International Wire Fees in Panama

Discussion in 'Panama Banks' started by EdBowers, Jul 28, 2010.

  1. EdBowers

    EdBowers New Member

    As many of you know international wire fees in Panama is a nightmare.

    The rates are between $50 and $110, plus money will always disappear on the way making it impossible to predict how much will arrive.

    Does anyone know of ANY honest Panama bank that sends the money it promises at a reasonable fixed rate (I mean have verified personal experience, not asked someone who works there... )?

    Best wishes, Ed
    PANAMA BANK GUIDE - LIST OF BANKS IN PANAMA
     
  2. zog

    zog New Member



    HSBC charged me $75 I think, but I got all the money. Went through a forex company.
     
  3. EdBowers

    EdBowers New Member

    Credicorp charged me about $125 (including $30 that disappeared on the way).
    Banco Universal about $93

    They have a variable fee depending on the amount though so think the minimum is $120 and $65 for them.
     
  4. vornado

    vornado New Member

  5. zog

    zog New Member

    No such thing, in the world or just Panama? :)
     
  6. EdBowers

    EdBowers New Member

    Well, I mean, charging as if they personally flew (one-way, just like the money) to the US with the money is a bit hefty....

    Domestic US wires I used to pay $10 for.
     
  7. zog

    zog New Member

    I know. But I reckon they are bad just about everywhere. Charging far more than a service is actual worth because of lack of competition. After all that has happened in the last few years you would have thought they might start offering value for money. Banks are the real thieves.
     
  8. vornado

    vornado New Member

    Some places are better and some are just terrible. I can transfer from USA (Wachovia Bank now Wells Fargo) to Panama for $35, no matter the amount. If you transfer from Spain (Banco Santander) to any place in the world, they will charge you a % of the amount tranfered with no top limit. I think the worst bank here in Panama to deal with transfers that I know of has to be Global Bank.
     
  9. EdBowers

    EdBowers New Member

    I pay $15 fixed incoming wire fee with Credicorp. This was not negotiated.

    Also, just remembered Multibank ended up costing me $50, but about $25 disappeared on the way.
     
  10. socoast

    socoast New Member

    I have a Global checking account and have not yet used it to transfer money. Are we talking about sending money TO Panama? Or, sending money FROM Panama?
    I've used HSBC and they seem to charge $25 to receive money.
    I think Global says they charge nothing to receive into a Checking account, but do charge a fee for receiving into a Savings account.
    For small amounts, about $1,000, I've started to use the MoneyGram service.
    It costs about $10 per $1,000 and you can pick up the cash in any MoneyGram establishment (like Casinos)
    I've also discovered that it's often cheaper to just withdraw the money from my US bank at $500/day with the $3 fee.
    Of course, if you need to transfer 10's of thousands, this won't work for you.
     
  11. EdBowers

    EdBowers New Member

    Just sent a wire with Multibank in Panama for about 70k.

    They charged $94 + $47 that disappeared on the way (receiving bank in US does not charge incoming fee) so a total of $141.

    I wonder if they flew with the money to the US or if they are just a bunch of fkn thieves.
     
  12. zog

    zog New Member

    I'm with HSBC and the initial fee is $50 and then there is some kind of tax added to that. Last time I moved about $5000. It cost me $67 to do that. To have a couple of print outs and to shift some digits in computers, it is expensive. Imagine if an email cost $67!
     
  13. BalaBeacher

    BalaBeacher New Member

    I think we know the answer: fkn thieves.
     
  14. GHamner

    GHamner New Member

    I made a deposit today from a US insurance company into a Multibank savings account. They told me the check was considered large. They told me that the check would need to be sent to Panama City to be "investigated" and that would take 22 days and cost me approximately 100 dollars. I had to do it because Multibank is where I bank. I told the lady at the desk that I would do it but that they were criminals. She apologized for being a ruthless crook. Once the check comes back I can deposit it. Multi bank is just a gang of thieves. There will probably be other fees before it is all said and done just to put me off even further.
     
  15. BalaBeacher

    BalaBeacher New Member

    It seems that a far better practice (forgetting the fees) would be for them to accept the check in deposit and place a hold on the funds until their investigation (?) is done. I'm afraid they'll lose the check handling it outside the normal system of deposits. Good luck.
     
  16. GHamner

    GHamner New Member

    That was my first question and concern. They typed me out a letter explaining what they were doing with the amount of the check and the check number on it. Of course, they could still lose the check. I am thinking that they will make me wait the 22 days before then placing the hold you are suggestng on the check. Whatever is in the best interest of Multibank. Customer satisfaction is never high on the priority list of things to do when doing routine business here in Panama. I try with all my powers to do as little business here as possible and I suggest that other Xpats use the same strategy. Simple living is required for a more stress free existence here. Unfortunately it is not always possible.
     
  17. BalaBeacher

    BalaBeacher New Member

    I suppose the only solution is to maintain an account in your home country to deposit checks and then wire to Panama as you need it. Hopefully, you'd be able to process the wire transfer yourself online and not have to be physically present to do so.
     
  18. EdBowers

    EdBowers New Member

    I use these guys: iScan Deposit demo

    When I get the check in Panama I just scan it black/white 200 DPI and upload it - clears within 24 hours.

    To transfer to Panama the safest way is to write yourself a lower amount check and deposit it (plus you avoid wire fees) - subject to 15 day hold though.
     
  19. Wintersun

    Wintersun New Member

    Certainly not any in the USA or the UK as everyone has learned over the past several years. In the USA corporate theft is completely legal or as the saying goes, he who has the gold makes the rules.
     
  20. Rok Alwar

    Rok Alwar New Member

    Credicorp charged me $ 30.00 to receive it from the USA....another question, does anybody knows IRS TD F 90-22.1 purpose and if the IRS keep it private when you file said form....r

     

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