Sending business payments from the US to Panama
A US company pays a Panamanian supplier, contractor or subsidiary by SWIFT wire in US dollars, the national currency, to the recipient's Panamanian bank. There are no exchange controls, but Panamanian banks apply strict know-your-customer checks, so a clear purpose and a matching name matter as much as the account number.
- The US dollar is Panama's national currency, there are no foreign exchange controls and no restrictions on capital flows, according to the US Country Commercial Guide.
- A Panamanian account has no US routing number, so a US payer sends a SWIFT wire, not an ACH payment.
- BAC Credomatic Panama charges B/. 37.50 plus 7% ITBMS to receive an international transfer, and B/. 5.00 plus ITBMS to confirm one.
- Banks in Panama are licensed and regulated by the Superintendencia de Bancos de Panamá, which enforces the anti-money laundering regime.
- The National Bank of Panama serves as the clearinghouse for the banking system.
Details to collect from a Panamanian recipient
Panamanian companies are incorporated in the Registro Público, the Public Registry, and the name on the account should match it exactly. A Panamanian account has no US routing number, the nine-digit code that identifies a US bank, so a US payer cannot pay it by ACH and sends an international wire through the bank's US correspondent.
| Field | What to write | Common mistake |
|---|---|---|
| Beneficiary name | Registered name exactly as on the account, matching the Public Registry | Trade name |
| Account number and type | Account number and whether current or savings | Type left out |
| Bank and SWIFT code | Full bank name, address and 8 or 11-character code | Branch name only |
| Intermediary bank | The US correspondent the bank names, its SWIFT code and the bank's account there | Left out |
| Reference | Invoice number and a short purpose of payment | No purpose, so KYC questions follow |
Field list reflects standard SWIFT practice; confirm the bank's inbound instructions. As published on 29 October 2026.
Use our SWIFT code lookup to confirm the bank code before the first payment.
No conversion: Panama uses the US dollar
The US government's Country Commercial Guide for Panama states that the US dollar is the national currency, that there are no foreign exchange controls and that there are no restrictions on capital flows into or out of the country. A dollar invoice paid by dollar wire arrives in the currency the supplier spends. Nothing is converted, so there is no exchange margin on either side, and the only costs are bank fees and intermediary deductions.
This also means a Panamanian company can legitimately ask to be paid into an account outside Panama: no repatriation rule appears in the sources cited. Treat any change of bank details as a fraud risk all the same, and confirm it by phone with a contact you already know.
| Area | Position in Panama |
|---|---|
| Currency | US dollar is the national currency |
| Exchange controls | None |
| Capital flows | No restrictions in or out |
| Bank supervision | Superintendencia de Bancos de Panamá (SBP) |
| Clearing | The National Bank of Panama is the clearinghouse |
Source: International Trade Administration, Panama Country Commercial Guide. As published on 29 October 2026.
For the Panamanian side of the account question, see USD business accounts in Panama.
Rails and arrival times
Payments from the United States reach Panama by SWIFT through a US correspondent. Swift reports that nearly 60% of gpi payments are credited to end beneficiaries within 30 minutes and almost 100% within 24 hours. Panama's working day overlaps closely with US business hours. Once the dollars are in Panama, transfers between local banks clear through the National Bank of Panama.
BAC Credomatic Panama publishes a separate charge to confirm an incoming transfer, which tells you that confirmations are a service in their own right: send the supplier the MT103, the SWIFT message that confirms a customer transfer, and the UETR, its tracking reference, rather than asking it to request one.
| Stage | What controls timing |
|---|---|
| SWIFT transit | Almost 100% of gpi payments within 24 hours |
| KYC review at the Panamanian bank | Clear purpose and a payer the bank recognizes |
| Local transfer between Panamanian banks | Clearing through the National Bank of Panama |
Sources: Swift gpi; International Trade Administration; BAC Credomatic Panama. As published on 29 October 2026.
Documents and checks
The SBP enforces Panama's anti-money laundering and know-your-customer regime, and banks apply it to inward payments. A wire with no clear purpose, or from a payer the bank does not know, can be held while the bank asks questions. Ask a new supplier to tell its bank about you before the first payment, quote the invoice number and purpose in the reference, and keep the contract and invoices for every payment.
Keep the contract with each new counterparty to hand, so the supplier can answer its bank quickly if asked. For a subsidiary, keep the intercompany agreement and board approvals on file and quote the agreement in the reference.
On the US side, every payment to a Panamanian company must pass sanctions screening: OFAC states that all US persons, including all US incorporated entities and their foreign branches, must comply with US sanctions, so the payer, the recipient and the recipient's bank are checked before the money moves.
Costs: Helm fees, intermediary deductions, SHA and OUR
BAC Credomatic Panama's tariff, updated 15 July 2026, lists B/. 37.50 plus 7% ITBMS to receive an international transfer and B/. 5.00 plus ITBMS per confirmation. Panamanian tariffs quote amounts in balboas (B/.), and the ITBMS is Panama's tax on goods and services. Every SWIFT wire carries a charge code. OUR means the sender pays all charges, so the full amount should arrive. SHA means charges are shared: the sender pays its own provider, and intermediary banks may deduct their fees in transit. BEN means every charge comes out of the amount sent. Helm international payments show the rate, the fee and the expected arrival before you confirm, and the account manager confirms the route for each corridor.
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. See how Helm pricing works.
Why payments to Panama are held
| Cause | Prevention |
|---|---|
| No purpose of payment | Quote the invoice and a short purpose |
| Payer unknown to the supplier's bank | Ask the supplier to brief its bank before the first payment |
| Name differs from the Public Registry name | Use the registered name |
| Correspondent left out | Include the bank's US correspondent |
| SHA deductions | Send OUR |
Sources: International Trade Administration; BAC Credomatic Panama. As published on 29 October 2026.
Checklist before you send
- Use the registered name from the Public Registry.
- Ask the supplier to tell its bank about you before the first payment.
- Quote the invoice number and a short purpose of payment.
- Include the bank's US correspondent.
- Send the MT103 and UETR rather than paying for a confirmation.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Do I need to convert currency to pay a company in Panama?
No. The US dollar is Panama's national currency, so a dollar wire arrives without conversion.
Can I pay a Panamanian supplier by ACH?
No. A Panamanian bank account has no US routing number, so you send an international wire through the bank's US correspondent.
How much does a Panamanian bank charge to receive a wire?
BAC Credomatic Panama charges B/. 37.50 plus 7% ITBMS to receive an international transfer. Other banks set their own fees.
Why was my payment to Panama held?
Panamanian banks apply strict know-your-customer checks. Wires without a clear purpose, or from a payer the bank does not know, can be held while the bank asks questions.
Does Panama have exchange controls?
No. The US Country Commercial Guide states that Panama has no foreign exchange controls and no restrictions on capital flows.
References
- International Trade Administration: Panama Country Commercial Guide, Trade Financing
- BAC Credomatic Panama: International transactions tariff (updated 15 July 2026)
- Swift: Fast, transparent and trackable payments (gpi)
- U.S. Department of the Treasury, OFAC: Who must comply with OFAC sanctions? (FAQ 11)
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.