The largest banks operating in Panama include both local banks and foreign banks.
These banks cater exclusively to residents and large commercial clients. There are, however, a few exceptions.
We’re going to share the largest Panamanian banks and help you navigate your banking options when choosing where to open accounts in this article.
This article is part of our free series on how to apply to open a bank account in Panama, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Are the Largest Banks in Panama?
- What Should I Know About Banking in Panama?
- Frequently Asked Questions
- Ready to Unlock the Benefits of Banking in Panama?
What Are the Largest Banks in Panama?
The largest banks operating in Panama include both local and foreign financial institutions. The largest local bank is Banco General and the largest foreign bank is Citibank. Both Banco General and Citibank have a very specific client banking profile that they cater to, which means they are not suitable for most non-resident clients.
Finding the right financial institution needs to be a combination of finding a trustworthy bank in addition to a bank that accepts your client profile. This means you need to understand your client profile, banking needs, desired deposit level, and much more before you start the process of applying for individual financial services through a personal bank account in Panama. We discuss this in greater detail below. If you are looking to understand the banking incentives and benefits of banking in Panama, you can click here to access our free guide.
Let’s now take a look at the largest Panamanian banks.
Not surprisingly, the largest Panamanian banks play a critical role in Panama’s economy, providing a wide range of financial advisory services and other banking services, driving growth across multiple sectors, and supporting the needs of both individuals and businesses.
Here is a bank summary and list of banks in Panama, including both the largest local and foreign banks.
Largest Local Financial Institutions in Panama
- Banco General
- Banistmo
- Banco Aliado
- Banco Nacional de Panama
- Credicorp Bank
- BAC International Bank
Largest Foreign Financial Institutions in Panama
- Citibank
- Santander
- Scotiabank
- BBVA Panama
- BHD International Bank
- Inteligo Bank
- BPR Bank
- Banco Davivienda International
What Should I Know About Banking in Panama?
Importantly, if you are looking to apply for a Panamanian account as a foreign non-resident, there are other banks (not listed above) that are typically better suited to your banking needs. It’s important to consider both the financial system disruptions and risks of banking in Panama and how they affect you before applying for a bank account. This is especially true since some banks here have restrictions on how to wire money globally from Panama and how to send money to Panama.
It’s also important to directly compare all of the opening options, financial services, and the forms of money and types of currency in Panama available to you so you can find banks that will realistically open accounts for you.
This is especially important if you are opening as a foreign non-resident or for a foreign (or offshore) company since not all banks offer personal banking services or corporate financial services with business bank accounts to foreign non-residents. In these instances, the high-ranking financial institutions and the best banks in Panama are often more difficult to open with, not to mention get them to respond to your opening requests.
If you would like to start directly comparing your Panamanian banking options, you can immediately access hundreds of banks listed in the GlobalBanks IQ Database. Each bank profile includes detailed financial account qualifications and account opening requirements, preferred banking clients, important considerations and risks, and much more. You can see everything you get instant access to when you join GlobalBanks IQ below.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the largest banks in Panama. If you have further questions you would like answered, don’t hesitate to get in touch.
What US Banks Operate in Panama?
The US banks that operate in 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 here, whereas JPMorgan Chase Bank has the authority to act as a representative. Neither of these banks offers retail consumer financial services and products. Instead, they offer commercial and investment services.
How Many International Banks in Panama?
13 international banks are operating in Panama, offering overseas account services through offshore bank accounts in Panama. Many of these banks have restrictions on the clients they serve and the services they offer. This is especially true when it comes to opening a high-end bank account, like a private bank account in Panama. It’s important to confirm the bank’s acceptance policies, the banking products and services offered, and the service rates and other costs of banking in Panama before spending time and effort applying.
Does Bank of America Operate in Panama?
No, Bank of America does not operate in Panama. While Bank of America does have a presence in other countries including Mexico, it does not have a branch or subsidiary here.
Ready to Unlock the Benefits of Banking in Panama?
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