How to send money to Panama
Learn how to transfer money to Panama with the best rate in a few easy steps
1. Check the USD interbank exchange rate against the currency you want to send
Even though the evolution of the currency market is impossible to predict, it is a good idea to keep an eye on it so that you can optimize how many you (or your recipient) receives after the currency exchange. Keep an eye on the evolution of the United States dollar mid-market and transfer your money when the USD rate gets to a specific level.
2. Make your choice among the 29 companies sending money to Panama in order to select the best option.
We compare quite a few money transfer companies offering money transfer services to Panama, such as TransferWise, Western Union, MoneyGram, Currencies Direct, OFX. You will save big by comparing them all to find the best one for your money transfer.
3. Select the best service for your specific needs
Search for the service with the best price, the faster transfer time, highest reviews, or the best compromise.
It is also interesting to pay attention to the options to pay for the transfer and receive the money. Transferring money from your e-banking or via your debit or credit card are the most common payment options to send money to Panama online. To receive the money in Panama, you often have to decide if you want the money to be transferred to your recipient's account or received in cash (from an agent location).
4. Sign up and start your money transfer with the money transfer provider of your choice
Visit the provider's website to register (you most of the time have to provide documents to prove your identity), and provide the details of 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.