Don’t believe everything you read on the internet or hear on the radio or TV. Some companies are reporting that you can no longer wire money from the United States in to or out of banks in Panama. This is simply not true! I know you can send and receive wire transfers because my tour clients and I wire money every month with no problems. Our wires are at a variety of different banks. And none of us have ever had a problem.
Wires sent before noon usually arrive the same day. Wires sent after noon usually arrive within 24 hours. You can do most wire transfers using online banking.
Many expats have their Social Security checks or pensions automatically wired directly in to their Panama bank account. The money shows up like clockwork.
Rest assured that you can wire money from banks or credit unions in the United States, or other countries, in to banks in Panama. And you can wire money from banks in Panama to banks in the United States in other countries. You can also get access to cash at ATM machines which are throughout Panama.
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If you live in Panama, you can deposit a check from a United States bank or credit union directly in to your bank in Panama. Most Panama banks have a check limit of $3,000 per month and it will take 5-7 business days to clear. There is “no fee” if you deposit a check in to your account. If you have two Panama bank accounts, that means that can can deposit $3,000 in each bank, or $6,000 a month! Once you establish a good relationship with the bank, they will allow you to deposit checks for even more.