banking information
Most expats generally prefer to have to local Panama bank account to make things easier for purchasing groceries, paying utilities, paying for gasoline, paying rent and more. Generally, banks in Panama will not allow tourists to open accounts, so how does it work and what documents do you need to open a bank account? Which banks are the best?
General requirements to open an account with most banks:
Residency card (temporary is acceptable)
Your passport
Second form of ID (driver´s license or national ID from your home country)
Latest 6-month bank statements from your bank in your home country
Bank reference letter / Letter of good standing (not older than 30 days)
Latest tax returns (some banks might request this)
Proof of income (pension letter, employment letter etc)
Proof of address in Panama (property title, rental contract etc)
General process when visiting a bank branch:
Present all your documentation for review
Once they have reviewed it and confirmed, they will start to open a bank account
They will enter various information into the banking system and will ask various questions that might include ¨how much money do you plan to deposit into the account?¨, ¨what type of occupation do you have?¨, ¨generally how much money would be moving through the account¨ etc
Once they have all the information they require, your signature will be requested for various documents confirming your details, the opening of the account, bank terms and conditions etc.
Once the account is open, you will be provided with some bank documents and information including your account number etc.
You must then deposit money into the account to activate it - The minimum for most banks will range from $50 - $100, but you can of course deposit larger amounts of $1000 or $2000 if preferred.
Most banks will issue your debit card within 1-5 working days which must be collected in person from the branch.
Which banks are the best or most preferred in Panama?
Overall, Banco General is currently the largest and leading bank in Panama
Banistmo is arguably the second most popular choice for expats
Global, Banesco, BAC and Multi banks are also good alternative options
Scotia bank might be a preferred option for Canadian expats
Credicorp can also be considered and is also a good option for business
Banco Nacional and Caja de Ahorros are the 2 government owned banks in Panama and popular among locals
Additional information:
Remember that banks will have a maximum limit that normally ranges from $5000 up to $10,000. This means that any transaction larger than that amount will be stopped and you will have to notify the bank of such payments. If you are planning on transferring a large amount from a property sale for example, you will need to notify the bank in advance and provide prove of those funds that will include your property purchase contract and additional documentation.
If you are receiving monthly payments from a pension or investment company, you will also need to provide the bank of such documents proving that you are receiving these funds from an authorized entity and the bank will make a note on your account about these regular payments.
The information listed above is general information. Some banks might not request all the documents listed, while a few might even request additional documents. It is best to confirm all information directly with the bank you are dealing with. Each bank will have its own set of requirements and terms and conditions.
Most banks also offer online banking and banking applications that can be downloaded from your app store.
Banks generally speak Spanish, but you might some bilingual staff in specific branches all over Panama. Some banking apps also have English options available.
We do assist with the opening of accounts if clients prefer to have someone with them to make the process a little easier.
