How to Receive USD in Panama: 2026 Guide

Key takeaways

The US dollar is Panama's national currency, so dollars received from abroad are credited without conversion.
The US government's Country Commercial Guide states that Panama has no foreign exchange controls and no restrictions on capital flows into or out of the country.
A Panamanian bank account has no US routing number, so US clients pay it by international wire through SWIFT rather than by ACH.
BAC Credomatic Panama publishes a charge of B/. 37.50, plus 7% ITBMS, for an incoming international transfer, in its tariff updated on 15 July 2026.
Airwallex does not list Panama as a supported business registration location, and Panama is not on Wise's list of countries where customers can hold money.
Panama's Supreme Court declared the 2021 crypto-asset bill unconstitutional in a ruling dated 6 June 2023, and no specific crypto law is in force.

How to receive USD in Panama: the short answer

Panama uses the US dollar as its national currency, so a payment from abroad arrives in the currency Panamanian businesses already spend. Logistics and shipping firms, re-exporters and trading companies, law and corporate service firms, software and marketing agencies, and freelancers are paid in dollars by clients in the United States, Latin America and Europe. Nothing is converted on arrival, and there is no exchange rate to manage.

There are three main routes. A current account at a Panamanian bank receives an international wire by SWIFT, the network banks use to send cross-border payments. US account details, a routing and account number from a provider that accepts Panamanian businesses, let a US client pay by ACH, the low-cost US domestic bank transfer system. And payment platforms collect into a platform balance, which you then withdraw to a Panamanian bank.

Panama has no foreign exchange controls and no restrictions on capital flows into or out of the country, according to the US government's Country Commercial Guide. So there is no deadline to bring dollars home and no form to fill in to receive them. The choice is commercial: what each route costs, how fast money arrives, and how your clients prefer to pay. For the account side of the question, see our guide to a USD business account in Panama.

Panama's rules on money received from abroad

The US government's Country Commercial Guide for Panama, last published on 27 March 2026, sets out the framework. The table summarizes what it means for anyone paid from abroad.

Area	What applies in Panama	What it means in practice
Currency	The US dollar is the national currency	Dollars from abroad are credited without conversion
Exchange controls	None	No exchange forms to receive or hold dollars
Capital flows	No restrictions on flows into or out of the country	Proceeds can be held abroad or at home, with no repatriation deadline in the sources cited
Bank supervision	Banks are licensed and regulated by the Superintendencia de Bancos de Panamá (SBP)	Check that the receiving bank holds an SBP license
Clearing	The National Bank of Panama serves as the clearinghouse for the banking system	Local transfers between Panamanian banks settle through it
Customer checks	The SBP enforces the anti-money laundering and know-your-customer regime	Expect questions on the payer and the purpose of large or unusual receipts

Source: International Trade Administration, Panama Country Commercial Guide, Trade Financing (last published 27 March 2026). As published on 29 October 2026.

The absence of exchange controls does not mean the absence of checks. Panamanian banks apply strict know-your-customer reviews to inward payments, and a wire that arrives without a clear purpose, or from a payer the bank does not know, can be held while the bank asks questions. Send the bank a short note on each new client and keep the contract and invoices for every receipt.

Because there is no repatriation rule, a Panamanian company can collect from US clients into an account abroad and move to Panama only what it needs. That is not the case in countries such as Ecuador, where export proceeds kept abroad are presumed to cause a 5% outflow tax after 6 months, or Argentina, where export proceeds must be settled within set deadlines.

The ways to receive US dollars in Panama

The table compares the routes. It is not a ranking, and many Panamanian firms use two of them.

Route	How the payer pays	What arrives	Suits
Current account at a Panamanian bank	SWIFT wire through a correspondent bank	US dollars, net of bank charges	Re-exporters, logistics firms, payers outside the United States, letter of credit proceeds
US account details from a provider	ACH or Fedwire, as a US domestic payment	US dollars, held with the provider	Agencies, software firms and exporters with US clients
Payment platform balance	Through the platform or a payment request	US dollars in the platform, then a withdrawal	Freelancers and marketplace sellers
US company with a US account	ACH or Fedwire	US dollars in the US company's name	Groups with US operations and US contracts

Source: Helm Editorial Team, from the Country Commercial Guide and provider pages cited in this guide, as published on 29 October 2026.

Fedwire is the Federal Reserve's real-time system for US dollar payments, used for large or urgent amounts. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency, usually in New York for US dollars. A Panamanian account has no US routing number, the nine-digit code that identifies a bank in the United States, so a US client cannot pay it by ACH and must send an international wire instead.

A letter of credit is a bank's promise to pay the seller once the shipping documents match the terms. The Country Commercial Guide notes that local banks readily provide irrevocable letters of credit, and their proceeds arrive by SWIFT, so a Panamanian bank account stays the natural home for them.

What to give the payer

Send each client one set of details, in writing, and ask its accounts team to save them as a vendor record. Incomplete details are the main reason wires are delayed or returned.

