In this article, we’re going to be sharing a list of banks in Panama that includes many of the 55 financial institutions operating in the country.
Of course, each of these banks caters to specific client types, offers different banking services, requires different deposit levels, and has a different onboarding process.
In this article, we’re going to help you navigate how to choose from these 55 banks and start the process of opening a Panama bank account today, including remotely.
This article is part of our free series on how 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
- List of Banks in Panama
- How to Choose Where to Open a Bank Account in Panama
- List of Popular Banks in Panama
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
List of Banks in Panama
The complete list of banks in Panama includes 55 financial institutions, including two state-owned banks, 40 general licensed banks, and 13 international licensed banks. Importantly, only a small number of banks is typically suitable for each client. So, it’s important to carefully assess each bank’s preferences and requirements before choosing where to apply for an account.
Of course, the bank that is best for you will depend on your residency status, the reason for the account, the type of services you need, and your deposit level. That said, there are many additional factors you need to consider when deciding where to open a bank account in Panama.
In the following sections of the article, we’ll share how to identify banks among the large list of banks in Panama that will accept your client profile and offer the services you need.
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How to Choose Where to Open a Bank Account in Panama
To choose where to open a bank account in Panama, you first need to understand your client profile, banking requirements, and deposit level.
This means understanding how banks perceive you, the banking risks associated with your profile, and how desirable you may (or may not) be as a prospective client. Of course, you also need to know which services you require, including which countries you need to send money to and from.
Of course, each bank in Panama has its own account opening requirements, onboarding process, and fee structures. For example, if you are looking to open a business bank account in Panama, you might be required to submit more detailed documentation and a higher deposit than if you were to open a personal bank account.
To help you determine how to choose where to open a bank account in Panama, let’s take a closer look at the key factors you should consider before choosing a bank.
Factors to Consider When Choosing the Right Panama Banks
- Does the bank accept your client profile?
- Does the bank offer the services you require?
- Will the bank allow you to open remotely?
- Can you meet the bank’s deposit requirement?
- Does the bank have English language support?
- What fees will be applied to your account activities?
- And more
It’s important to note that even if you find a bank that meets your needs and accepts your client profile, you may still find a wider selection of offshore banking options elsewhere.
Likewise, certain clients may be able to find better banks with more relevant banking services and lower fees in more established banking jurisdictions. But, for a select number of prospective clients, Panama may be an interesting banking hub to consider whether you are looking for private banking, business banking, or personal banking services.
With this in mind, let’s take a look at a list of the most popular banks in Panama.
List of Popular Banks in Panama
- Banco General
- Banistmo
- Banco Aliado
- Banco Nacional de Panama
- Credicorp Bank
- BAC International Bank
- Citibank
- Scotiabank
- BBVA Panama
- BHD International Bank
- Inteligo Bank
- BPR Bank
- Banco Davivienda International
Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the list of banks in Panama. If you have further questions you would like answered, don’t hesitate to get in touch.
What US Banks Are in Panama?
The US banks that are in Panama are Citibank and JPMorgan Chase Bank. However, it is important to note that Citibank has a general banking license to operate in Pamana whereas JPMorgan Chase Bank only has the authority to act as a representative in Panama. Additionally, while both institutions do have local offices in Panama, they both do not offer retail consumer banking services.
How Many Banks Are in Panama?
There are 55 banks in Panama. Out of these 55 financial institutions, there are 2 state-owned banks, 40 general licensed banks, and 13 international licensed banks. It’s important to note that not all of these banks accept the same client types, offer the same banking benefits, and offer the same services.
How Many International Banks Are in Panama?
There are 13 international banks in Panama. All 13 international banks offer banking services to foreign non-residents only, including foreign currency accounts. In other words, banks with an international banking license located in Panama cannot service Panamanians or Panama companies.
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