When you are away from your family, you worry too much about how you will make sure you provide for them and that you have their daily needs covered.
When you have a business that is operating in another country, and you want to fund that business, you need to make sure that the money will reach your recipient.
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Duration: Send Money from Canada to Panama
Although there is some money transfer where you get the money in real-time. Some will take two days to a week before they transfer the money to the recipient’s bank account or a money transfer company.
Sometimes there is a cut-off for transferring money for your recipient to receive it as early, you also need to send the money earlier in the day.
Fees for sending money may depend on the amount you are sending. Some remittance companies will charge a percentage depending on the amount you are to send. Other money transfer companies charge just a minimal fee ranging from two dollars to seven dollars, and again, will depend on how much you need to send to the country.
Many remittance centers are already in partnership with other remittance centers from Canada, there are still some who haven’t taken roots in Panama. The usual remittance companies are those that have been in the business decades ago and also have their branches in Panama.
Send money from Canada to Panama with the bank
However, there are also communication challenges for a bank to another bank, and this is the reason some money transfer takes longer to get processed.
Usually, HSBC and Citibank have branches in Panama as well besides Canada.
Your recipient should also have their account so they can receive the money the earliest time.
Transfer money to Panama with a money transfer provider
Using a money transfer provider is now possible, as there is an independent transfer provider that is also available in the country where the recipient can receive their money.
Again, there are well-known money transfer companies in the world and have been in the business for ages. It is also easy to transact as long as the recipient has the transaction number with them, a government ID with an identifying picture.
The sender can also use their bank account to send money to a certain money transfer company if the recipient doesn’t have a bank account with them.
Some money transfer companies have a required maximum amount that you can only send to a certain country, the money laundering law is also in place, hence the requirement.
Sending money to Panama is easy as long as you know which money transfer to use, how much you want to send, how much is the exchange rate, and the fees to send the money.
What you have to consider when sending money to Panama
- Check the remittance company and its reputation.
- How much are they charging for sending money?
- What is the turnaround time before the recipient can have the money?
- How much is the minimum amount, and how much are you only allowed to send, and is it enough?
- How is the recipient going to get the money? Will it be via the bank? Will they pick up the money? Or is there a door-to-door service available?
- Is there a contact number for customer service you can reach out to if there is a delay in your transferred money?
They spread the remittance center out all over the world. Some have more branches than others, but there is no way you cannot send money to your loved one wherever they may be. The challenge may be in making the transfer faster, but still, they will receive the money.
There are just options you can take to have the money sent to your business partner, relative, or your family, and it is just up to you, which you will use.
It will depend on which company or bank has the most trusted remittance process and which can send the money faster than the other.