Field	For a wire to a Panamanian bank (SWIFT)	For US account details (ACH or Fedwire)
Beneficiary name	Registered name exactly as on the account, matching the Public Registry	Registered name exactly as on the account
Account number	Account number and account type	US account number
Bank identifier	Bank's full name, address and SWIFT code	Nine-digit routing number
Intermediary bank	The US correspondent your bank names, with its SWIFT code and your bank's account there	Not needed
Charges	OUR, so the full invoice amount arrives	Not applicable to ACH
Reference	Invoice number and a short purpose of payment	Invoice number

Field list reflects standard SWIFT and US payment practice; confirm your bank's exact inbound instructions. As published on 29 October 2026.

The Public Registry (Registro Público) is where Panamanian companies are incorporated and their officers recorded. OUR, SHA and BEN are SWIFT charge codes. OUR means the sender pays all fees and the full amount arrives. SHA means the fees are shared, so intermediary banks can deduct theirs from the amount in transit. BEN means the receiver pays all fees. Agree OUR in the contract, or build the expected deductions into your price. Our guide on how to receive USD from overseas buyers shows a full invoice layout.

How long a USD payment takes to arrive

Arrival time depends mainly on the rail the client uses.

Rail	Published timing	What affects it
ACH to US account details	About 80% of ACH volume settles in one banking day or less; Same Day ACH accepts payments up to $1 million each	Client's bank cut-off and whether it sends Same Day ACH
Fedwire to US account details	Real-time gross settlement, final once processed; the Fedwire business day runs 9:00 p.m. ET the previous day to 7:00 p.m. ET, Monday to Friday	US holidays and the client's bank hours
SWIFT wire to a Panamanian bank	Depends on the correspondent chain and the receiving bank's checks	Correspondent checks, missing purpose of payment, US and Panamanian holidays
Platform payment	Set by the platform	Platform's own payout schedule

Sources: Nacha, significant majority of ACH payments settle in one business day or less (28 August 2023); Federal Reserve, About the Fedwire Funds Service. As published on 29 October 2026.

Real-time gross settlement means each payment settles individually as it is processed. Panama's working day overlaps closely with US business hours, so a Fedwire sent in the US morning arrives the same working day. For a SWIFT wire, ask the client for the SWIFT confirmation once it is sent, so your bank can trace the payment if it does not arrive. BAC Credomatic, for example, publishes a separate charge for confirming an incoming transfer.

What it costs: published fees

A dollar receipt can carry three charges: the client's bank fee, correspondent deductions on the way, and your own bank's or provider's charge. The table shows published charges. Other Panamanian banks set their own.

Provider and item	Published charge
BAC Credomatic Panama: incoming international transfer	B/. 37.50, plus 7% ITBMS
BAC Credomatic Panama: confirmation of an incoming transfer	B/. 5.00 per event, plus 7% ITBMS
Payoneer: receiving into a non-local-currency receiving account	1%, minimum $1
Payoneer: withdrawal to a bank account in the local currency	1.2% to 4%
Payoneer: annual account fee	$29.95, only if the account receives less than $6,000 in any 12 consecutive months

Sources: BAC Credomatic Panama, international transactions tariff (updated 15 July 2026); Payoneer fees page (last updated 1 January 2026). As published on 29 October 2026. Payoneer states that fees depend on sender and recipient locations, payment method and currencies.

Panamanian bank tariffs quote amounts in balboas (B/.), and the ITBMS is Panama's tax on transfers of goods and services, which BAC Credomatic states is not included in its listed fees. Because the bank charge is a fixed amount, a few large wires cost less in proportion than many small ones. The main cost outside the tariff is correspondent deductions on SHA wires, which can make a payment arrive short of the invoice. There is no conversion margin on a dollar receipt, which removes the largest hidden cost in most other countries.

Payoneer, Wise and other platforms

The table records what each provider's own page states about Panama, as published on 29 October 2026. Lists change, so check again before applying.

Provider	What its own page states	Point to check
Payoneer	Fees published globally; fees depend on sender and recipient locations	Withdrawal fee to your Panamanian bank, shown in the account
Wise	Panama is not on its list of countries where customers can hold money	Holding a balance is not available to Panama residents at present
Airwallex	Panama is not on its list of supported business registration locations	Not available to a company registered in Panama
Mercury	Accepts only companies formed and registered in the United States or a US territory	Only through a US company

Sources: Payoneer fees; Wise, where do I need to live to hold money with Wise; Airwallex eligible countries; Mercury eligibility. As published on 29 October 2026.

Before choosing a provider, check whether the account details are in your own name or belong to a pooled account in the provider's name, which rails they accept, and what it costs to move dollars to your Panamanian bank.

