Make Payments in PAB - Panamanian Balboa
Pay in Panamanian Balboas (PAB)
Mondial Change allows you to make international payments in PAB (Panamanian Balboa) with ease. Manage your Panamanian Balboa beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your PAB operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your customer rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Panamanian Balboa (PAB)
It is currently not possible to receive payments in PAB.
Mondial Change Answers All Your Questions About Payments in Panamanian Balboas (PAB)
What is the timeframe for a PAB payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Panamanian Balboa transfer to be credited to the beneficiary's account. However, these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if PAB payments are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can have a significant impact on payment receipt times.
What are the fees for a payment in Panamanian Balboa (PAB)?
The fees applied to transfers in Panamanian Balboa (PAB) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual exchange volume in PAB and the number of Panamanian Balboa payments made during the year.
Are there minimum or maximum amounts for payments in Panamanian Balboa (PAB)?
Mondial Change and its partners verify that your Panamanian Balboa flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Panamanian Balboa (PAB)?
For PAB payments via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Panamanian Balboa (PAB) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Panamanian Balboa (PAB) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Panamanian Balboa (PAB) cannot be executed?
January 1st: New Year's Day (Año Nuevo)
January 9th: Martyrs' Day (Día de los Mártires)
Variable date: Holy Thursday (Jueves Santo)
Variable date: Good Friday (Viernes Santo)
May 1st: Labor Day (Día del Trabajador)
May 3rd: Day of the Holy Cross (Día de la Santa Cruz – locally observed)
November 10th: First Cry of Independence (Primer Grito de Independencia)
November 28th: Independence Day (Independencia de España)
December 8th: Immaculate Conception (Inmaculada Concepción)
December 25th: Christmas (Navidad)
History of the Panamanian Balboa
The Balboa (PAB) has been the official currency of Panama since 1904, the year of the country's independence from Colombia. It is named in honor of the Spanish explorer Vasco Núñez de Balboa. Although the Balboa is a national accounting unit, it is fully pegged to the US Dollar (USD), which circulates freely and is the dominant physical currency. Panamanian coins are equivalent to American coins and can be used interchangeably in the country.
Monetary Policy of the Panamanian Balboa
Panama does not have a central bank in the traditional sense. The country has opted not to issue its own fiduciary currency (banknotes) and uses the US Dollar for all banking operations. This means the country does not have an autonomous monetary policy. In return, it benefits from strong monetary stability, but at the cost of losing flexibility in economic adjustments. Commercial banks operating in Panama are subject to the regulations of the Superintendency of Banks, which ensures local financial stability.
Characteristics of the Panamanian Balboa
The Panamanian Balboa (PAB) is unique in that it is a national currency without banknotes. Cash transactions are conducted in USD, while Panamanian coins circulate in parallel. This dual-currency system offers great stability but also exposes the economy to US economic cycles. Bank cards, electronic transfers, and online payments are all conducted in USD. The PAB is thus essentially an accounting currency, useful for maintaining a national monetary identity in a dollarized environment.