Wise makes it simple to send money to Panama: simply enter how much you want to send and where you want it to go. Then, using a bank transfer, quick, or your debit or credit card, make a local payment to Wise. That's the end of it. They'll send your money directly to Panama at the best rate available with no extra fees added by them.
In order to send money to Panama through TransferWise you need to set up an account with them first. Once this is done you can start sending money to any country that they offer services for. In this case, this includes Argentina, Australia, Belgium, Brazil, Chile, Colombia, Costa Rica, Croatia, Cyprus, the Czech Republic, Denmark, Ecuador, Egypt, England, Estonia, Finland, France, Germany, Greece, Hungary, India, Ireland, Israel, Italy, Japan, Latvia, Lithuania, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Peru, Poland, Portugal, Romania, Russia, Serbia, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Trinidad and Tobago, Tunisia, Turkey, Uruguay, Venezuela, Vietnam, and the United States.
If you have friends or family in different countries then this is a great way to help out those who may not have as easy access to financial services as others. Wise offers free cash transfers, but only if you have an account with them.
The most effective methods for sending money to Panama
There are no restrictions on wiring or putting money into a Panama bank, although they may inquire as to where the funds came from. Checks should be made out to any foreign company or individual. There are also no fees for wiring or transferring money to or from a Panama bank account.
The only drawback to depositing money in a Panama bank is that there are relatively few institutions willing to do so. There are several reasons why most Panamanian banks cannot accept savings accounts or time deposits. The most obvious one is security: if a thief were to break into the vault of a bank and steal cash, it would be difficult to put this money into another bank.
Another reason is that many Panamanian banks rely on interest income to stay afloat. If they had an ample supply of cash on hand, this would not be a problem but since they don't, they need some other way to generate profits. By accepting savings accounts, these banks would be giving up possible income; therefore, they refuse to do so.
At first glance, it might seem like a good idea to open a savings account with a Panamanian bank because of the free transportation to and from work and the lack of currency exchange rates.
How to Send Money to Panama Using a Third-Party Transfer Service 1. Use the chart above to compare your money transfer choices. 2 Select "Go to the site and sign up with a provider." 3: Begin a transaction and enter the information for your receiver. 4. Enter the amount of money you want to transfer. 5: Pay for your transfer and keep your tracking number for future reference. More...