PanamaPABPanamanian Balboa
Balboa (PAB) is Panama's official coin, but exists only as coins: all paper currency in the country is US dollars (USD since 1904). Russians transfer USD to Panama for business and diaspora through Banco Nacional de Panama or Banistmo - IBAN does not apply, you need the bank's SWIFT code and account number. Panama has not introduced sanctions against Russia - the country maintains its status as an international financial center with developed correspondent infrastructure.
The route, the receiving bank and the payout amount are agreed before payment.
Panama is one of the most well-known dollar financial centers in Latin America: since 1904, the US dollar has been used as the primary paper currency, while the Panamanian balboa (PAB) circulates mainly as coins and is pegged to the dollar at the rate of 1 PAB = 1 USD. The IBAN format does not apply in Panama: for international bank transfer, you typically need the bank's SWIFT/BIC, account number and recipient's full name. Among the country's largest banks are Banco Nacional de Panamá, Banistmo and BAC Credomatic. Thanks to the Panama Canal, developed international business and banking sector, the country is deeply integrated into global SWIFT infrastructure and actively conducts USD transactions.
Panama has not introduced broad sanctions against Russia and maintains its status as an international financial center, however, the specific transfer depends on the receiving bank, correspondent chain and standard AML/KYC checks. ATM24 verifies the available routing in advance of payment. ATM24 commission starts from 0.9%. International transfer typically takes several business days.
USD. Banistmo, BAC and most Panamanian banks issue Visa and Mastercard. Panama's card infrastructure is among the best in Latin America. Details: recipient's Visa or Mastercard number. Commission from 0.9%. Confirm routing and timeframes with an ATM24 manager
USD. IBAN does not apply in Panama - you need the bank's SWIFT code and account number. USD is accepted directly - no conversion. SWIFT: Banco Nacional de Panama, Banistmo - confirm with ATM24 manager. Account number and recipient's name. Commission from 0.9%
USD cash through designated points. Panama accepts dollars as the primary currency - cash USD circulates on equal footing with non-cash. USD collection at designated points. Commission from 0.9%. Pickup locations - confirm with ATM24 manager
To transfer to Panama: bank SWIFT code + account number + name (IBAN does not apply). Panama officially uses USD (balboa PAB coins only, 1:1 with USD). Confirm the routing with an ATM24 manager.
We accept RUB, USD, EUR and USDT — we pay out in PAB
RUB PAB
0.01038per 1 RUB
10 000 ₽ = 104 PABUSD PAB
0.9313per 1 USD
100 $ = 93.13 PABEUR PAB
1.06per 1 EUR
100 € = 106 PABUSDT PAB
0.9313per 1 USDT
100 USDT = 93.13 PAB| You send | Payout in PAB |
|---|---|
| 100 USDT | 93.13 PAB |
| 300 USDT | 279 PAB |
| 500 USDT | 466 PAB |
| 1 000 USDT | 931 PAB |
| 5 000 USDT | 4 656 PAB |
Where recipients usually get the money in Panama
Banconal Banco Nacional de Panamá — a universal bank with retail and corporate services. Recipients may use an account, card, branch, or mobile banking.
Banistmo HSBC Panama — a commercial bank providing accounts, cards, and transfers. It is suitable for recipients who use bank account details.
Global Bank Panama — a bank with an international profile that typically works with accounts, foreign currency, cards, and cross-border payments.
Multi Credit Bank Panama — a bank serving personal customers and small businesses. Its services typically include accounts, cards, branches, and digital banking.
Scotiabank Panama — a local bank with standard account and cash services. Transfer availability depends on the details, currency, and bank rules.
National currency
Panama uses the US dollar as its primary paper currency, while the Panamanian balboa (PAB) circulates as coins and is pegged to the dollar at the rate of 1 PAB = 1 USD. Panama was previously under enhanced FATF monitoring due to AML/CFT concerns but was removed from the grey list in 2023.
Card systems
Visa and Mastercard are the primary systems. ACH Panama provides electronic interbank transfers. Yappy (Banco General) is a popular mobile wallet for P2P transfers and merchant payments.
Payment applications
The Panama Canal has been managed by the Panama Canal Authority since 1999 and plays a key role in the country's economy.
Interbank transfers
Superintendencia de Bancos de Panamá (SBP) is the banking sector regulator. The IBAN format does not apply in Panama: for international transfer, you typically need the bank's SWIFT/BIC, account number and recipient's full name.
Financial regulator
Colón Free Trade Zone is the largest free trade zone in the Western Hemisphere.
Features for ATM24
Panama has not introduced its own sanctions against Russia.
