Cheapest way to send money to Panama - Fees and Charge Rates

Western Union
FCA Regualted: FCA Regulated
Margin Rate: 4%
100,000 gets you: 96,000 PAB
Voltrex FX
FCA Regualted: Not FCA Regulated
Margin Rate: 0.7%
100,000 gets you: 99,300 PAB
USForex
FCA Regualted: FCA Regulated
Margin Rate: 1%
100,000 gets you: 99,000 PAB
Bank of America
FCA Regualted: FCA Regulated
Margin Rate: 5%
100,000 gets you: 95,000 PAB
PayPal
FCA Regualted: Not FCA Regulated
Margin Rate: 5%
100,000 gets you: 95,000 PAB

Send money to Panama from London

Best ways to make money transfers
One of the best ways to make a financial transaction to Panama is by use of online brokers. Among the major credit cards to used during the transaction include: Master Card, Visa Card, American Express. among others, to pay for the money that you wish to transfer.
Process of sending money
Having selected the means of payment method as enlisted above, it is easy to set up payment. The next thing is just pointing out your recipient and matching the crucial details. Having done this review, transfer the money safely and securely.
Options to send money
Sending money using western union is one of the method for sending money. It is considered cheap, fast and efficient with a margin rate of 4%. others include USforex, Bank of America, and PayPal with margin rates of 1%, 5% and 5% respectively.
Restrictions on sending money
Avoid sending travellers check in
Panama. This is due to the existence of black marketers that tries to
give the worst exchange rates in order to benefit from their
malpractice. This makes sound financial sense to opt to other secure
methods of sending money to recipients in Panama. It is also wise to
check out the most recent exchange rate for the Panamanian balboa(
currency that Panama uses). While using travellers check, you can send
them using US dollars. It is only for the instant money senders that are
advised to check out the Panama currency rates.
Restrictions on receiving money
There are no strict restrictions while receiving money from overseas country. The only key thing you put into consideration is the currency rates as well as the broker commercial agents.
Main bank in Panama
National bank of Panama is one of the main bank owned by the government. Its main goal is facilitation of finances to other banks, controlling the monetary and fiscal polices among others.
Economic trend
Over the past few years, Panama has recorded one the
highest growth in a worldwide view. According to world bank sources ,
the growth rate between 2001 and 2013 was 7.2% which was more than
twice, the regional average. A recent research has credited the
country's growth rate as one of the fastest in Latin America as a result
of key economic measures including poverty reduction, strengthening
human capital, improving infrastructure, among others.

Transfer from Panama to UK

Secure online transfers to Panama?
One very safe and secure way to complete a currency transfer to Panama is to use an online broker. Here you can use any of the major credit cards such as MasterCard, Visa, American Express and so on to pay for the money that you wish to transfer. When you have selected your method of payment you can then go straight ahead and set up your payment, name your recipient and transfer the money safely and securely.

Check the exchange rate for Panama?
It is also a very good idea to check out the most recent exchange rate for the Panamanian balboa. This is the currency that Panama uses although if you are sending travellers cheques to recipients in Panama you can send them in US dollars. However if you are going to be sending money to Panama via an instant transfer take the time to find out the currency rate Panama currency is being sold at.

Avoid black marketers in Panama?
One of the reasons to avoid sending travellers cheques to Panama is that there are a lot of black marketers in Panama who want to give people the worst exchange rate possible. By doing this they can make a lot of money on money transfers. To avoid this happening it makes sound financial sense to look towards another method of sending money to recipients in Panama. So instead of sending out travellers cheques transfer money to Panama using a more secure means.