Need to send money to Panama? Considering a wire to send the money to Panama? Before you ask your bank to organise it, be sure to check out the wire transfer fees. It might come as a shock as to how much the costs will be and depending on the amount of the wire, it might not be worth sending the money by bank wire transfer to send the money using another method.
What makes it more expensive is in addition to your bank imposing a fee for sending the money to a bank in Panama, the person receiving the money transfer may also incur a fee from their bank. A way to reduce the likelihood of the fee is to send the international wire transfer in the currency of their bank account.
To initiate a wire transfer to Panama, you may need a SWIFT code. These are different codes for each financial institution and based on things such as the country and individual bank.
Bank wire details for Panama
- Country – Panama
- SWIFT Country Code – PA
- Central Bank Name – Banco Nacional de Panama
- Currency – Balboa
- Currency Code – PAB