Sending Money To & From
Panama 2026
Complete guide to wire transfers, international payment apps, fees, timing, and the cheapest ways to move money in and out of Panama.
Panama is unique: The country uses the US Dollar as official currency, pegged 1:1 to the USD. This eliminates forex complexity and risk.
If you're sending from the USA to Panama, you send $1,000 USD and the receiver gets $1,000 USD — zero currency conversion, zero exchange rate risk. This is a massive advantage over sending to Mexico (pesos), Colombia (pesos), or Costa Rica (colones), where every transfer involves currency conversion and volatility.
This guide covers the best methods (Wise, bank wires, PayPal, Western Union), fees, timing, and how to set up Panama bank accounts for receiving transfers. Whether you're relocating, sending retirement income, or maintaining finances across borders, you'll find practical details here.
Why Panama's USD System Matters
For Americans: Zero forex conversion needed. Your US bank sends $1,000 USD. It arrives as $1,000 USD in Panama. No "conversion fees," no "exchange rate margins," no waking up to a lower amount because the peso devalued overnight.
For Canadians & other currencies: You convert CAD/EUR/etc to USD once, then USD to Panama USD (1:1). Simpler than most countries.
For predictability: No currency volatility risk. Your pension of $2,000/month USD in the USA = $2,000/month in Panama, always.
For expats: You can keep finances in USD on both sides. No need to convert to local currency like you'd do in Mexico or Colombia.
Best Ways to Send Money from USA to Panama
WISE (formerly TransferWise)
Fee
$1–5 flat + real exchange rate (if needed)
Timing
1–3 business days
Best For
USD to Panama USD transfers (no conversion needed). Best rates overall.
Pros: Cheapest for regular transfers. App-based. Transparent pricing. No hidden fees.
Cons: Account setup takes 1–2 days. Requires online access.
Setup: Create Wise account, link US bank, send to Panama bank account or Wise card.
Bank Wire Transfer (SWIFT)
Fee
$25–45 at US end + $15–25 Panama receiving fee
Timing
1–3 business days
Best For
Large amounts ($5,000+). Works from any US bank. Verified and secure.
Pros: Works from any US bank. Large transfer capacity. Standard for business.
Cons: Expensive. Slow. Bank fees on both ends.
Setup: Get your Panama bank's SWIFT code and account number. Call US bank to initiate wire.
Zelle
Fee
FREE (but limited to US-Panama partnerships)
Timing
Minutes to hours
Best For
If your US bank + Panama bank have Zelle partnership (uncommon). Quick if available.
Pros: Free. Instant. Simple.
Cons: Limited availability. Most Panama banks don't participate. Transfer limits.
Setup: Both US and Panama banks must have Zelle. Check with your banks first.
Western Union / MoneyGram
Fee
3–5% + flat fee ($3–10)
Timing
Minutes to hours
Best For
Cash pickup. No Panama bank account needed. Available everywhere in Panama.
Pros: Available at El Rey supermarket, farmacias, money exchanges. No bank account needed.
Cons: Higher fees than Wise. Less transparent. Harder to track.
Setup: Walk into WU location, initiate transfer online or by phone. Receiver picks up cash.
PayPal
Fee
2.9% + $0.30
Timing
2–5 business days to bank account
Best For
If both parties have PayPal. Okay for small to medium amounts ($100–$5,000).
Pros: Easy setup. Works globally. Good for informal transfers.
Cons: Fees higher than Wise. Can take 5 days to hit bank account.
Setup: Create PayPal account, link US bank, send to Panama PayPal account or bank.
Remitly
Fee
$0–5 depending on tier
Timing
2–5 business days
Best For
Regular pension/retirement income transfers. Competitive rates for expats.
Pros: Good rates for recurring transfers. App-based. Customer service friendly.
Cons: Slightly higher than Wise for one-time transfers. Transfer limits.
Setup: Create Remitly account, link US bank, send to Panama bank account.
How to Receive International Wires in Panama
Information You Need to Provide
When someone sends you an international wire, provide them with these details:
- •Your Full Name: Exactly as it appears on your bank account
- •Panama Bank Account Number: Your account number with the receiving bank
- •Bank Name: Full name of your Panama bank (e.g., "Banistmo," "BAC Credomatic")
- •Bank SWIFT Code: 8–11 character code identifying the bank (see table below)
- •Bank Address: Physical address of your bank's main branch in Panama City
- •Your Identification: Passport number or Panama ID number
Panama Bank SWIFT Codes (Common)
| Bank Name | SWIFT Code |
|---|---|
| Banistmo | BQISPAAP |
| BAC Credomatic | BACCPAPA |
| Global Bank | GLBKPAPA |
| Multibank | MBKGPAPA |
| Citibank Panama | CITIPAPT |
| Scotiabank Panama | SCTIPAPT |
Tip: Call your Panama bank and ask for the correct SWIFT code and bank address for wire receiving. Banks sometimes have multiple SWIFT codes for different divisions.
Expected Fees & Timing
- • Incoming wire fee: Panama bank charges $15–25 (deducted from amount received)
- • Timing: 1–3 business days typical (sometimes up to 5 with weekend delays)
- • What you receive: Original amount minus Panama receiving fee. Always clarify this with sender.
- • Reference number: Ask sender for wire reference number ("SWIFT number") to track. Use this if wire is delayed.
