Your options for sending money to Panama are relatively limited, but alright. There are several great international money transfer options for sending money to Panama, and at least one of them should suit your preferences.
The Panamanian Balboa (PAB) is pegged to the American Dollar (USD) at an exact exchange rate. By this, we mean that for every American Dollar, you get the exact same amount in Panamanian Balboa (when currency exchange fees are not present).
If you are concerned with future fluctuations in currency exchange rates affecting your money when you send it to Panama, you should study the American Dollar, its history, and its current trends. The USD is the most commonly exchanged international currency and having the PAB pegged to the USD simplifies the situation. Regardless, you will have to pay at least a small percentage in currency exchange fees with most services. As such, the exchange rate between PAB and USD is seldom exact in practice.
The fastest way to send money to Panama is through Ria Money Transfer’s fast option. With Ria Money Transfer’s fast option, your money should reach its Panamanian destination in a matter of minutes. The fast option offered by Ria Money Transfer is somewhat expensive, but it is the fastest option. Most of the more expensive options are also much, much slower when it comes to waiting times. In the end, Ria Money Transfer’s fast option is the fastest option and is a well-rounded option, too.
The cheapest way to send money to Panama is through Ria Money Transfer’s slow option. With Ria Money Transfer’s slow option, the hidden currency conversion costs are very low and the upfront costs are even lower. The result is a very cheap option for sending money to Panama.
Unlike Ria Money Transfer’s fast option, their slow option does take a long time to complete transfers. With the slow option, you can expect your money to reach its Panamanian destination in 3-5 business days.
The easiest way to send money to Panama is through TransferWise. TransferWise makes it easy to send money through their simple three-step process after you set your account up. First, you need to tap the amount of money you want to send. After that, just tap in the destination. After you have done that and paid TransferWise for the transaction, your money should arrive in Panama in a day or two.
The overall best way to send money to Panama is through Ria Money Transfer. We’d recommend you take advantage of their fast option in order to achieve the fastest transaction times when you need to. On the flipside, their slower option offers amazing rates so you can take advantage of both of these options when it suits you. In either case, Ria Money Transfer is the overall best way to send money to Panama.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com