Understanding PAB to COP Currency Exchange: Our Top Tips
Let's look at some practical information, ideas and tips to help you make sure you can get the most from your money when you convert Panamanian Balboa to Colombian Peso, to send a payment, for a trip overseas, when shopping online or to hold a balance in Colombian Peso.
How to convert PAB to COP?
You can convert Panamanian Balboa to Colombian Peso either in a physical location or online. If you choose to exchange money at a currency exchange store, bank or at the airport, you'll be given your Colombian Peso in cash. Or, you can choose to convert digitally, to send a payment overseas for example.
If you're exchanging money in a physical location you'll usually need to take the following steps:
- Choose an exchange service that suits your needs
- Head there with the money in Panamanian Balboa cash to exchange
- Get a quote for the exchange rate and any commission or fee you need to pay
- Hand over your money and receive your Colombian Peso in cash
Exchanging your money digitally is often easier. As an example, here's how to send a payment overseas:
- Choose an international payment service that suits your needs and head to their desktop site, or download their app
- Tap Send Payment
- Enter the amount in Panamanian Balboa you want to send, or the amount in Colombian Peso you want your recipient to get in the end
- You'll be shown a quote for the exchange rate and any commission or fee you need to pay
- Choose your preferred payment method, and follow the prompts to pay
- Your money will be deposited to your recipient's bank account directly, in Colombian Peso
How to get the best PAB to COP exchange rate?
Because banks, currency exchange offices and international payment services all set their own exchange rates, you'll need to shop around a little to find the best PAB to COP exchange rate for your specific transaction.
Get to know the PAB/COP mid-market exchange rate using reputable currency conversion tools, so you'll be able to see how the market is trending. You can often set up rate alerts so the service you choose will send you a message when the PAB/COP mid-market exchange rate hits your preferred level. Once you see a rate you like, act fast to complete your transaction before markets move again.
Another smart option is to open a multi-currency account which lets you hold a selection of major world currencies, often including Panamanian Balboa and Colombian Peso. This can be helpful if you transact internationally often, live overseas, receive payments from abroad, invest in diverse markets or even if you simply love to shop online with international retailers. Because you can hold a balance in the currency or currencies of your choice, there's no need to convert from one currency to another unnecessarily - you can wait until exchange rates are favorable to avoid losing out.
How to buy Panamanian Balboa with Colombian Peso?
You'll be able to exchange Colombian Peso to Panamanian Balboa in the same way as you'd exchange Panamanian Balboa to Colombian Peso. If you have Colombian Peso in your pocket in cash, you can take them along to a currency exchange service and ask if they'll buy back in exchange for Colombian Peso. Be aware that the exchange rate might not be great - so coming back from a trip with as little foreign cash as possible is a smart plan.
On the other hand, if you hold Panamanian Balboa in a bank or specialist provider account, you'll be able to take advantage of online currency exchange services which can often offer fast, efficient and good value conversion which uses a better rate than a bank would.
Where to exchange PAB to COP?
You can exchange currencies in person at a currency exchange store, bank or airport, or use an online service instead. It's helpful to know that in person currency exchange options can offer a pretty poor deal overall, as exchange rates commonly include a markup - an extra fee. If you're exchanging somewhere with little local competition - like at an airport or hotel, for example - the chances are that the rate you get will be even worse.
A good alternative is to open a multi-currency account which lets you hold and exchange currencies digitally - and if you pick an account which also offers a linked debit card, you can make ATM withdrawals at home and abroad whenever you need cash. Digital specialist services can often offer a better exchange rate with lower overall costs compared to using your bank or exchanging cash in person - plus they're intuitive to use and let you manage your money with just your phone.
