How to Open a Bank Account in Panama

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Panama’s banking system is one of the most developed and diversified in Latin America, with more than 80 banks operating in the country, offering a wide range of financial services to the local and international markets. The banking system in Panama is regulated by the Superintendency of Banks of Panama, which is the official government agency responsible for licensing, monitoring, and supervising the banks in the country. The Superintendency also works to promote financial stability, transparency, and competitiveness in the banking sector, as well as to prevent money laundering and terrorism financing.

The banking system in Panama has made significant improvements in recent years, especially in terms of expanding and modernizing its infrastructure, technology, and services, as well as complying with international standards and regulations. However, the banking system in Panama also faces some challenges, such as improving its access and inclusion, diversifying its products and markets, and addressing its environmental and social impacts.

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”Types of Bank Accounts” font_container=”tag:h2|text_align:left|color:%23030030″ use_theme_fonts=”yes”][vc_column_text]The first step is to decide which type of bank and account you want to open, based on your needs and preferences. You can choose from local banks, international banks, or offshore banks, and from personal, corporate, savings, or investment accounts. You can also choose the currency, duration, and features of your account, such as interest rate, withdrawal limit, or online access.

Personal Accounts: Tailored for individuals for everyday banking needs.

Corporate Accounts: Designed for businesses and companies.

Savings and Investment Accounts: Offered for long-term savings and investment purposes.

[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content”][vc_column width=”1/4″][/vc_column][vc_column width=”3/4″][vc_row_inner css=”.vc_custom_1723902412115{background-color: #030030 !important;border-radius: 10px !important;}”][vc_column_inner width=”1/3″][vc_custom_heading text=”To open a bank account in Panama, you’ll typically need:” font_container=”tag:h4|text_align:left|color:%23ffffff” use_theme_fonts=”yes” css=””][/vc_column_inner][vc_column_inner width=”2/3″][vc_column_text]The documents may vary depending on the bank, but generally, they include:

A valid passport or ID card
A valid visa or immigration card (if applicable)
A proof of address, such as a utility bill, a rental contract, or a bank statement
A proof of income, such as a pay slip, a tax return, or a bank statement
A reference letter from your employer, your bank, or your lawyer
A completed and signed application form from the bank

