Sending money to a third world country

N

nobbie48

Well-known member
Site Supporter
Forum Sponsor
The person is someone I personally know and trust. She is living in rural Panama and needs a financial hand. Outside of her I don't trust anyone in the country. Most services like Paypal, Moneygram etc take too big a chunk IMO. Any suggestions?
 
Wire transfer
Recipient needs to supply you the banking coordinates.

Swift code, account #
Bank name and address

Then you go to your bank and do the transaction.

Cost you maybe $30
But it's completely secure
 
Western Union does a pretty good job in Latin America, most of the offices in Panama are centered around urban areas, so depending on how 'rural' your friend is, it may be a journey
 
Which part of Panama (I know the country pretty well)? She may be a few hours away from an office capable of doing a transfer. Does she have internet?
 
Simplest: worldremit.com - provides secure transfers up to $1000 that can be picked up in cash at any Electra in Panama. Receiving party needs an email address and ID. Cost: $4

Other Options - all are more complicated to setup:
Western Union - cost $30
Wire Transfer - cost $13 to $80 (Panamanian bank acct required)
PayPal - $0 (PayPal and Panamanian bank accts required)
 
jc100

David / Vulcan and yes to the net. I found a Scotia bank in David so a Scotia to Scotia transfer might work best. Thoughts?

Mad Mike

Paypal would work for me but I thought they took a cut for international gifts.
 
Last edited:
I did this for my cousin in the Philippines. I had her set up paypal and put a credit card that can be loaded with money. I transferred to her account and paypal did the conversion. I paid less than $5
 
David is one of the largest cities in Panama outside of Panama City and Volcan isn’t too far away and on a main road and bus route. That bus route passes through a lot of towns that are now inhabited by tons of ex pats so it’s no surprise there a Scotia bank in David. What if she can open an account and you deposit money there? That would be the cheapest way unless she has to pay for the account. Quickest is PayPal, if you send it as a gift they take a percentage (only from you though but watch their conversion rate for currency...it’s slightly outrageous). Plus using a credit card might add separate conversion fees for that. You’ll be converting CDN to US I’m guessing... that’s just as useful as the Panamanian Balboas to most people and easier for you but check with your friend to see which they would prefer.

You should go and visit the friend by the way. That part of the country is amazing. I’ve been to David and taken the bus to Boquette which is on the way. David is slightly sketchy but the towns like Volcan are fine. David has Panama’s second largest airport but it’s mostly domestic routes.
 
Last edited:
nobbie48 said:
Paypal would work for me but I thought they took a cut for international gifts.
Click to expand...
If you have a funded PayPal account OR your account is funded by pre-authorized debit, sending money to individuals is through PayPal is free. I believe they only charge if you send by credit or debit card. As mention before, it's always good to check exchange rates as some transfer services hide there fees inside FX rates.
Forum Sponsor
 
You must log in or register to reply here.
Back
Top Bottom