In this article, we’re exploring whether or not an American can open a bank account in Panama.
While it is 100% possible for Americans to open bank accounts in Panama, it isn’t always an easy process. Not all banks in Panama accept foreign non-residents.
Knowing which banks to approach, the account opening requirements you’ll need to meet, and how to navigate the process of opening a bank account for your personal banking needs, will be essential to successfully banking in Panama as an American.
This article is part of our free series on personal banking 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 banking in Panama also discusses the largest banks, opening requirements, the costs of banking in Panama, and much more. Use the link above to start exploring all of our free Panama banking content right now.
Alternatively, use the table of contents to continue exploring how an American can open a bank account in Panama.
Table of Contents
- Can an American Open a Bank Account in Panama?
- Panama Account Opening for Americans
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Can an American Open a Bank Account in Panama?
Yes, an American can open a bank account in Panama as long as they choose the right bank and meet the bank’s account opening requirements. Americans can also open bank accounts in Panama 100% remotely.
Not all banks in Panama offer remote account opening, and of the ones that do, not all accept American non-residents. Bank selection will be an important factor to consider when choosing where to open a bank account in Panama.
Banking in Panama, especially as an American non-resident, does require navigating the due diligence process, where banks will conduct thorough checks on client’s backgrounds and financial activities.
Knowing which banks in Panama accept Americans, have requirements you can meet, and offer the banking services you are after are essential for a smooth and successful account opening process.
Can an American Open a Corporate Bank Account in Panama?
Yes, an American can open a corporate bank account in Panama. Panama’s banking sector is accessible to international banking clients, including foreign and offshore companies.
Opening a corporate bank account in Panama as an American involves navigating specific foreign account opening procedures tailored for corporate entities. This process typically includes submitting specific documents such as the company’s articles of incorporation, proof of identification of all owners, the business’s proof of address, and the company’s financial statements.
Understanding the bank’s onboarding process and account opening requirements is critical when seeking to open a corporate bank account as an American. We cover this further in our free series on banking in Panama.
If you are interested in exploring personal banking options in Panama further, 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 the top offshore banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Panama Account Opening for Americans
Panama account opening for Americans involves a structured process and specific requirements. Understanding these requirements is critical to successfully opening an out-of-country savings account or non-resident bank account in Panama.
Each bank in Panama will differ slightly in terms of account opening requirements and their onboarding processes. That said, there are a few general requirements that all applicants will be expected to meet to successfully open a bank account in Panama.
What Are the Requirements for Opening Bank Accounts in Panama?
The requirements for international banking and opening personal offshore bank accounts in Panama will differ depending on the person applying for the account. More specifically, the bank they choose to apply to, the type of account they are applying for, their deposit level, and whether or not they are opening an account in person or remotely.
Generally speaking, all Americans will need to submit the following seven documents when applying to open a bank account in Panama.
- Completed bank application form
- Government-issued identification
- Reference letters
- Proof of address
- Proof of income
- Qualifying deposit
Additional documents may be required if you are looking to open a business bank account, including personal information on all directors and shareholders, company financial statements, articles of incorporation, and other company-related documents.
Choosing the right banks and meeting the bank’s account opening requirements ensures a seamless account opening experience.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring whether or not an American can open a bank account in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What American Banks Have Branches in Panama?
The American Banks that have branches in Panama include Citibank and JPMorgan Chase Bank. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. Neither of these banks offer retail consumer banking services. Instead, they offer commercial and investment banking services.
How Hard Is It to Open a Bank Account in Panama?
Opening a bank account in Panama is straightforward, but certain factors can impact your account opening experience. These factors include bank selection, account type, deposit level, and opening requirements. Knowing which banks cater to similar client profiles, have requirements you can meet, and offer the banking services you are after can make for a seamless account opening experience.
What Is Required to Open a Bank Account in Panama?
Opening a bank account in Panama requires a valid passport, proof of address, financial references, proof of income, and a qualifying deposit. Depending on the type of account you open, additional documentation may be required. For example, to open a business bank account in Panama, you will also need to provide articles of incorporation, identification of all shareholders, proof of the business’s address, and company financial statements.
Can I Open a Panamanian Bank Account Online?
Yes, you can open a Panamanian bank account online as long as you choose a bank that offers this service. Online account opening in Panama typically involves submitting required documents electronically, including proof of identification, proof of address, proof of income, and other relevant information. Bank selection is an important factor to consider since not all banks in Panama offer online bank account opening.
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!