You should make sure that your documents are original, valid, and up to date, and that they are translated into Spanish and notarized, if necessary. You should also make copies of your documents and keep them with you, in case you need them later.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][vc_custom_heading text=”The Application Process – Step 1″ font_container=”tag:h2|text_align:left|color:%23030030″ use_theme_fonts=”yes”][vc_column_text]Contact the bank and schedule an appointment: The first step is to contact the bank that you want to open an account with, and schedule an appointment with a bank representative. You can contact the bank by phone, email, or online, depending on the availability and preference of the bank. You should also ask the bank about the requirements and procedures for opening an account, and confirm the documents that you need to bring with you. You should also ask the bank about the fees and charges associated with opening and maintaining an account, and negotiate the best deal for you. You should also ask the bank about the time frame and the status of your application, and follow up with them regularly, until you receive a confirmation or a rejection.[/vc_column_text][vc_custom_heading text=”The Application Process – Step 2″ font_container=”tag:h2|text_align:left|color:%23030030″ use_theme_fonts=”yes”][vc_column_text]Visit the bank and meet with the representative: The second step is to visit the bank and meet with the representative, on the date and time that you agreed upon. You should bring your documents and any other information that the bank may require, and present them to the representative. You should also answer any questions that the representative may ask you, and sign any forms or contracts that the bank may require. You should also pay any fees or deposits that the bank may charge, and receive a receipt or a confirmation number. You should also ask the representative for any details or instructions that you may need, such as how to access your account, how to use your debit card, or how to transfer money. You should also thank the representative and leave a good impression, as this may affect the outcome of your application.[/vc_column_text][vc_custom_heading text=”The Application Process – Step 3″ font_container=”tag:h2|text_align:left|color:%23030030″ use_theme_fonts=”yes”][vc_column_text]Wait for the approval and activation of your account: The third and final step is to wait for the approval and activation of your account, which may take from a few days to a few weeks, depending on the bank and the account. You should receive a notification from the bank, either by phone, email, or mail, informing you of the status of your application. If your application is approved, you should receive your account number, your debit card, your checkbook, and your online banking credentials, either by mail or by visiting the bank. You should also activate your account and test its functionality, by making a deposit, a withdrawal, or a transfer. If your application is rejected, you should receive an explanation from the bank, and you can either appeal the decision, or try another bank.[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content”][vc_column width=”1/4″][/vc_column][vc_column width=”3/4″][vc_row_inner css=”.vc_custom_1723902431484{background-color: #030030 !important;border-radius: 10px !important;}”][vc_column_inner width=”1/3″][vc_custom_heading text=”Consider factors like services offered, minimum deposit requirements, fees, and customer reviews when selecting a bank.” font_container=”tag:h4|text_align:left|color:%23ffffff” use_theme_fonts=”yes” css=””][/vc_column_inner][vc_column_inner width=”2/3″][vc_column_text]Some of the most reputable and reliable local banks in Panama are:[/vc_column_text][vc_toggle title=”Banco General” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]Banco General is the largest and oldest local bank in Panama, founded in 1955. It has more than 170 branches and 500 ATMs throughout the country, as well as subsidiaries in Costa Rica, Colombia, and the Bahamas. It offers a wide range of financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called Cuenta Mundo, which provides benefits, such as free international transfers, preferential exchange rates, and travel insurance.[/vc_toggle][vc_toggle title=”Banco Nacional” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]Banco Nacional de Panama is the second-largest and the only state-owned local bank in Panama, founded in 1904. It has more than 150 branches and 400 ATMs throughout the country, as well as representative offices in New York, Cuba, and the Dominican Republic. It offers various financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called Cuenta Amigo, which provides benefits, such as free debit card, free online banking, and free checkbooknama-bank-account-for-foreigners.[/vc_toggle][vc_toggle title=”Banistmo” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]Banistmo is the third-largest and one of the most modern local banks in Panama, founded in 2013. It has more than 100 branches and 300 ATMs throughout the country, as well as subsidiaries in Colombia, El Salvador, and Nicaragua. It offers a wide range of financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called Cuenta Expat, which provides benefits, such as free account opening, free debit card, and free online banking.[/vc_toggle][vc_column_text]Some of the most reputable and reliable international banks in Panama are:[/vc_column_text][vc_toggle title=”HSBC” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]HSBC is one of the largest and most global international banks in the world, founded in 1865. It has more than 3,800 branches and 13,000 ATMs in 66 countries, including Panama, where it has been operating since 1972. It offers a wide range of financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called HSBC Expat, which provides benefits, such as multi-currency accounts, global transfers, wealth management, and online banking.[/vc_toggle][vc_toggle title=”Scotiabank” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]Scotiabank is one of the largest and most established international banks in Canada, founded in 1832. It has more than 2,000 branches and 8,000 ATMs in 55 countries, including Panama, where it has been operating since 1974. It offers a wide range of financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called Scotiabank StartRight, which provides benefits, such as free account opening, free debit card, and free online banking.[/vc_toggle][vc_toggle title=”Banesco” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]Banesco is one of the largest and most progressive international banks in Venezuela, founded in 1977. It has more than 400 branches and 1,000 ATMs in 15 countries, including Panama, where it has been operating since 1992. It offers a wide range of financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called Banesco Expat, which provides benefits, such as multi-currency accounts, global transfers, and online banking.[/vc_toggle][vc_column_text]Some of the most reputable and reliable offshore banks in Panama are:[/vc_column_text][vc_toggle title=”Belize Bank International” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]Belize Bank International is one of the largest and most reputable offshore banks in Belize, founded in 2006. It has a branch in Panama City, where it offers various financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called Belize Bank International Expat, which provides benefits, such as multi-currency accounts, global transfers, and online banking.[/vc_toggle][vc_toggle title=”Loyal Bank” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]Loyal Bank is one of the oldest and most established offshore banks in St. Vincent and the Grenadines, founded in 1997. It has a representative office in Panama City, where it offers various financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called Loyal Bank Expat, which provides benefits, such as multi-currency accounts, global transfers, and online banking.[/vc_toggle][vc_toggle title=”Euro Pacific Bank” custom_font_container=”tag:h6|text_align:left|color:%23ffffff” custom_use_theme_fonts=”yes” css=”” use_custom_heading=”true”]Euro Pacific Bank is one of the most innovative and diversified offshore banks in Puerto Rico, founded in 2010. It has a representative office in Panama City, where it offers various financial services, such as savings and checking accounts, loans, credit cards, investments, and more. It also has a special program for expats, called Euro Pacific Bank Expat, which provides benefits, such as multi-currency accounts, global transfers, and online banking.[/vc_toggle][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][/vc_column][/vc_row][vc_row full_width=”stretch_row_content” equal_height=”yes”][vc_column width=”3/5″ css=”.vc_custom_1702498842007{background-color: #030030 !important;}”][vc_custom_heading text=”Start Your Personalized Visa & Residency Path in Panama!” font_container=”tag:h3|text_align:left|color:%23FFFFFF” use_theme_fonts=”yes” css=””][vc_column_text css=””]After our call, you’ll have:

Clear ideas about Panama’s visa and residency choices
A custom plan for your move and investment goals
Confidence in making smart decisions for your second home in Panama

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Superintendency of Banks of Panama
Panama Banking Association

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