How do I transfer to my Panama bank account?
Renate Jope - Panama Premium Real Estate
Transferring money to your Panama bank account can be done in several ways:
By taking out the maximum cash advance at an ATM machine of $500/day.
Writing a US check to yourself and deposit it to your Panama bank account, but it takes a good three weeks to clear and is sometimes not free of charge.
Hand carry the money, but anything that is above $10,000 will have to be declared.
Wire transfer from the US is probably the best way, even though it costs a...
Transferring money to your Panama bank account can be done in several ways:
By taking out the maximum cash advance at an ATM machine of $500/day.
Writing a US check to yourself and deposit it to your Panama bank account, but it takes a good three weeks to clear and is sometimes not free of charge.
Hand carry the money, but anything that is above $10,000 will have to be declared.
Wire transfer from the US is probably the best way, even though it costs a small fee, it's fast and secure and efficient. Again, if the amount is over $10,000 you will have to fill out a declaration form.
Big bills like $50 and $100 are a bit of a problem as they require you to fill out forms and show ID, so I would get $20 bills only.
Posted April 2, 2013
David Whittington - Tucan Golf Club and Resort
A few years ago, it was very easy for us to set up our Panamanian bank account and to transfer funds from Canada. All we needed was a letter from us to the Panamanian bank stating where the money came from that we were transferring. That was is. The laws may have changed more recently (I don't know if they have or have not) and the law may be different for Americans.
A few years ago, it was very easy for us to set up our Panamanian bank account and to transfer funds from Canada. All we needed was a letter from us to the Panamanian bank stating where the money came from that we were transferring. That was is. The laws may have changed more recently (I don't know if they have or have not) and the law may be different for Americans.
Posted July 17, 2014
Eddie Montes - Panama Property Rentals
Banking is fairly simple here in Panama because Panama is one of the banking hubs of the Americas. You would essentially initiate a wire transfer from your bank in the US and it would go to an intermediary bank usually in the US and then your money will be wired here in Panama the same day or the next day. I have done that and had no problems at all. (Global Bank building Panama City, Panama, pictured.)
Banking is fairly simple here in Panama because Panama is one of the banking hubs of the Americas. You would essentially initiate a wire transfer from your bank in the US and it would go to an intermediary bank usually in the US and then your money will be wired here in Panama the same day or the next day. I have done that and had no problems at all. (Global Bank building Panama City, Panama, pictured.)
Posted September 20, 2015
Lourdes Townshend
Panamá has one of largest banking systems in the world, and it is getting stronger every day. Many of the most recognized banking institutions are represented here, doing business in different currencies, as well, of course, as in US dollars, which is the usual money in Panamá. Many companies have established their headquarters or branches here, especially in the Colon Free Zone, in the province of Colón, or in Panamá...
Panamá has one of largest banking systems in the world, and it is getting stronger every day. Many of the most recognized banking institutions are represented here, doing business in different currencies, as well, of course, as in US dollars, which is the usual money in Panamá. Many companies have established their headquarters or branches here, especially in the Colon Free Zone, in the province of Colón, or in Panamá Pacífico, a special industrial designated area with special benefits for big corporations.
For individual money transfers, you may choose:
A) If you have a checking account in the US, make a check and deposit it to your Panamanian bank. It will take 30 days to clear.
B) Transfer the money through a MoneyGram at Wal-Mart. There is a small commission associated with this service. But you need to have a person with ID in Panamá go to the agency to receive the money. If it's a large amount, it will be up to the discretion of the institution whether or not to trace the money, and if they do, they will ask questions relative to the purpose of sending the amount, to prevent money laundering.
C) Transfer direct from your US bank to your Panamanian bank. This is the best option, but if your US bank is small, it is kind of hectic, especially the first time. You will have to provide exact information that should match your Panamanian records, and give the US bank the information that the Panamanian bank requires, like an intermediate bank, ABA (or SWIFT). Sometimes it takes a couple of days until this is completed. It involves a commission paid to both banks. For example, for a $2,800 transfer, the US bank charges $53.00 and the Panamanian bank charges $36.00. The prices may vary.
D) Give the money to a friend or relative, and bring it in person. Of course, depending the amount, it may have to be reported to customs.
Banks in Panamá have taken precautions when opening accounts to foreigners. They have to fill out a form required by the IRS. On account of this, some banks will not even open an account. Others will require complete documentation. If you have a large amount of money to take out of the US you are required to fill out a form with the Department of Treasury, for your benefit, in case you want to bring it back to the US. In Panamá there are some agencies that are very knowledgeable in filling out income tax returns, as well as very good English speaking attorneys for related matters.
But in any event, Panamá is a great place to live, and much less expensive than in the US, and with a much higher quality of life. People are friendly and warm, and life is relaxing and full of adventure and nature. Not to mention, the extraordinary weather, without snow, earthquakes or other disasters. Panamá is the only country where you can scuba diving in two oceans in the very same day. Cool, ha?
(Entry to the Colon Free Trade Zone, Panama, pictured.)
Posted September 25, 2015