What It Costs to Send Money to Panama from the US
In the 2024 Q3 World Bank Remittance Prices Worldwide quarterly survey, sending USD 200 from the United States to Panama carried a median total cost of 5.00% and an average total cost of 5.28% of the amount sent. Total cost as defined in this survey combines the transfer fee charged by the provider and the exchange-rate margin applied to the transaction, expressed together as a percentage of the USD 200 send amount.
Across the 14 providers surveyed in that same 2024 Q3 snapshot, quoted total costs ranged from a low of 2.45% to a high of 11.00%. The cheapest surveyed provider in the 2024 Q3 data was Ria, at 2.45% total cost. Because this reflects a single quarterly survey conducted at a specific point in time, provider pricing may have changed since that date.
Costs within this corridor can differ depending on the payment method used, the payout method selected by the recipient, and the amount transferred. The World Bank updates this survey each quarter, so figures are periodically revised. The per-provider table below presents the individual quotes exactly as captured in the 2024 Q3 survey and should be read as dated reference data rather than current live pricing.
Surveyed providers (2024 Q3)
| Provider | Type | Pay-out | Speed (surveyed) | Total cost, $200 | Total cost, $500 |
|---|---|---|---|---|---|
| Ria | MTO | Internet | Less than one hour | 2.45% | 1.98% |
| Ria | MTO | Internet | 3-5 days | 2.50% | 1.00% |
| Walmart2World | Bank | Agent | Less than one hour | 3.00% | 1.80% |
| Walmart2World | Bank | Internet | Less than one hour | 3.00% | 1.80% |
| MoneyGram | MTO | Internet | Less than one hour | 3.00% | 1.80% |
| Ria | MTO | Agent | Less than one hour | 4.00% | — |
| Western Union | MTO | Agent | Less than one hour | 4.00% | 1.60% |
| Walmart2World | Bank | Internet | Less than one hour | 6.00% | 4.50% |
| MoneyGram | MTO | Internet | Less than one hour | 6.00% | 4.50% |
| Walmart2World | Bank | Agent | Less than one hour | 7.00% | 2.80% |
| MoneyGram | MTO | Agent | Less than one hour | 7.00% | 2.80% |
| Western Union | MTO | Internet | Less than one hour | 7.50% | 8.40% |
| Ria | MTO | Internet | Less than one hour | 7.50% | 6.00% |
| Western Union | MTO | Internet | Less than one hour | 11.00% | 11.30% |
Total cost = transfer fee + exchange-rate margin, as a percent of the amount sent, at the two surveyed send amounts ($200 / $500). Surveyed prices, not live quotes.
Estimate your transfer cost →Source: The World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org (CC BY 4.0). Figures are from the 2024 Q3 survey — surveyed prices, not live quotes.