Moving money to Panama

Where the cost is

If your money is already in US dollars, sending it to Panama is a straightforward international wire, with fees at both ends and sometimes from an intermediary bank in between. If it's in Canadian dollars, pounds or euros, the exchange rate matters far more than the fee: a margin of a few percent on a large transfer can cost more than everything else combined.

Your options

Ways to move money to Panama

Option	Good for	Watch for
Bank wire from home	Simple, familiar, high limits	Exchange margins, outgoing and incoming fees, intermediary bank deductions
Specialist transfer service	Converting currency at a better rate, especially for larger amounts	Transfer limits, how long the money takes to arrive, whether the receiving bank asks questions
ATM withdrawals	Day-to-day cash while you settle in	Fees from both banks and daily limits
Credit card	Everyday spending in cities	Foreign transaction fees on many cards

Source-of-funds paperwork

Panamanian banks and lawyers follow strict anti-money-laundering rules. For any large amount, such as a residency deposit or a property purchase, expect to show where the money came from. Keep these ready:

• Bank statements showing the funds in your account
• Documents for where they came from, such as a home sale, a pension or investment statements, or an inheritance
• Recent tax returns, which some banks ask for

Your lawyer will tell you exactly what's needed. Sorting it out before you send means the money isn't held up when it arrives.

Before you have a Panamanian bank account

Opening a local account can take weeks, so the first large payments usually go elsewhere. Rental deposits are often paid by wire to the landlord or agent, and property deposits are commonly held by a lawyer or escrow agent. Ask who holds the money, and on what conditions it's released, before you pay. See Banking and money for how to open an account.

Avoid wire fraud

• Confirm payment details by phone with someone you know, using a number you already have, never one from the email.
• Be suspicious of any change to bank details sent by email, especially at the last minute.
• Send a small test payment first and confirm it arrived before sending the rest.

Everyday money once you're here

• Keep your home bank accounts open. You'll need them for pensions, taxes and paying bills at home.
• Carry a card with no foreign transaction fees and tell your bank you're in Panama.
• Carry small bills. Many small shops can't change a $50 or $100 note, and cash is still common outside Panama City.

Common questions

What is the cheapest way to send money to Panama?

It depends on the amount and currency. If you're converting from Canadian dollars, pounds or euros, a specialist transfer service often beats a bank's exchange rate. Compare the total amount that arrives, not just the fee.

Do I need to prove where my money came from?

For large amounts, usually yes. Panamanian banks and lawyers ask for bank statements and documents showing the source of the funds, such as a home sale or pension statements.

Can I send money to Panama before I have a local bank account?

Yes. Early payments such as rental or property deposits are often wired to a landlord, lawyer or escrow agent. Confirm who holds the money and the release conditions before you pay.