Find out how to make a money transfer to Panama with the best providers in four easy steps
Making your transfer at the right moment gives your more USD for your money. Keep an eye on the United States dollar rate and transfer your money when you can get a good exchange rate.
Do you want to send money to Panama at the lowest overall cost, with the fastest provider or with the best rated provider?
In addition, you may want to have a look at the pay-in and pay-out options. You may have the option to pay for your transfer by wiring the money from your bank account or by credit or debit cards. On the recipient's side in Panama, you often have to decide if you want the amount in USD to be transferred to your recipient's account or be available for cash pick-up.
Go to the money transfer provider's homepage to register - be prepared to provide an ID and/or a proof of adress - 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.