Bank Account in Panama

Opening a Personal Bank Account in Panama: A Comprehensive Guide

Largest Banks in Panama

Local Banks

1. Banco General
   • The largest Panamanian bank with over one million clients.
   • Offers personal savings accounts with returns around 2% per year.
   • Website: Banco General
2. Banco Nacional de Panama
   • A government-owned bank and the second largest in Panama.
   • Known for its extensive network and reliable services.
   • Website: Banco Nacional de Panama
3. Banistmo
   • Part of a prominent Latin American financial group.
   • Offers varied banking services across Panama and Central America.
   • Website: Banistmo
4. BAC Credomatic
   • Central American financial entity with presence in several countries including Panama.
   • Provides a range of banking services for personal and business needs.
   • Website: BAC Credomatic
5. Global Bank
   • A 100% Panamanian bank with extensive ATM and branch network.
   • Founded in 1994, known for innovation and customer service.
   • Website: Global Bank

International Banks

1. Citibank
   • Major U.S. bank with significant global financial operations.
   • Offers personal banking services tailored to expatriates.
   • Website: Citibank
2. Scotiabank
   • Canadian multinational banking institution.
   • Third-largest bank in Canada by deposits and market capitalization.
   • Website: Scotiabank

How to Open a Bank Account in Panama

To open a bank account, follow these steps and meet the required documentation. Banks may have slightly different requirements, but common documents include:

• Passport and/or Panamanian ID (Cedula)
• Tax Declaration (current or last year’s)
• Proof of Wealth and Income (invoices, payslips, etc.)
• Bank Reference Letter (can be from Panamanian or foreign banks)
• Professional or Commercial Reference Letter
• Curriculum Vitae or Resume

Steps to Open an Account

1. Visit the Bank: Go in person to the selected bank and inquire about the account opening process.
2. Gather Documentation: Collect all required documents.
3. Initial Deposit: Most banks will require an initial deposit to open an account.
4. Compliance Checks: Be prepared for due diligence checks in line with Anti-Money Laundering (AML) regulations.

Optional: You can engage a law firm to facilitate the process, especially if you are dealing with immigration procedures.

Important Facts About Panamanian Bank Accounts

• Currency: All accounts are in United States Dollars (USD).
• Multilateral Agreement: Panama is part of the CRS MCAA for automatic exchange of financial information.
• Reference Amount: The amount on your tax declaration can influence the management of your account.

Transferring Money Internationally

International Bank Transfers

• Outgoing Transfers: Typically take 2 to 7 days. Transfer fees and exchange rates apply.
• Incoming Transfers: Ensure you provide the sender with your bank’s SWIFT/BIC code and account details.

Online Money Transfer Services

• Companies like Wise, Western Union, MoneyGram, and PayPal offer quicker and often cheaper alternatives to traditional bank transfers.

Cryptocurrency Transfers

• Towerbank: The only crypto-friendly bank in Panama, allowing transactions from platforms like Binance and Coinbase.
• Regulatory environment for cryptocurrencies in Panama is evolving.

Crypto-Friendly Bank in Panama

• Towerbank
  • Known as a Bitcoin-friendly institution.
  • Facilitates transactions from common crypto exchanges.
  • Website: Towerbank

Conclusion

Opening a bank account in Panama involves understanding the various banking options, required documentation, and regulations. Evaluating both local and international banks, along with alternative money transfer options, can help you manage your finances efficiently while living in Panama.

Sources

1. Banco Nacional de Panamá – Official Website
2. Wikipedia – National Bank of Panama
3. Wikipedia – Grupo Banistmo
4. Wikipedia – BAC Credomatic (Spanish)
5. Citigroup – Official Corporate Website
6. Wikipedia – Citibank
7. Popular Bank Panama – Official Website
8. OECD – Multilateral Competent Authority Agreement
9. Cointelegraph – Bitcoin-Friendly Top 30 Panama Bank