SWIFT/BIC codes in Panama

Bank SWIFT codes for Panama

This overview covers 114 banks and financial institutions in Panama and 123 SWIFT/BIC codes between them. You will need such a code mostly when making international transfers, and especially for payments in foreign currencies.

Every bank is listed with its own page showing the head office code and if there are any, codes for branches and departments. Further down you can read how a code from Panama is put together, how to send money there without overpaying and what to check before you pay.

The cheapest way to send money to Panama

An international bank payment to Panama often costs more than the fee suggests. Besides the fee, intermediary banks may take a cut and, if currencies are converted, the bank usually uses a rate below the real market rate.

That exchange rate margin tends to be the largest part of the cost because it is hidden in the rate. An easy check: put the rate you get next to the mid-market rate and work out the difference on your amount.

For a lot of routes, a transfer service is less expensive than a bank. GoldexPay compares what recipients in Panama receive with different providers.

About our data and how to check a code

Have the recipient send you the account details directly from a recent statement. If the code you have differs from our list, do not guess: check with the recipient or the bank.

This list draws on publicly available sources and is updated regularly. Institutions merge, close branches and change codes – a directory can be a step behind. Treat this list as a reference rather than the last word. GoldexPay is a comparison service for money transfers and not part of any bank listed here.

Scammers regularly send payment requests carrying new bank details from what looks like a familiar address. A valid BIC tells you nothing about whether a request is genuine – scammers use the codes of real banks.

Banistmo S.a and its SWIFT codes

Of all banks in Panama, Banistmo S.a is listed with the largest number of codes. Its head office code is MIDLPAPAXXX, which is the code to use when no branch is specified.

The number of codes tells you something about how it registers branches and services than about how big it is. Paying someone at Banistmo S.a? Go with MIDLPAPAXXX unless a specific branch code is requested.

When does money sent to Panama arrive?

An international transfer to Panama typically takes anywhere from one to several business days – it depends on currency, route and the banks in between. Bank holidays in either country can add extra days, because banks do not process payments on those days.

A growing number of banks are connected to SWIFT gpi, which lets them follow a payment from bank to bank. Every payment gets a unique reference, the UETR, which the sending bank can use to trace it. Save the payment confirmation; a bank needs it to start a trace.

What the letters in a Panama BIC mean

Bank identifier codes follow the same format worldwide: 8 characters. Characters one to four identify the bank, the fifth and sixth characters are the country code and characters seven and eight give the location.

No matter which bank, every code from Panama share the same country code in positions five and six, namely the ISO code of Panama. Codes with other letters in that position belong to another country – a quick way to catch mistakes.

When a code ends in XXX, it refers to the head office. In most cases the head office code is what you need, unless the recipient gives you a branch code.

What a sender needs to pay you in Panama

A sender in another country needs several details from you. That means: your name exactly as it appears on the account, your IBAN or account number, the BIC of your bank and sometimes your postal address.

Your bank’s code is in our list. You can include the name and city of your bank as well, since some payment forms ask for it.

What lands in your account can be less than the amount sent. Intermediary banks may deduct a fee and your own bank may charge for processing, and if the money is converted, a markup on the rate comes on top. For business payments, state how the fees are split.

International payments to Panama and the BIC

For Panama you almost always need the BIC. Without the BIC, your bank cannot process the transfer at all.

Not all countries use the IBAN – where there is none, the local account number is enough. Ask the recipient exactly which details their bank requires for incoming international payments; banks often publish instructions for this. On the way to Panama, a payment can go through intermediary banks that charge for their part.