Compare the best ways to send money from Canada to Panama

The exchange rate determines the price you’ll pay for Balboa when sending Canadian Dollar to Panama.

The rate between the Canadian Dollar and Balboa is currently 0.7088. Wise offers the best exchange from CAD-PAB.

The CAD-PAB exchange rate is always moving.

Sometimes, waiting a day or two can help you get more PAB for the same amount of Canadian Dollar. Using a forward contract that also allows you to lock in an agreed exchange rate between Canada and Panama.

Sending money via a Bank Transfer is the recommended option for sending money from Canada to Panama.

The company offering the best bank transfer price is Paysend.

This Bank Transfer to Panama is 0.3% cheaper than the second-best option in the market.

Canada and Panama have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Canada and Panama.

Some services between Canada and Panama have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Panama as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Panama, use Wise. The combination of rates and fees when sending from Canada to Panama is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Canada, or entering Panama. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Balboa in Panama. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Canada to Panama will offer every method for incoming Balboa, so it’s best to check ahead of time.

One of the more common ways to transfer from Canada into Balboa is directly into a bank account. Wise is the best company for bank transfers between Canada and Panama.

And if you need cash right away, check if cash pickup is an option for transfers between Canada and Panama.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Paysend.

When signing up to and sending Canadian Dollar to Panama, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Canada this will be a government issued ID such as a passport or driver's license. In Panama it will be similar, although this should only be needed if you are opening a new account in Panama, or collecting in cash. Sending to an existing bank account in Panama shouldn’t require any additional ID checks.

Large transactions between Canada and Panama, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Wise has scored so highly for transfers to Panama is their easy sign up process in Canada.

When sending large amounts of money between Canada and Panama there will potentially be a tax declaration to consider.

Some transfers into Balboa may need to be reported to tax authorities in Panama, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Panama based on age, income and a few other elements. When in doubt, please contact a tax professional in Canada or Panama to discuss your personal circumstances.