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How to send money to Panama
Safe, secure and cost-effective transfer options when you need to send money to Panama.
Panama plays a key role in Central America with its positioning that allows trade to be connected between South and Northern America, as well as the Pacific and Atlantic oceans. Much of Panama’s consistently high annual GDP (above 6%) is made from tolls allocated to these connecting ports, but commerce, banking, and tourism are major and growing sectors.
Panama is Singapore’s top trading partner in Latin America, with a bilateral trade volume of SGD $7.5 billion in 2015. Both countries are looking to explore further bilateral cooperation in areas such as infrastructure development, master planning and urban solutions.
Compare Money Transfer Services
Money transfer companies as by case study investor, Shanade
Shanade is an investor from Singapore who 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 gone ahead and made some comparisons with available companies that will send money to Panama. She could only do comparisons in USD that is supported in Panama and used an amount of 1,000 SGD to evaluate the differences in transfer cost.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 SGD = 0.7471 USD||1 SGD = 0.7594 USD|
|Transfer fee||70 SGD||6.97 SGD|
|Amount of USD received in Panama for 1,000 SGD||747.10 USD||759.45 USD|
|Transfer time||10 Minutes||2-3 working days|
|Transfer options||Online, phone, agent||Online, bank to bank|
|Difference in X||+ 12.35 USD|
How did Shanade compare money transfer companies when transferring money between Panama and Singapore?
- Exchange rates. Because Panama supports both its own currency, the PAB, and the USD, it can be tricky to compare exchange rates. You can either compare directly to the PAB or with USD and then an exchange bureau to see which will give you the best value for your money.
- Pickup methods. Pickup methods range from cash pickups in main cities, at agent locations or other accessible physical addresses. Where supported, a transfer to bank accounts is also possible.
- Fees. The fees range from free to 70 SGD and can be influenced by variations like turnaround time, delivery method and recipient locations.
- Bank to bank benefits. The bank to bank benefits to explore will require a visit to HSBC and Citibank.
- Turnaround time. For cash transfers, the turnaround time can be minutes, and for normal transfers, it can take up to five working days.
- Transfer methods. Transfer methods include online, account, phone and agent locations.
- Transfer options. Some providers allow you to do once-off payments, regular payments, forwarded contracts and market orders.
- Minimum and maximum transfer amounts. It will be important for someone like Shanade to not be limited to maximums when it comes to sending or receiving capital.
- Customer service. If the transfers are to be done on regular schedule, you will definitely want to look for a company that provides good customer service. Look for robust phone and email support lines.
How will you send money to Panama from Singapore?
Money transfer services
You can use the following services to send the PAB currency to Panama: Wise, 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 that 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.
Can Shanade receive money in the form of capital gains from Panama in Singapore?
- Money transfer services – The same company can be used to send money to Singapore from Panama by visiting an agent location. This will exclude Xpress Money.
- Banks – You can find out from local banks that can send money overseas, or visit to a HSBC or Citibank branch to check whether they can also send money out to Singapore.
Emergency cash transfers options to Panama
Emergency cash transfers can be done using the services described above. MoneyGram and Western Union are all companies that can send a cash transfer within minutes and make for great emergency cash options. Please take note that these companies send the money in USD and if PAB currency is required, choose a location below that is close to a local exchange bureau with the correct currency availability.
Cash pickup locations in Panama using MoneyGram and Western Union
- Centro Agropecuario De Chepo Epago – Xtra VacamonteEdificio Plaza XtraVia Iteramericana, Panama3171239Monday to Saturday, 8am to 8pm, Sunday, 12am to 12am
- Casa De Cambios Del Caribe Calle 11 Santa Isabel Edif. 8060 Local 1, Panama4333680Monday to Saturday, 8am to 2:30pm, Sunday, 12am to 12am
- Italtransfer – Colon Local 17, Amador, Colon9520010000Monday to Friday 8am to 8pm, Saturday and Sunday, 8am to 6pm
- Centro Agropecuario De Chepo Centro Comercial La Primavera, ChepoPanama, Panama 507+507-296-8795Monday to Saturday, 7:30am to 4pm, Sunday, 10am to 2pm
- Credicorp Albrook Mall Centro Comercial Albrook MallPanama, Panama+507-3147408Monday to Friday, 10am to 5pm, Saturday, 10am to 1:30pm, Sunday, closed
- MMD Calidonia Calle 21 De Enero Antiguea HieleriaCalidonia, Panama, Panama+507-2273411Monday to Sunday, 8am to 10pm
Read these tips before you pick up cash transfers in Panama
Anyone visiting Panama is cautioned to move with high degrees of safety measures and attention to personal safety. When going to pick up a cash transfer, go with a fellow associate, friend or family member if possible. Keep your personal belongings safe and take extra care of bags containing your tracking or reference numbers, receipts and ID.
What are the steps to send money to Panama?
What do you need to do to send a bank to bank transfer
- Visit the branch to find out if you can send money to the same bank in a different country, which in this case is HSBC or Citibank
- Open an account in Panama with the relevant bank or have the details of the bank account of the recipient
- You will require branch details or SWIFT BIC details in many cases
- Correct amounts and currencies
How to send money using the money transfer services
- You will either need the bank details of the recipient as stated above or the physical address (this can be a home or office address in a supported region or an agent location)
- The basic details of the person receiving the money, in which cases a photo ID is always safe to have as well
- Correct amounts and currency (although most services will send USD in this instance)
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