In this article, we’re exploring whether or not Panama banks issue debit cards to non-resident account holders. We’ll also dive into the specific credit card issuance fees and other banking service fees non-residents should be aware of before obtaining a debit card at a Panama bank.
This article is part of our free series on Panama banking services. 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 Panamanian debit cards.
Table of Contents
- Do Panama Banks Issue Debit Cards?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Do Panama Banks Issue Debit Cards?
Yes, Panama banks issue debit cards to their account holders. The debit cards available to you will depend on the bank you choose to open an account with, the type of account you open, and your client profile.
Debit cards are connected to the account holders’ bank accounts, offering a combination of security, cost-effectiveness, and convenience when accessing funds at various points of sale and ATMs.
Determining the specific debit card that meets your banking and financial needs isn’t as easy as it sounds. Similar to acquiring financing or getting a loan from a Panama bank, the first step in obtaining a debit card is actually opening a bank account in Panama.
Banking in Panama as a non-resident isn’t always easy. Not all banks in the country accept non-resident applicants. Bank selection will be an important factor to consider when choosing where to open a bank account, but also which debit cards are available to you.
Before applying, it’s important to understand the restrictions and fees associated with the chosen card. Not understanding these factors can result in outrageous charges or limited access.
Do Panamanian Debit Cards Have Fees?
Yes, Panamanian debit cards have fees. Similar to other charge cards, like Panama banks that issue credit cards, the fees associated with the debit card will vary between financial institutions, however, they typically include transaction fees, ATM withdrawal fees, and overdraft fees. It’s important to understand the bank’s fee structure for its debit card before using it.
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 whether Panama banks issue debit cards. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can You Use Debit Cards in Panama?
Yes, you can use debit cards in Panama. Using debit cards is a convenient way to make purchases and access money from your bank account. Using an international debit card will result in foreign transaction fees so it’s important to understand these charges before you use your debit card internationally.
Does Panama Have Credit Cards?
Yes, Panama has credit cards for both residents and non-residents. The credit cards available to you will depend on your client profile. It’s important to understand the credit card’s eligibility requirements before applying. Not all credit cards offer the same features and are accessible to everyone.
What US Banks Operate in Panama?
The US Banks that operate 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.
Do You Want to Open a Panama Bank Account?
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And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
