Home / Best money transfer to Panama • Cost, duration, comparison

Best money transfer to Panama • Cost, duration, comparison

The Best Money Transfer Service to PanamaDue to technological improvements in the area of money transfer, in the last few decades, we have witnessed the mushrooming of various online money transfer companies in all parts of the world.

This has saved people a lot since people can now send money at low costs and the money is always received within minutes as compared to banks which give poor exchange rates and sent money takes up to seven working days for it be available to the receiver.

It is important to note that choosing a good and reputable online money transfer company will save you the headache of being conned by online scammers.

Comparison: Best Transfer Money to Panama

Winner

TransferWise reviews

TransferWise

First Transfer Free!

  • Transferwise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.

TransferGo Reviews

transferGo

Send money very fast!

  • Save up to 90% compared to banks. No hidden costs. Large selection of countries.
Winner

Azimo Reviews

AZIMO

First Transfer Free!

  • Azimo is a very competent partner for the international transfer. Azimo has a large selection of countries and the transfers are safe and cheap.

Best-money-transfer-Currencyfair

currencyfair

Five Transfers Free!

  • A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
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EUR

Before settling for an online money transfer company you should consider the following factors:

  • Exchange rates
  • Pickup method
  • Fees
  • Customer service
  • Minimum and maximum
  • Transfer methods available
  • Turnaround time

Exchange rates

How good is the exchange rates of the chosen company as compared to its competitors?

Pickup method

This is all about how the beneficiary will receive the cash. You confirm if the beneficiary will pick the money in the nearest transfer agent or they will receive the amount in their bank accounts?

Fees

You should know what the online money transfer company you have chosen will charge to send money to your intended destination.

Customer service

Difficulties can always arise, therefore, it is good to know what kind of customer service is offered by the online money transfer company you have chosen and at what time is the customer service offered.

Minimum and maximum money transfer amount accepted

Each online money transfer company has its maximum and minimum accepted money transfer limit. Therefore it is important to know the maximum and minimum limits of the company you have chosen since this will affect the size of your money transfer.

Transfer methods available

You should be certain on the available transfer methods for the chosen company, for example, will the transfers be placed online or through a mobile app.

Turnaround time

I am sure you will opt for an online money transfer company that will avail the money to your beneficiary in minutes. Therefore, it is important to know how many minutes, hours, or working day it will take for your beneficiary to receive the cash.

By keenly considering the above factors, I am sure will get the best online money transfer company that will suit your needs.

 

It is true that Panamanian Balboa is a small currency but it doesn’t have to cost you a lot to send money to your loved ones, friend and family in Panama. It is evident that people are tired of using banks for their international money transfers since all banks utilize this as an opportunity to boost their profits since they will provide you with poor exchange rates.

There are several online money transfer companies that are credible, reliable, affordable and secure that you can use to send your money to Panama by using their online portals.

For foreign bank transfers to Panama, you can consider using Citibank or HSBC since they have several branches in Panama therefore, your beneficiary will find it easy to access the cash. The good thing with these two banks is that they also support USD transfers.

How can I send money to Panama?

There are various means that you can use if you want to send money to Panama. Before deciding on which option to settle for, compare available money transfer options so that you can decide whether to use a money transfer company or a bank.

This will mainly be determined by various factors such as the charges you will face by using any of the options. Some foreign banks are cheaper to use while sending money to Panama. Good examples include; OFX since it does not charge for transfer cost for any transfer made to Panama.

Bank

One main aspect that makes bank to bank transfers to Panama expensive is the low exchange rates offered by most Panama banks.

For example, most money transfer companies in Panama uses an exchange rate of 1USD= 0.993 PAB while the banks use an exchange rate like 1 USD=0.895 PAD. Therefore, take a scenario where you want to send 1000 USD to a friend in Panama, a money transfer company will give deliver 999 PAB while the bank will deliver 895 PAB. This exchange rate difference is what bank transfers to Panama very expensive.

Money transfer provider

There are various money transfer providers that you can use when you want to transfer money to Panama. Just to mention a few like Worldremit, Western Union, MoneyGram, Azimo, TransFast or even PayPal.The above-mentioned providers offer different exchange rates and charges different transfer fees therefore before choosing any of them it good you confirm their exchange rates and service fee involved.

How much does it cost to transfer money to Panama

Different money transfer providers have different transfer costs. For example, TransFast allows sending of money to Panama. TransFast has a minimum and a maximum amount that can be sent to Panama as 50 USD and 500 USD respectively. Between this acceptable range, transfer cost is constant as 4.9UDS for each transaction.

  • WorldRemit does not charge you for the first three money transfers to Panama by using the code 3 Free. But thereafter they will be charging you 2.99GBP for each transfer made.
  • HSBC will charge a transfer fee of 4GBP for any transaction done.

Duration of Money Transfer to Panama

Depending on the means and company of transfer duration taken for the delivery of cash by your beneficiary varies. For bank transfers, it takes between 2-5 days depending on the bank used.

For example, OrbitRemit will take two days, HSBC will take 3-5 days, and RBS will take between 3-5 days.

For companies which have pick-up services in Panama like Azimo and WorldRemit, it will only take minutes.

For some foreign exchange companies, OFX and Currencies Direct your beneficiary will be able to pick the amount the same day while others like XE will take 3-5 days.

Conclusion on Money Transfer to Panama

It is evident that there are several reliable money transfer providers to Panama making the market very competitive since each company wants to have many customers. This has made companies offer attractive exchange rates and short duration of money delivery to Panama.