    Remitly
    Within minutes
    From $0
    Remitly has quick, affordable transfers around the world, with both express and economy options.
    Go to site
    View details
    PayPal (business)
    PayPal (business)
    Within minutes
    $0
    Provides business solutions for small business owners in over 24 currencies worldwide. Try 3 months free of Spotify Premium when you sign up with PayPal.
    Go to site
    View details
    Remitly
    Remitly
    Within minutes
    From $0
    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.
    Go to site
    View details
    Remitly
    Remitly
    Within minutes
    From $0
    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.
    Go to site
    View details
    WorldRemit - 4free
    WorldRemit - 4free
    Within minutes
    From $0.99
    Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
    WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
    View details
    Remitly
    Remitly
    Within minutes
    From $0
    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.
    Go to site
    View details
    MoneyGram
    MoneyGram
    Within minutes
    From $0
    MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
    Go to site
    View details
    loading

    Are you visiting from outside the US?

    Select an option to continue

    More guides on Finder

    Ask a Question

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Go to site