With an ATM24 transfer the recipient gives their own bank and details, so the money lands directly on the account.
Three steps from request to payout
Fill in the form or write to us on WhatsApp or Telegram — a manager will check the available route
We check the recipient details and confirm the route, rate, fee and payout amount
Once paid, the transfer goes out along the agreed route — we report the status in the messenger
We verify the exact details when agreeing the available route before payment.
Facts, not promises
You see the rate, the fee and the payout amount before you send the money.
The route, rate, fee and payout amount are agreed before payment.
Reference cities with payout locations. Availability of a specific location is confirmed in the request.
Confirm the city before payment
Only methods present in both the country description and the current route are shown.
Real stories from real people
Fast and high-quality currency exchange service at a favorable rate. Thanks to manager Emil the whole process was transparent and took no more than 10 minutes
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Read full reviewManager Emil worked very promptly and answered all my clarifying questions, coordinated me and the courier, which allowed me to exchange currency for cash literally in 40 minutes without leaving home
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I needed to quickly transfer money from country to country to myself. It was my first time dealing with this and I already thought it was impossible. Until I found this service. Thanks to manager Sofia, she did and explained everything quickly and clearly.
Read full reviewExcellent service, within 20 minutes after contacting them I withdrew cash at a local ATM, satisfied with the communication and service, thanks to Stanislav! the rate is acceptable
Read full reviewEnded up in Thailand without cash. Thanks to the service we ordered a courier and quickly exchanged all the money :) Many thanks to manager Stanislav
Read full reviewExcellent service, everything is high quality. I exchanged baht in Phuket, the courier arrived at the hotel very quickly. I will use it in the future. Recommend!
Read full reviewWe agree the rate and the payout method before payment — pick where the money goes.
Country not found
Panama uses USD (balboa PAB = coins 1:1 with USD), no IBAN. Below are answers to common questions about money and transfers.
Sending money to Panama with payout in PAB works best when the Panama PAB payout route is checked before the sender pays. ATM24 verifies the route through a bank such as Banco General or AllBank, confirms the final payout amount, and shows the fee and timing in advance. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
A card or bank-account payout in Panama in PAB is possible only when the selected route supports it. ATM24 verifies whether the recipient's card, account number, and name match the Panama PAB payout route. The manager confirms the selected bank, such as Banco General or AllBank, before payment because card and account rules may differ. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
Banks for a PAB transfer to Panama should be checked by the recipient's actual route; common references include Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado. ATM24 reviews bank name, account format, recipient-name spelling, and payout currency before the sender pays. A different bank can require a separate check.
For Panama, ATM24 does not use one universal recipient form for every PAB transfer. The details are checked by route: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado, card payout, account payout. Name, account/card data, and payout currency must match the selected option. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
A PAB transfer to Panama can start from 15 minutes after ATM24 confirms the recipient route. Timing depends on amount, recipient details, and Panama PAB payout route, Banco General, Global Bank, AllBank, card route, account route, and recipient-name matching against the selected bank record. The expected payout window is shown before payment. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
ATM24 calculates a transfer fee from 0.9% for payouts to Panama in PAB. The final figure depends on the Panama PAB payout route, amount, payment method, bank such as Global Bank, and whether the recipient receives money on a card or account. The sender sees the final payout amount before paying. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
Yes, the sender can use an available card, bank transfer, USDT, or another confirmed method while the recipient receives PAB in Panama. The manager checks Banco General, Global Bank, payout route, exchange conditions, and final amount before payment. Any card conversion or sending-bank fee remains outside the recipient payout. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
ATM24 accepts transfers to Panama in PAB from 100 USD or the equivalent. The maximum amount is not a single country-wide number; it depends on the Panama PAB payout route, bank rules, payout channel, sender payment method, and recipient data. For a large transfer, the manager confirms the limit and documents before the sender pays. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
For a large PAB transfer to Panama, ATM24 reviews documents around Panama PAB payout route, Banco General, Global Bank, recipient-name match, route limit, payment purpose, source-of-funds review, and recipient-name matching against the selected bank record. The request may require sender ID, source-of-funds details, recipient bank data, and payment purpose. The manager confirms the exact list before payment. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
If you send 1000 USD to Panama, the recipient amount in PAB is not a generic market-rate number: 931.29 PAB. The calculation uses the payout route, bank such as AllBank, fee from 0.9%, and exchange conditions. ATM24 confirms the final amount before the sender pays. Bank-route examples for Panama: Banco General, Global Bank, AllBank, Atlas Bank, and Banco Aliado.
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