How to send money to Panama
Find out how to send money to Panama with the best rate in four easy steps
1. Check the USD interbank exchange rate against the currency you want to send
Transfering money at the right time means more money arrives. It's a good idea to take advantage our smart alerts to check the evolution of the mid-market.
2. Compare the 28 money transfer providers available to send money to Panama in order to select the best option.
There are many money transfer companies to make money transfers to Panama, such as TransferWise, Western Union, MoneyGram, Currencies Direct, OFX. Get the most of your transfer by comparing them all and go with the best option for your upcoming money transfer.
3. Select the best provider with your own criteria
Do you want to make a transfer to Panama with the cheapest option, as fast as possible or with the best rated provider?
It is also interesting to have a look at the options to pay for the transfer and receive the money. Local bank transfer, debit and/or credit cards are the most common payment options to send money to Panama online. In Panama, look at different options if you need the converted amount to be transferred to your recipient's account or be available for cash pick-up.
4. Sign up and start your money transfer with the company of your choice
The last step is to complete the sign-up form on the provider's homepage (you usually have to upload some ID documents to confirm your identity), and provide the details of your transfer to Panama.
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.