Stablecoins

Some foreign clients offer to pay in USDC or USDT, digital tokens designed to hold a steady value of one US dollar. Panama has no specific crypto law in force: in a ruling dated 6 June 2023, the Supreme Court declared the 2021 crypto-asset bill, Bill 697, unconstitutional in full. A June 2025 legal analysis published by LexLatin states that crypto use is neither specifically regulated nor prohibited, and that some banks let clients receive crypto payments and convert them to dollars. Check that your bank will accept funds converted from stablecoins, and keep the invoice for every receipt.

Freelancers and small firms

Freelancers in Panama receive dollars into ordinary bank accounts, since every account is in dollars. A foreign client pays by SWIFT, or through a platform that pays out to a Panamanian bank account. Because the bank's inbound charge is fixed, monthly invoicing costs less than many small payments.

Opening an account takes preparation. Biz Latin Hub, a firm that helps companies open accounts in Panama, reports that corporate accounts take 2 to 3 weeks to open when all documents are properly certified and due diligence is complete, and lists bank reference letters less than 3 months old and apostilled documents among the requirements. An apostille is the certificate that makes a public document from one country valid in another. Treat these as one firm's reported figures; each bank sets its own.

Keep contracts and invoices for each client, because banks may ask about large or frequent inward payments, and because the records support your tax filings.

Where a Helm account fits

Helm serves companies registered in Panama. Helm is a financial technology company, not a bank, and accounts are held with regulated partner institutions. A Helm account gives your company USD account details in its own name: a routing and account number that receives ACH, Fedwire and SWIFT, so a US client pays you as it pays a domestic supplier.

Collect and hold. Collections from clients and buyers abroad are held in USD. Because Panama has no exchange controls or restrictions on capital flows, nothing in the sources cited requires export or service proceeds held in a Helm account to be brought home by a deadline; move to Panama what you need, when you need it.
Pay suppliers. International payments go by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before you send. EUR details (IBAN, SEPA and SWIFT) and GBP details (sort code, Faster Payments and SWIFT) sit alongside.
Stablecoins. You can receive USDC and USDT and convert them to USD inside the account. See digital dollars.

A named account manager answers review questions in writing within one business day, and trade finance, including receivables finance, is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.

Checklist for receiving USD in Panama

Give foreign payers your account number, the bank's SWIFT code and its US correspondent, or US account details.
Agree OUR charges for wires, or price in the expected deductions.
Steer US clients to ACH where you have US account details.
Tell your bank about each new client and the purpose of the payments.
Ask for the SWIFT confirmation on every large wire.
Keep contracts and invoices for every inward payment.

Open a Helm account

USD, EUR and GBP accounts in your company's name, with a named account manager.

Open account

Questions

How can a business in Panama receive US dollars from abroad?

A Panamanian business can receive dollars into its account at a Panamanian bank, which payers fund by SWIFT wire, or into US account details from a provider that accepts Panama, which US payers fund by ACH or Fedwire. Every Panamanian account is in dollars, so nothing is converted.

Does Panama have exchange controls?

No. The US government's Country Commercial Guide for Panama states that there are no foreign exchange controls and no restrictions on capital flows into or out of the country.

Do Panamanian exporters have to bring their dollars home?

The sources reviewed for this guide set no repatriation deadline, because Panama has no restrictions on capital flows. A Panamanian company can keep proceeds in an account abroad and move to Panama what it needs.

Can a US client pay a Panamanian bank account by ACH?

No. A Panamanian account has no US routing number, so a US client pays it by international wire through SWIFT. To be paid by ACH, a company needs US account details with a routing number.

How much do Panamanian banks charge to receive an international wire?

Each bank sets its own tariff. BAC Credomatic Panama publishes B/. 37.50 for an incoming international transfer and B/. 5.00 for a confirmation, plus 7% ITBMS, in its tariff updated on 15 July 2026. Correspondent banks may deduct their own charges on the way.

What details does a foreign client need to pay my Panamanian bank account?

The client needs your registered name, account number and type, the bank's name, address and SWIFT code, and the US correspondent bank your bank names. Ask the client to quote the invoice number and use the OUR charge code so the full amount arrives.

Can I use Wise in Panama?

Panama is not on Wise's list of countries where customers can hold money. Airwallex does not list Panama as a supported registration location, and Mercury accepts only US-formed companies.

Is it legal to receive USDT or USDC in Panama?

Panama has no specific crypto law in force after the Supreme Court declared the 2021 bill unconstitutional on 6 June 2023. A June 2025 legal analysis states that crypto use is neither specifically regulated nor prohibited; check that your bank will accept funds converted from stablecoins.

How long does it take to open a business bank account in Panama?

Biz Latin Hub, a firm that helps companies open accounts, reports 2 to 3 weeks when all documents are properly certified and due diligence is complete. Documents issued abroad usually need an apostille.

References

HelmHelm is a business account for companies that trade internationally: USD, EUR and GBP accounts, international payments, collections and currency exchange, with a named account manager. Questions: [email protected].

This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.

How to receive USD in Panama