How to send money to Panama in 2026: dollars without exchange, transfers in seconds and what the bank will ask

Panama runs on the US dollar, so a transfer here involves no rate and no exchange. We explain which details you need without an international account number, how instant payments up to $5,000 and transfers by phone work, what bank rule 1-2026 requires from July 2026, how the territorial tax works and which homes lead to a residence permit.

In detail

Sending money to Panama is simpler than to most countries: the US dollar has been legal tender here since 1904, so dollars reach an account without exchange or a rate. A payment from abroad goes by bank code and account number through a US correspondent bank, while within the country up to $5,000 arrives in seconds, including by phone number.

The table was checked on 8 October 2026 against the rules of the Superintendency of Banks of Panama and data from the interbank network operator. No conversion is needed: dollar sums on this page are sums in the local currency. Panama does not tax income from abroad, and since July 2026 banks have worked under a new client-check rule.

The dollar instead of a currency of its own: what it means for a transfer

Panama does have its own monetary unit, the balboa, but it is issued only as coins, and Law No. 84 of 1904 made it equal to the US dollar one to one. The country's paper money is the dollar; there is no central bank and no one issues currency. Banks work under the supervision of the Superintendency of Banks, and the role of the state's bank is played by the National Bank of Panama, opened in 1904.

According to the official list for August 2026, Panama's banking centre has 62 banks: 2 state banks, 36 with a general licence, 14 with an international licence to work only abroad and 10 representative offices. For someone sending money, what matters is something else: money in dollars loses nothing on exchange, and costs come down to the fees of the banks in the chain.

Bank code and account number: a Panamanian recipient's details

Panama does not use the international account number common in Europe. The recipient's bank is identified by an 8- or 11-character international transfer code, in which the fifth and sixth letters are the country code, and the account number is written exactly as the bank issued it: there is no single length. Dollars from Europe or Asia go through a correspondent bank in the US; the Panamanian bank gives its details in its guide for incoming transfers.

The recipient's bank credits euros and other currencies in dollars at its own rate. So it is better to send dollars straight away: the exchange happens once, at the sender's end, and the sum in the account is known in advance.

Up to $5,000 in seconds: transfers within Panama

Since September 2022 instant transfers have worked between Panamanian banks: around the clock, seven days a week, and the money arrives immediately. The limit per transaction has been $5,000 since September 2024, and each bank sets its own daily limit; 21 banks had joined the system in 2025. Since 12 March 2025 money can also be sent the same way by a mobile number linked to an account in the app.

Large sums between banks go by standard transfer. Supervisory rule 1-2016 requires a bank with a general licence to credit the money on the same business day, in one of three sessions: by 11:00, 13:45 or 17:45. At weekends and on holidays such transfers wait until Monday.

The new bank rule from July 2026: what the recipient will be asked for

On 16 January 2026 the Superintendency of Banks approved rule 1-2026 on client checks; it replaced the previous 2015 rules and has applied since July 2026. Under article 18, before starting to work with a foreigner the bank collects:

• a passport, including the page with the Panama entry stamp;
• the tax number of the country where the person pays taxes;
• country of residence, address, profession and contacts;
• where the money will come from and where it will go next, with a document on its source: an employment letter, a tax return or proof of payments;
• expected turnover: which transactions, for what sums and how often.

Banks in Panama look closely at a client's ties to the country: a residence permit, work or property. Is the bank asking where the money comes from? A manager will tell you which documents a bank in Panama will accept and in what form to submit them. How to gather such papers is covered in proof of source of funds.

Income from abroad without tax: the territorial principle

Panama taxes only income from Panamanian sources; this is article 694 of the Tax Code. A foreign salary, dividends, interest and rent transferred to a Panamanian account are not taxed in Panama, equally for a citizen, a resident and a non-resident. Interest on savings and fixed deposits at Panamanian banks is also exempt, and the country has no gift or inheritance taxes.

Law No. 526 of 28 May 2026 introduced real-presence requirements for companies in international groups with passive income from abroad, from the 2027 tax year. It does not affect individuals or their transfers. Detailed rates are on the taxes in Panama page.

A flat and an investor residence permit: a transfer for the deal

A foreigner buys a home in Panama with the same rights as a citizen; the one special rule is that land within 10 kilometres of the state border is not sold to foreigners. Ownership arises when the deal is registered in the Public Registry, and the bank transfers the money to the seller against this registration. The property transfer tax is 2%, paid by the seller, and a contract clause shifting the tax to the buyer is void.

Since 8 September 2026 Decree No. 17 again grants permanent qualified investor residence for a new home from a developer from $300,000 or a resale home from $500,000; the option with a 5-year fixed deposit starts at $500,000 in a state bank. All routes and fees are on the Panama residence by investment page, and home prices in buying an apartment in Panama.

Sending a sum for a flat and a residence permit at the same time? Tell a manager about your plan, and they will suggest how best to send the money by the date of the deal so that the payment and the documents for the immigration service match.

From Panama onward across both Americas

• Mexico: transfers in pesos and a purchase by the ocean.
• USA: the country of correspondent banks for dollars, and a green card.
• Colombia: the 4-per-1,000 tax.
• Cayman Islands: a home and a deposit for residence.
• Ecuador: the US dollar without exchange.
• Costa Rica: colones or dollars, foreign income without tax.

You can compare countries for moving with your capital on the capital relocation page.

FAQ