In this article, we’re exploring the banks in Panama City. We’ll share the specific financial institutions that operate in Panama City, including the banks that fall under the category of top-tier financial institutions and the largest banks in Panama. We’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on the largest banks in Panama. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Panama banking also discusses the largest banks in Panama, Panama opening requirements, the costs of banking in Panama, and much more. Use the link above to start exploring all of your free Panama banking content right now.
Alternatively, use the table of contents to continue exploring more information on the banks in Panama City.
Table of Contents
- Banks in Panama City
- Can Non-Residents Open Bank Accounts in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Banks in Panama City
Banks in Panama City include local and international financial institutions. Both residents and non-residents can open bank accounts in Panama City. The banks available to them will depend on their client profile, banking needs, deposit level, and much more.
Not all banks in Panama City are suitable for every client type. Each bank caters to different banking profiles, offers different banking services, and has different account opening requirements.
Before applying, it’s important to understand the specific services you are after, which banks from the inventory of financial institutions and Panamanian banks list offer them, and which banks will accept your banking profile. This way, you avoid applying to the wrong banks.
Here is a list of eight financial institutions that currently operate in Panama.
- Banco General
- Banistmo
- Banco Aliado
- Banco Nacional de Panama
- Citibank
- Santander
- Scotiabank
- Inteligo Bank
Depending on your banking profile, there may be other banks (not listed here) that are more suitable.
If you are interested in learning more about banking in Panama, don’t forget to visit our comprehensive guide on banking in Panama, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Panama to some of the top banking jurisdictions available.
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Can Non-Residents Open Bank Accounts in Panama?
Yes, non-residents can open bank accounts in Panama as long as they choose the right financial institution, meet the account opening requirements, and have a suitable client profile.
Not all banks in Panama accept non-resident clients. Non-residents will need to consider financial institutions that specifically cater to international clients.
Fortunately, as an offshore jurisdiction, Panama has a number of these international options to choose from. However, it’s important to note that these institutions typically require between USD 10,000 and USD 250,000 as an initial deposit. Before choosing a bank to open an account with, it’s important to understand whether or not the bank offers the banking services you are after.
Here is a list of 12 non-resident banking services most banks in Panama offer non-resident clients.
Non-Resident Banking Services
- Basic checking accounts
- High-yield savings accounts
- Multicurrency accounts
- Fixed-term deposits
- Domestic transfers
- International transfers
- International debit cards
- International credit cards
- Wealth management services
- International investment options
- Non-resident mortgages
- Safe deposit boxes
There is a diverse range of non-resident banking services available in Panama. Bank selection will be an important factor to consider when choosing where to open a bank account in Panama since not all banks offer the same banking services.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring banks in Panama City. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Safest Bank in Panama?
The safest bank in Panama will be one of the major banks with strong financials, competent management, and a balanced approach to consumer lending. These banks include the largest banks in the country, like Banco General. That said, there are other institutions in Panama that more commonly cater to foreign non-resident individuals and companies. In certain instances, these other Panama institutions do not directly engage in consumer lending, which can make them even more stable options to consider.
What is the Most Popular Bank in Panama?
The most popular bank by Panamanian citizens in Panama is Banco General (or Bank General). However, many foreign residents of Panama use large regional banks like Banistmo. That said, it’s important to note that both Banco General and Banistmo are difficult to access for foreign individuals and companies looking to open a bank account in Panama.
What American Banks Are in Panama City, Panama?
The American banks that operate in Panama City, Panama, include Citibank and JPMorgan Chase Bank. The difference between these two banks ultimately comes down to the type of license they have. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. With this in mind, neither of these banks offers retail consumer banking services. Instead, they offer commercial and investment banking services.
Do You Want to Open a Panama Bank Account?
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