How to send money to Panama
Discover how to send money to Panama with the best exchange rate in 4 easy steps
1. Check the USD interbank exchange rate against your sending currency
Even though the evolution of the exchange rate is fluctuating, it never hurts to follow it so that you can optimize how much the recipient will get. It might be interesting for you to take advantage smart alerts to monitor the USD mid-market rate against your currency.
2. Select the best deal by comparing the 28 available options.
Monito compares many services offering money transfer services to Panama, such as TransferWise, Western Union, MoneyGram, Currencies Direct, OFX. Get the most of your transfer by comparing all your options and select the most competitive deal for your upcoming transfer.
3. Choose the best provider for your specific needs
Decide if you’re looking for the service with the overall most competitive cost, the quickiest transfer options, highest score among customer reviews, or a good combination of the three.
You may also want to have a look at the options to pay for the transfer and receive the money. Customers often have the choice to transfer the money by bank transfer or by credit or debit cards. On the other side of the transfer, you can decide if your want the converted amount to be deposited on a local bank account or be available for cash pick-up.
4. Sign up and get started wih your transaction with the service you selected
It is now time to register on the money transfer provider's website - be prepared to give an offical ID and/or a proof of adress - and get started with your transfer.
Which provider should you use for transferring money 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 received 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.