Panama — Banking: International Transfers

Key facts

• Panama has a banking system regulated by the Superintendencia de Bancos de Panamá (SBP)
• International transfers are generally routed through the SWIFT network and can also be processed through ACH transfers for lower-value payments
• There are no specific requirements or fees for international transfers in Panama

Steps

1. Step 1: Understand Exchange Controls — Research the current exchange control regulations in Panama to understand any restrictions or requirements for international transfers.
2. Step 2: Choose a Bank — Select a bank in Panama that is authorized to handle international transfers and has experience with the type of transfer being made.
3. Step 3: Gather Required Documents — Gather all necessary documents and information required by the bank, including identification, proof of address, and details of the transfer.
4. Step 4: Initiate the Transfer — Initiate the international transfer through the bank's online platform, phone, or in-person at a branch.

Costs

• Transfer Fee: varies by bank
• Exchange Rate Fee: varies by bank and exchange rate
• SWIFT/Wire Transfer Fee: varies by bank

Timelines

• Transfer Processing Time: 2-4 business days

Required documents

• Passport
• Identification Document (e.g. ID card)
• Proof of Address
• Details of the transfer (e.g. recipient's bank account information)

Common mistakes

• Not researching exchange control regulations
• Not choosing a bank authorized to handle international transfers

AI confidence note (remove before publishing)

This information is based on general knowledge of Panama's banking system and international transfer regulations. Further research is necessary to provide accurate information on specific requirements and fees.