Find out how to make a money transfer to Panama with the lowest fees and best rates with these 4 steps
Transfering money on the right day is a good way to optimize your transfer. Keep an eye on the exchange rate and convert your money when the PAB rate gets to a specific level.
Are you looking for the provider with the best price, fastest transfer speed, best customer ratings, or a good combination of the three.
In addition, it is important to take into account the payment solution and pay-out options. Credit cards, debit cards or a bank transfer are the most often available pay-in methods to send money to Panama online. In Panama, look at different options if you need the amount in PAB to be sent directly to the recipient's bank account or available for pick-up in cash at an agent location.
Go to the provider's website to register (you usually have to give some ID documents to confirm your identity), and provide the details of your money transfer to Panama.
Panama may well be a small country, a lot of Panamanians are living and working abroad and are regularly sending money to Panama. Whether you send money to support your family or for business related transactions, comparing your options can save you a lot of money in transfer fees or bad exchange rates.
There are two official currencies in Panama, the Panamanian balboa (PAB) and the US Dollars (USD). The two currencies are tied together with a 1:1 exchange rate and the US Dollar is in practice the currency commonly used in Panama. All money transfer providers will propose to transfer your money into US Dollars when sending to Panama.
If you’re sending money to Panama from the United States, you won’t have to worry about exchange rates as you will directly send US Dollars. It’s still important to compare your options to find the providers offering the cheapest fees, especially if you want the money to be receive at a cash pick-up locations. Services like WorldRemit, Transfast, MoneyGram or Western Union all have a good coverage of Panama.
When sending money from a different currency, take the exchange rate margin taken by the provider into account, especially if you’re transferring large amount of money into Panama. Foreign exchange companies like Currency Solutions, Currencies Direct, OFX, Global Reach Partners or Frontierpay are all good options to consider.