Average transaction cost of sending remittances to a specific country in Panama
Panama: Average transaction cost of sending remittances to a specific country was 2.5% in 2023. ▼ Falling
Average transaction cost of sending remittances to a specific country in Panama, 2016–2023
Source: Remittance Prices Worldwide, World Bank (WB). Measured in %.
Analysis
Panama recorded 2.5% for average transaction cost of sending remittances to a specific country in 2023.
Compared with earlier readings it is up 32.8% on the previous year and down 53.3% over ten years.
That places Panama 59th out of 100 countries with data for 2023, putting it in the middle of the range.
Average transaction cost of sending remittances to a specific country in Panama, year by year
| Year | % | Change |
|---|---|---|
| 2016 | 5.3% | — |
| 2017 | 4.5% | -15.7% |
| 2018 | 3.2% | -27.7% |
| 2019 | 3.8% | +17.9% |
| 2020 | 2.5% | -34.9% |
| 2021 | 2.5% | +0.1% |
| 2022 | 1.9% | -25.0% |
| 2023 | 2.5% | +32.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2010s | 4.2% | 3.2% | 5.3% | 4 |
| 2020s | 2.3% | 1.9% | 2.5% | 4 |
Countries ranked near Panama
More financial sector data for Panama
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 16.3 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0006 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 11.9 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 16.3 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is average transaction cost of sending remittances to a specific country in Panama?
- Average transaction cost of sending remittances to a specific country in Panama was 2.5% in 2023, according to Remittance Prices Worldwide, World Bank (WB).
- What is the highest average transaction cost of sending remittances to a specific country recorded in Panama?
- The highest recorded value was 5.3% in 2016.
- What is the lowest average transaction cost of sending remittances to a specific country recorded in Panama?
- The lowest recorded value was 1.9% in 2022.
- How does Panama rank for average transaction cost of sending remittances to a specific country?
- Panama ranks 59th out of 100 countries with data for 2023.
- Is average transaction cost of sending remittances to a specific country rising or falling in Panama?
- Over the last ten years it is down 53.3%. The long-run trend across the full record is falling.
- Where does this Panama data come from?
- The figures come from Remittance Prices Worldwide, World Bank (WB), published as part of Average transaction cost of sending remittances to a specific country (%). Statizoid updates them automatically from the source API.
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About this data
Average transaction cost of sending remittance to a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database to a specific country.