FREE REPORT: BEST PLACES TO RETIRE






    We Value Your Privacy! We will not share your email address with anyone else, period.
    Get A Free Report

    Banking In Panama

    Learn information on Panama Banking, including safety, interest rates, how to open a bank account, deposits, credit cards, and more.

    Learn more about this ​​​and other countries in our free, daily Overseas Opportunity Letter. Simply enter your email address below and we’ll send you our FREE REPORT: Panama: The #1 Retirement Haven In The Americas






      We Value Your Privacy! We will not share your email address with anyone else, period.






        We Value Your Privacy! We will not share your email address with anyone else, period.
        Photograph of the Citibank logo. banking in panama
        iStock/tbradford

        Information On Panama Banking

        For the last 30 years Panama has developed as the largest international banking center in Latin America. Here local law grants anyone who banks in this country the same rights as Panamanians.

        Banking accounts for over 10% of the country’s Gross National Product. More than 80 banks are currently in operation, however this number is supposed to consolidate in years to come.

        There are a number of internationalbanks in Panama, including: HSBC, Citibank, Scotiabank, Dresdner, and BNP/Paribas, each with their own full-service branches. All banks are private with the exception of state-owned banks, Banco Nacional de Panama and Caja de Ahorros.

        Bolsa de Valores de Panama, an active stock exchange, is the only dollar-based securities market in the region. The exchange is a private corporation listing about 100 companies.

        Kathleen

        Reviewed By Kathleen Peddicord

        Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.

        Table Of Contents

        Is Banking In Panama Safe?

        Bank accounts in Panama are safe. This can be attributed largely to the fact that it is difficult to obtain a banking license. Tough laws and high standards are imposed on banks, especially after the revelations of the “Panama Papers”.

        Panamanian banks tend to be very conservative and do not enter into risky lending practices. So, you must put down at least 10% for a mortgage as a resident.

        Panama’s currency is the U.S. dollar, meaning no exchange risks for North Americans.

        Opening A Bank Account In Panama

        pening a bank account in Panama as a foreign resident can be fairly easy process, however it can take a little time (things move a bit slower in here).

        Although it can help for language barriers and expediency, you won’t need a lawyer to open an account.

        Most banks will need:

        • Your passport
        • Driver’s license
        • One, possibly two bank reference letters from your home country
        • A statement of your account in good standing from your bank
        • Utility bill (some banks don’t require this, ask prior to going in for application)
        • Personal recommendation from someone in Panama
        • Most banks ask for a minimum deposit anywhere from US$50 to US$200

        Once at the bank, you will be required to fill out all necessary forms. There is usually a bank manager or employee who can walk you through the process, often in English. The approval process can take a couple of weeks.

        We recommend you maintain your bank account in the States at first—especially since you’ll need to be settled in Panama before you can even apply.

        Savings accounts usually have around 3.5% annual interest, which is quite good. CDs (Certificates of Deposit) can offer up to 5% annual interest.

        Most banks offer secured credit cards when clients place security deposit as collateral for the credit line equal to 125% of the credit limit. Annual fees start at US$50. Also. debit cards are offered at most banks. Annual fees are US$20.

        It is always helpful to have an ATM card and credit card with you. American Express, Western Union, and MoneyGram all have branches in Panama City.

        Get Your Free Panama Report Today!

        Simply enter your email address below and we'll send you our FREE REPORT - Live And Invest In Panama: The #1 Retirement Haven In The Americas.






          We Value Your Privacy! We will not share your email address with anyone else, period.

          What About Opening An Offshore Bank Account?

          Perhaps because you don’t like the idea of your available cash sitting 100% in U.S. banks… or all in U.S. dollars…

          Or because you’d like to diversify and expand your investment options, again, beyond U.S. markets.

          With everything going on in the world right now, more options for where to keep and how to access liquid assets are, like residency in another country, a critical priority.

          Above all, your reasons for needing or wanting a bank account offshore help determine where best to open the account.

          Panama is a place of opportunity…

          It’s where tens of thousands of expats have already reinvented their lives, chased adventure, and retired well at a dramatically reduced cost…

          And it’s where foreign investors continue to make money from both long-term capital growth and immediate cash flow.

          Panama has far more to offer the global tourist than neighboring Costa Rica, the country it’s most often compared with…

          Kathleen

          Reviewed By Kathleen Peddicord

          Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.

          Table Of Contents

          Banking In Panama- FAQs

          Submit Your Own Questions

          Be The First To Ask About Banking In Panama

          The Panamanian and US governments share taxpayer info. Plus, Panamanian banks pass on US account holders’ account info to the IRS.

          The Superintendency of Banks of Panama is an autonomous institution of the State. It regulates and supervises banks to ensure they are stable, dependable, and secure and ensuring that our money is safe.

          The Superintendency Of Banks Of Panama recommends all clients ask their bank whether there is cost for this service.

          Latest On Banking In Panama

          ' . . '
          In Focus: Panama
          1 week ago 0

          My Favorite Part Of Panama

          ' . . '
          In Focus: Panama
          2 weeks ago 0

          Living Like A Local In Panama City

          ' . . '
          Panama
          3 weeks ago 0

          Panama City’s Best Neighborhoods

          ' . . '
          Argentina
          3 weeks ago 0

          What You Need To Know About Gun Laws In Central And South America

          ' . . '
          Lifestyle
          3 weeks ago 0

          Expat Beach Towns In Panama: Top 5 You Should Know About

          More Resources From Panama

          Sign up for FREE and learn how to live the good life on a modest budget, find bargain property, and more. Plus, check out our free report on the 10 BEST PLACES TO RETIRE.

          RETIRE OVERSEAS AND LIVE LIKE ROYALTY






            We Value Your Privacy! We will not share your email address with anyone else, period.

            Sign up to receive the FREE daily e-letter, Overseas Opportunity Letter and we’ll immediately email you our editors’ latest research report…

            BEST PLACES TO RETIRE 

            FREE REPORT:






              We Value Your Privacy! We will not share your email address with anyone else, period.
              No Result
              View All Result

              FREE REPORT:
              BEST PLACES TO RETIRE






                We Value Your Privacy! We will not share your email address with anyone else, period.

                © 2008 - Live and Invest Overseas - All Rights Reserved.