Send money internationally to Panama (PAB) using the mid-market exchange rate.
Check and compare the rates from the major money transfer providers.
Send money to Panama
What is the best Panamanian Balboa exchange rate today?
How much does it cost to send money to Panama?
- International money transfers shouldn't be expensive.
- Make sure your provider doesn't add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
What are the payments methods to send money to Panama?
The available payment methods for your international transfer may vary. Most of the times these should be:
- Debit Card.
- Credit Card.
- Bank Transfer.
How long does it take to send money to Panama?
How long does an international transfer take? It mostly depends on:
- Countries you send from and to.
- Public holidays or weekends.
- Payment methods.
- Potential security checks.
How to arrange a bank transfer online?
- Log into your bank's online banking service – you may need to verify your identity for security
- Navigate to the payment option which may be under 'bank to bank transfers' or 'personal payments' for example
- Follow the prompts to enter your recipient's details including their name, the bank name and account number. You'll also usually need a routing number, SWIFT code, sort code or similar, to help guide the payment to the right account
- Add the payment amount and double check all details
- Confirm the transfer, and your money is on its way
Send money to Panama - FAQs
How to transfer money from one bank to another?
You can make a payment from your bank account to another account without needing to worry about writing a check or handling cash. A bank transfer is a simple, safe and easy way to settle a bill, move money between accounts you own, orsend a payment to a friend.
The exact steps you'll need to take to transfer money from one bank to another may vary depending on the account you hold, and the method of transfer you choose. There are various transfer methods, so doing a little research can help you select one which suits your needs. This may be in person at a bank branch, through mobile, online or phone banking with your regular bank, or via a third party provider. If you're sending a domestic transfer, using your own bank's online or mobile banking service is usually the cheapest and quickest option.
How to send money abroad - easy steps:
Send money to abroad easily:
- Choose a payment provider with low fees and a good exchange rate
- Arrange your transfer online or in person
- Pay and track your transfer
What information would you need to send money internationally?
- Recipient's full name as shown on their bank account
- Bank details including account number or IBAN and SWIFT/BIC number
- Depending on the country you are transferring money from and to and the amount, you may be asked additional information
What are the best ways to send money abroad?
There are plenty of ways to send money, including your regular bank, and modern online alternatives.
Check out online options which are convenient and also often have the lowest charges:
- Use your own bank's payment service. Check out whether your bank offers wire transfers to Panama by logging into your online banking service
- Choose a third party provider like Wise, WorldRemit, or TorfX to make a fast and secure payment directly from your account to your recipient's account
- Send your payment through a provider like Western Union or MoneyGram and have your recipient collect the money in cash at an agent near them
What to look at when transferring money internationally?
- Safety
Choose a reputable transfer service which is regulated by the appropriate authorities. Check out customer reviews online to get a sense of the service and support levels offered, and how the company resolves issues if they arise. - Fees
Confirm the costs of making your transfer which may include administrative fees, currency conversion charges, cable costs and an upfront transfer fee. Take a look at the fine print to make sure there are no additional costs, such as SWIFT fees, correspondent bank charges or cash advance fees. - Exchange rate
Each bank or transfer service sets its own exchange rate which may include additional fees in the form of a markup. Compare the exchange rate available for your transfer against the mid-market exchange rate for your currency, which you can find using a Google search. Choosing a provider which offers the mid-market exchange rate with no markup usually means you'll get a better deal overall. - Processing time
International transfers can take from a few minutes to several days to arrive, depending on the processing method used, and the country you're sending money to. Some payment providers will offer an estimated arrival time for your transfer, and let both you and the recipient know by SMS or email when the money lands in the beneficiary account. - Payment methods
Depending on the way you set up your international transfer you may be able to pay using cash, a check, a credit or debit card, or a bank transfer. It's common for the costs of your transfer to vary according to the way you decide to pay, so compare options to get the best deal for your needs.
What is the best exchange rate to transfer money abroad?
Before you decide on a money transfer service, compare the exchange
rate offered to the mid-market exchange rate which you can find on Google.
The mid-market rate
is the one the bank or transfer service will receive when they buy currency.
However, it's common to add a markup – effectively an extra fee – to the rate
that is used for customers. This can mean your transfer costs more than you
expect.
Look for a service which uses the mid-market exchange rate to save money.