Panama - Methods of PaymentPanama - Methods of Payment
As Panama is an international banking center, there are a number of payment options for Panamanian importers. U.S. suppliers often demand irrevocable letters of credit when making overseas sales and these are readily provided by the local banking system. Bank drafts are also available at very reasonable cost. The local banking system is modern and efficient and payments have not represented an issue for Panamanian importers.
U.S. exporters may be able to gain a competitive advantage through the use of open account terms coupled with export credit insurance. The terms allow Panamanian buyers to take receipt of goods and sell them in order to obtain the needed cash to repay the U.S. exporter. In the event of default, the export credit insurance would make the U.S. exporter whole.
For more information on gaining a competitive edge through offering financing to buyers in Panama, please review our guide on Getting Paid by Your Latin American Buyer here: http://export.gov/panama/financingexporttopanama. This guide is published in English and in Spanish, so that you can share it with potential Panamanian buyers.
Several banks operating in Panama have longstanding relationships with the Export-Import Bank of the United States, which is the leading issuer of export credit insurance to U.S. exporters, and can help you assess the creditworthiness of a Panamanian buyer. In addition, the CS Panama office can conduct background checks as part of a Business Facilitation Service for any Panamanian buyer before you decide to offer financing terms. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
U.S. exporters may be able to gain a competitive advantage through the use of open account terms coupled with export credit insurance. The terms allow Panamanian buyers to take receipt of goods and sell them in order to obtain the needed cash to repay the U.S. exporter. In the event of default, the export credit insurance would make the U.S. exporter whole.
For more information on gaining a competitive edge through offering financing to buyers in Panama, please review our guide on Getting Paid by Your Latin American Buyer here: http://export.gov/panama/financingexporttopanama. This guide is published in English and in Spanish, so that you can share it with potential Panamanian buyers.
Several banks operating in Panama have longstanding relationships with the Export-Import Bank of the United States, which is the leading issuer of export credit insurance to U.S. exporters, and can help you assess the creditworthiness of a Panamanian buyer. In addition, the CS Panama office can conduct background checks as part of a Business Facilitation Service for any Panamanian buyer before you decide to offer financing terms. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.