Find the best ways to transfer money from United States to Panama

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

The rate between the US Dollar and Balboa is currently 1.0005. Wise offers the best exchange from USD-PAB.

The USD-PAB exchange rate is always moving.

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

Sending money via a Bank transfer is the recommended option for sending money from the United States to Panama.

The company offering the best bank transfer price is Wise.

This Bank transfer to Panama is 0% cheaper than the second-best option in the market.

United States 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 United States and Panama.

Some services between the United States 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 the United States 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 the United States, 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 the United States 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 the United States into Balboa is directly into a bank account. Wise is the best company for bank transfers between United States and Panama.

And if you need cash right away, check if cash pickup is an option for transfers between United States 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 Wise.

When signing up to and sending US 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 the United States 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 United States 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 the United States.

When sending large amounts of money between United States 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 the United States or Panama to discuss your personal circumstances.