Sending Money FROM Panama to USA
Sending money from Panama to the USA is straightforward since both countries use USD. Here are your options:
Wire from Panama Bank to US Bank
Fee: $20–40 at Panama end. Timing: 2–5 business days. Your Panama bank initiates via SWIFT to US bank.
Wise (Reverse)
Fee: $2–5. Timing: 1–3 days. Works both directions. Same as USA→Panama process, just reversed.
PayPal Panama Account to US Account
Fee: 2.9% + $0.30. Timing: 2–5 days to US bank. Works well for personal transfers.
Remitly
Fee: $3–8. Timing: 2–5 days. Good for regular transfers (retirement, pension, income).
Panama's Local Payment Apps
YAPPY
Panama's Venmo/Zelle equivalent
Purpose
Send money between Panama bank accounts instantly, FREE
Who Uses It
Almost everyone in Panama has Yappy
Real Use Cases
Pay local vendors, plumber, housekeeper, taxi driver, utilities. No cash needed.
Available At
Links to Banistmo, BAC, Multibank, and other Panama banks
Why YAPPY Matters for Daily Life
Once you have a Panama bank account and a Yappy app, you can pay for almost everything locally without cash:
- • Pay your housekeeper or maid electronically (no cash)
- • Pay the plumber, electrician, or local vendor
- • Split restaurant bills with friends
- • Pay utilities and services
- • Transfer money to family or friends in Panama instantly
- • No bank fees (completely free)
- • Instant (real-time transfer)
Cost Comparison: Methods for $1,000 Transfer
| Method | Total Cost | Speed | Key Advantage |
|---|---|---|---|
| Wise | $2–5 | 1–3 days | Cheapest option |
| Bank Wire | $40–70 | 2–3 days | Verified, secure |
| Western Union | $35–50 | Minutes | Cash pickup |
| PayPal | $29.30 | 2–5 days | Okay for amounts under $5k |
| Remitly | $3–8 | 2–5 days | Good for regular transfers |
Recommendation: For regular transfers, use Wise. For one-time transfers under $5,000, PayPal is acceptable. For large amounts or business, use bank wire.
Frequently Asked Questions
Why is Panama different for sending money?
Panama uses the US Dollar (USD) as official currency, pegged 1:1 to the US dollar. This means if you're sending from the USA to Panama, there's NO currency conversion needed. You send $1,000 USD and the receiver gets $1,000 USD. This simplifies things hugely compared to sending to Mexico (pesos), Colombia (pesos), or Costa Rica (colones), where you deal with forex conversion and risk.
What's the cheapest way to send money to Panama?
Wise (TransferWise) is cheapest for regular transfers. Fee is typically $1–5 flat with no hidden charges. For one-time bank wires, the cost is $40–70 total (painful but necessary for large transfers). For very small amounts, PayPal is acceptable at 2.9% + $0.30.
How do I open a Panama bank account as a foreigner?
This has become more complex since 2019 (FATCA/KYC compliance). You can open an account with: 1) A local attorney's help ($500–$1,500 fee), 2) An existing client referral (friend/family already at the bank), 3) Direct application with proof of income (varies by bank). Banistmo, BAC, and Multibank are most expat-friendly. Expect 2–4 weeks.
What information do I need to receive a wire to Panama?
Provide these to the sender: Your full name (as on bank account), Panama bank account number, Bank name, Bank's SWIFT code (e.g., BQISPAAP for Banistmo), Panama bank address, Your ID/passport number.
How long do international transfers to Panama take?
Wire transfers (SWIFT): 1–3 business days typical. Wise: 1–3 business days. PayPal: 2–5 business days (sometimes longer). Western Union/MoneyGram: Minutes to hours. Always add 1 day for US banking delays.
What happens if I send money to the wrong Panama bank account?
It depends on the system. SWIFT wires are verified, so if the account number is slightly wrong, the wire may be rejected or returned. Wise is very good about catching errors. Always double-check account number, SWIFT code, and recipient name. If money goes to wrong account, contact the bank IMMEDIATELY — recoverable but slow process.
Can I send money from Panama to the USA?
Yes. Same methods in reverse. Wise works both ways. Wire from Panama bank to US bank: $20–40 fee, 2–5 days. PayPal Panama account to US account: Works well. Remitly: Works. Western Union: Available but less ideal for returning to USA (more common for Latin America).
Is there a limit to how much I can send?
Depends on method and your account history. Wise: $50,000+ possible (gradually increase from new account). Bank wire: Typically $100,000+ per transaction. PayPal: $10,000/month. Remitly: $10,000+ per transaction. Western Union: $2,500–$10,000 per transaction depending on location. New accounts have lower limits.
Pro Tips for Expat Money Management
Set up Wise immediately: Create a Wise account before you move. It takes 1–2 days to verify, and having it ready saves stress. You can even get a Wise debit card for instant local spending.
Keep receipts and documentation: Every wire, transfer, and fee. Helps with taxes and provides proof if disputes arise.
Double-check account details: Before sending, verify: account number, SWIFT code, recipient name. Typos can cause delays or misdirection.
Plan ahead for monthly income: If you receive pension or retirement income monthly, set up automatic transfers via Wise or Remitly ahead of time. Reduces stress.
Understand tax reporting: Large transfers to Panama may trigger US tax reporting requirements (FBAR, FATCA). Consult a tax professional if receiving significant income. (Not financial advice — seek professional counsel.)
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