Banking Options in Panama

Each of these banks specializes in different financial products and services. For example BAC International specializes in credit cards, whereas Metro Bank focuses on crypto currencies. The choice of the right bank depends on your individual financial needs. For instance, Banco General is an excellent choice for daily transactions and bill payments, while other banks might be more suitable for fixed-term deposits, international wire transfers or business accounts.

Can a Foreigner Open a Bank Account in Panama?

How to Open a Bank Account in Panama

To ensure a smooth account opening process in Panama, you should have the following documents readily available:

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Bank Reference Letters: You’ll need at least one, preferably two, bank reference letters from two different financial institutions in your home country or your country of permanent residence. These letters should include information about the duration of your banking relationship and contact details of the bank representative who issued the letter.

Proof of Income: Panama has stringent banking regulations in place, requiring banks to verify the source of funds. You’ll need to demonstrate the legitimacy of your income. This can typically be done through your last two income tax returns or income tax statements.

Passport and Secondary Identification Document: Prepare a copy of your passport and a secondary identification document such as a driver’s license or ID card.

Residence Permit: Most banks in Panama will only accept foreign clients who possess a valid residence permit in the country. Nevertheless, it is possible to open an account as part of the Friendly Nations Visa application process.

In Conclusion

Opening a bank account in Panama can be a straightforward process if you’ve gathered the necessary documents and information in advance. As an expat with a Cedula E, some banks now allow you to even open an account online.

However, if you haven’t obtained a visa for Panama yet and need a bank account as part of your residence permit (like your Friendly Nations Visa application), it’s advisable to seek professional guidance. The process of opening a bank account as an expatriate requires careful preparation and pre-approval from the bank.

Thanks to our long experience and contacts, we are able to open bank accounts as part of the Friendly Nations Visa application process within one day or online.