Sending money from Canada to Panama

International bank transfer? I transferred money from the US and it was easy, but not cheap, at least $50 when you add up the fees on either end. Not sure how it compares to Western Union.

Is the recipient here in Panama, but has a Canadian bank account where you could transfer money and then the recipient could get it from an ATM here?

No the recipient lives in Panama, and doesn't have a Canadian account. However that is worth looking into. Perhaps a US account here in Canada, and give them a debit card. Trying to find the best way to reduce the fees. AS your right they can add up quickly.

I use a U.S. bank debit card here in Panama.  I have a trusted relative also on the account that lives in the U.S. There are some costs.  The ATM is about $5.00 to get cash but I have never used it.  Almost everywhere I  buy things, I can use the debit card.  In my case, the account has no fees for the account if there is a $1500. balance.  With a lower balance the fee is $10,00 monthly unless you make at least 10 purchases.  In your case it would depend on how often you have to send money to Panama whether it would be cheaper or not.

cibc free global e transfers

I have a US address (my daughter) and a Schwab account. I get cash from an ATM as needed (Schwab reimburses the fees) , and use a credit card for other things, and pay that on line. It works well for me/us.

One of my dilemmas in the past was "when we leave Canada, how can I send money abroad?"
I found a way not too long ago. I tested by sending money to Guatemala to my wife's family and it worked.

It's free. It's online wire transfer. The currency exchange rate is lower than banks, much lower.
It's transfer.xe.com/
They're known worldwide and I'm sure you've seen their currency conversion tool online.

There are others like them, but they're the only ones that I know of that support sending from Quebec residents lol.

So, how does it work? You order an amount with them and add the recipient. Then, you send the money via the Payee/Bill of your bank to XE. I tried with both Tangerine and RBC and they both work. You send them that amount for free, and they take care of sending it to that international bank. You do need an account (or someone else's account) in Panama. I haven't tried to Panama but it should work using the USD setting.

Fast and easy with no direct fees (they get money from the small currency conversion fee).

I trusted them with 29,000 CAD once and they are trustworthy.

I haven't found any other better way and this is really the best. I get to keep my money in Canada where the banks are safer and I can send it anywhere. If I'm in Europe, I can take out some money with Tangerine's ABM network, or send it via XE (but then you need a bank account in that country).

They won't let me edit my message. It's called XE Money Transfer.