The company Master Money Transfer (MMT), which has 400 stores in Spain, started operations in the country.
From its Panama offices, the company plans to expand to Costa Rica, Colombia and Ecuador.
Iván Gallego, MMT president, told newspaper La Estrella: "... our goal is to grow to 15 stores in the country, and operating in Costa Rica in a year or year and a half, and after that, Ecuador and Colombia".