In this article, we’re exploring the best international bank in Panama. We’ll share details on how you can find notable financial institutions, including the best banks in Panama as a foreign non-resident 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 international bank in Panama.
Table of Contents
- What Is the Best International Bank in Panama?
- What Are the Benefits of Opening an International Bank Account in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Is the Best International Bank in Panama?
The best international bank in Panama for foreign non-resident clients is one that caters to non-residents, offers non-resident banking services, and is remotely accessible. That said, not all international banks are suitable for every non-resident client type.
The best international bank in Panama will depend on the person looking to open an account. More specifically, their citizenship, residency, banking needs, and deposit level.
It’s important to choose banks with requirements you can meet, offer services you are after, and accept similar profiles.
There are ten characteristics you need to look for when choosing the best international financial institutions, including the best offshore banks in Panama to open an account with.
Characteristics of the Best International Banks in Panama for Non-Residents
- Accepting foreign non-residents
- Accepts your citizenship and residency
- Requires supporting documents you can provide
- Requires a deposit amount you can afford
- Supports transactions to and from desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- Offers both international debit and credit cards
- English-speaking customer support
Evaluating these characteristics along with your personal banking needs, is an important step in choosing the best international bank in Panama to open an account with.
Can Non-Residents Open Accounts With International Banks in Panama From Abroad?
Yes, non-residents can open accounts with international banks in Panama from abroad. Panama is both affordable and accessible for remote opening, with initial deposits starting at USD 10,000. Not all banks in Panama accept non-residents and of the banks that do, not all offer remote account opening.
Bank selection will be an important factor to consider when choosing the proper financial institution or the best bank in Panama for expats and non-residents.
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?
What Are the Benefits of Opening an International Bank Account in Panama?
Opening an international bank account in Panama, when compared to other jurisdictions, offers a variety of benefits including easy access, country stability, strength of banking correspondents, and available banking services.
For many foreign non-residents, an international bank account in Panama can be opened 100% remotely.
Here is a look at ten common benefits most foreign non-residents can tap into when opening an international bank account in Panama.
- Remote account opening
- Multicurrency accounts
- Relatively low deposit amounts compared to elsewhere
- English-speaking support
- Banks have strong correspondent relationships
- Panama is a dollarized economy
- High savings deposit rates compared to elsewhere
- Online account management
- Attractive investment products
- International debit and credit cards
The benefits available to you will ultimately depend on your particular client profile. This is because certain banks offer different account types, fee structures, and interest rates, and accept different client profiles.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring the best international bank in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which International Banks Are in Panama?
There are a total of 13 international banks operating in Panama, including Citibank, Santander, and Scotiabank. The banks available to you will depend on your citizenship, residency, banking needs, and deposit level.
What Is the Best Bank in Panama for Foreigners?
The best bank in Panama for foreigners who do not reside in the country is one of the international banks that specifically caters to foreign non-residents. The best bank in Panama for foreign residents of Panama is one of the large commercial banks like Banco General or Banistmo.
Can a US Citizen Open a Bank Account in Panama?
Yes, a US citizen can open a bank account in Panama as long as they choose the right bank, meet the account opening requirements, and have a suitable profile. US citizens can even open bank accounts in Panama without visiting the country. 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.
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!
