Send Money to Panama

OFX
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Moneycorp
Margin Rate: 0.70%
Minimum Transfer: 250
Transaction Fees: £0
FCA Regualted: FCA Regulated
TorFX
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
VoltrexFX
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Currencies Direct
Margin Rate: 0.7%
Minimum Transfer: £500
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Panama

Send Money Transfer to Panama

While the official currency in Panama is the US Dollar, the country also has its own currency, which is the Balboa (PAB) which is available only in coin form. Sending money to individuals in Panama is straightforward and for businesses, the country has no distinction between foreign and local investment.

Using a bank transfer is one of the most straight forward ways to transfer funds to Panama assuming the recipient has a bank account there. Be sure to check on the exchange rate and for any fees. Residents can open bank accounts in Panama provided they have the usual information plus letters of representation from two professionals. They typically demand a deposit on opening of around $200.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments are found in major cities around the world and are very common across Panama. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

Bank Note System
The Balboa exists only in coins, and is tied to the U.S. Dollar (USD) at a rate of 1 PAB = 1 USD. It is divided into 100 cents (centésimos) that have the same value, size, weight and use the same metal as the U.S. coins. In fact, they are both used equally and are completely interchangeable in Panama. The only paper currency used is the American Dollar.

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