In this article, we’re exploring the best bank in Panama for expats. We’ll share details on how you can find suitable financial institutions, including the best banks in Panama as an expat and we’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on the best 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 best bank in Panama for expats.
Table of Contents
- What Is the Best Bank in Panama for Expats?
- What Are the Benefits of Opening a Panama Bank Account as an Expat?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Is the Best Bank in Panama for Expats?
The best bank in Panama for expats will have expat-friendly banking services, English-support staff, and accessible online banking. The best bank will vary depending on the applicant’s citizenship, residency, banking needs, and deposit level.
Not all banks in Panama are created equal. This is especially true for top overseas institutions or the best international banks in Panama.
Bank selection will be an important factor to consider when choosing where to open a bank account in Panama as an expat. More importantly, expats will need to know which banks accept similar client types, have the services they are after, and have opening requirements they can meet.
Expats can benefit from banking in Panama as long as they choose the right financial institution, meet the account opening requirements, and have a suitable client profile.
In the following section, we will share the exact benefits expats can tap into when opening bank accounts in Panama.
What Are the Benefits of Opening a Panama Bank Account as an Expat?
The benefits of opening a Panama bank account as an expat will ultimately depend on the person applying for the account. The reason for this is that certain banks in Panama offer different account types, fee structures, interest rates, and accept different client profiles.
Depending on how the institution is classified or the bank is ranked, the banks available to you will vary. Additionally, depending on the type of account and the banking profile you have as an expat, you may be able to access certain benefits that are not available to others.
Here are seven benefits expats can typically take advantage of when opening a Panama bank account.
Benefits of Expat Panama Banking
- Remote opening is 100% possible
- Accepting of most passports & residencies
- High savings deposit rates compared to elsewhere
- Stable banking sector based in US dollars
- Banking options with limited retail lending
- Banks with strong correspondent relationships
- European private banks operate here as well
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.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring the best bank in Panama for expats. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Are Panama Banks Secure?
Yes, banks here are secure if you select one that has competent management, appropriate risk management policies, and that is not overexposed to domestic retail credit. That said, it’s important to note that certain banking institutions in Panama are not secure. Additionally, Panama does not have deposit insurance. So, if a bank that you choose to open with collapses, you will lose your deposit.
What American Banks Are in 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.
Can a US Citizen Open a Bank Account in Panama?
Yes, a US citizen can open a bank account in Panama. In fact, US citizens can even open bank accounts in Panama without visiting the country. To do so, applicants will need to identify a bank that offers the specific services they require, navigate the account opening requirements, obtain any required certifications, submit proper documents, and make a qualifying deposit.
What Is the Best Bank in Panama for Foreigners?
The best bank in Panama for foreigners will depend on the person applying. More specifically, their citizenship, residency, banking needs, and deposit level. Several banks in Panama cater to international banking clients and offer foreign non-resident banking services. Opening accounts in Panama as a foreigner will require a minimum deposit between USD 10,000 and USD 250,000.
Do You Want to Open a Panama Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.
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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
