Thread: Panama bank with low in/outgoing wire fees

I'm looking for a bank which has low wire fees (both ways) and ability to send wires online.

Can you recommend a bank?
What does your bank charge you for sending and receiving wires?

Thank you.

I use Credicorp Bank which charges $15 for incoming and $115 for outgoing. The $115 was negotiated down to $65.

US-drawn Check service runs at about $10 for outgoing if that an option. Credicorp does not have this service but many other banks do.

Best wishes, Ed
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$115 outgoing fee?? wow
How did you manage to negotiate the rate?

Can you recommend any other bank that has low outgoing wire rates?

Thank you.

I just told them I would never be able to send a wire otherwise. I don't use it anyway since the check service is much cheaper.

You will need to call around, but observe that additional money can be stolen by intermediate banks and other fees called "documentation fees" and "SWIFT fees". Make sure the rates you are given includes all these fees. In many cases the receiving bank can also steal money.

If you find one that charges $25 (all-inclusive) or less please let me know and I can skip the checks maybe. I might call a few tomorrow and post the rates here.

Originally Posted by EdBowers

I might call a few tomorrow and post the rates here.

That's great. I'll try to do some more research too.

would be great if via paypal one could receive money here... i know sendin is available though.

Hi Peter,

Here is what I got:

Global Bank:

Wire from Panama to foreign country:
$20 + 0.125% of the amount wired, so $10,000 would cost you $32.5 to send.
Wire incoming to Panama:
They claim it's $10 and independent upon the amount. Another branch told me $15.
One branch told me this was no available with Banca en Linea, the other one said it existed.

Multibank:
Wire from Panama to foreign country:
$50 fixed where the $50 is $25 for a TELEX fee and $25 is the commision.
Wire incoming to Panama:
$50 as well they claim.
They also claimed to have a US check service for $10.

Still not clear if more money will disappear on the way.

Best, Ed
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Originally Posted by Peter

That's great. I'll try to do some more research too.

Ed, thank you!!

I'll try to open a bank account in Global Bank through Panama Offshore Services International Inc.

Can they be trusted? I couldn't find any reviews about them.

I am getting random database errors when posting here so will not post anything further. Have wasted several hours on this now just for the database to drop all connections.

Don't get accounts thorugh lawfirms and always get more than 1.

I have an account on Global. When I get a transfer from USA it cost me $45.
JP Morgan charges $35 and Global $10.