Open a Bank Account in Panama 🇵🇦 [Country Guide]

Open a bank account in Panama

Compared to many other offshore banking jurisdictions, Panama has relatively low deposit requirements and more accessible offshore banks. 

So, it’s no surprise that Panama has become a popular jurisdiction for individuals seeking a foreign bank account or offshore bank account for both their personal and business banking needs.

That said, while Panama is an accessible banking jurisdiction, there are a wide range of other jurisdictions that are more suitable to many client types. 

With this in mind, Panama is typically interesting for clients who are just getting started in the offshore world or who are struggling to open elsewhere.

Use the information below to learn more about banking in Panama or select the type of account you’re interested in to get started.

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Panama Bank Account Opening

Panama Offshore Bank Account

Offshore Banking

Open offshore bank accounts in Panama for individuals and entities…

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Panama Personal Bank Accounts

Personal Banking

Open a personal bank account in Panama 100% remotely with…

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Panama Business Bank Accounts

Business Banking

Open business bank accounts for foreign and offshore entities with low…

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Panama Private Bank Account

Private Banking

Open private bank accounts in Panama for individuals and entities…

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In this free country guide, we’re going to share what you need to know before you open a bank account and start banking in Panama. This will include personal banking and business banking for foreigners, non-residents, and international entities.

In fact, depending on your client profile and desired deposit level, you can even open an offshore bank account 100% remotely. 

Feel free to use the table of contents to find the most relevant information for your Panama banking needs.

Table of Contents

  1. How to Open a Bank Account in Panama
  2. Who Can Open Offshore Bank Accounts in Panama?
  3. Risks of Banking in Panama
  4. Panama Banking Resources
  5. Frequently Asked Panama Banking Questions
  6. Free Panama Banking Articles

How to Open a Bank Account in Panama

Before taking a look at the step-by-step process to open a bank account in Panama, it’s important to understand the key considerations and clients that Panama banks accept.

With this in mind, here’s a quick snapshot of the most important bank account opening considerations and the prospective clients that can consider opening here.

  • Panama Banking Considerations
  • Remote Opening: Possible
  • Opening Difficulty: Medium
  • Currency: USD & PAB
  • Minimum Deposit: 10,000 to 250,000
  • English Support: Yes, varies by bank
  • Deposit Insurance: 10,000 (see below)
  • Active Banks: 55
  • Who Do Panama Banks Accept?
  • Non-residents: Yes
  • Foreign businesses: Yes
  • Offshore entities: Yes
  • Wealth management entities: Yes

Of course, not all Panamanian banks accept all client types. In fact, in most cases, the dominant financial organizations, including the largest banks in Panama only accept local residents and local businesses. 

That said, there are Panama banks that actively accept foreign non-resident clients. This is why we prepared a banking catalog that includes a list of banks in Panama to help you navigate your options.

If you correctly choose a bank that accepts foreign non-residents, remote opening is usually possible. This is true for most nationalities, residencies, and countries of registration. 

Likewise, very few Panamanian banks will accept foreign or offshore companies and structures. But, those banks that do can often accept companies from a wide range of jurisdictions.

Of course, opening in Panama will be easier for a company when it has a clear economic tie to the country.

Would you like to explore all of your offshore account opening options?

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Where to Bank Offshore

Who Can Open Offshore Bank Accounts in Panama?

There are a number of factors that go into determining who can open a Panama offshore bank account. These factors range from involved countries, transaction activity, source of income and wealth, risk profile, and much more. 

We discuss all of these factors and more in GlobalBanks IQ for our premium members. 

In short, GlobalBanks IQ helps members navigate their unique client profile, understand their risk factors, and determine how to clearly and accurately communicate with banks. 

In doing so, our members avoid accidentally red-flagging themselves by saying things that could be misconstrued or misinterpreted by bankers and compliance teams.

So, if you’re interested in learning more about GlobalBanks IQ and how you can start opening bank accounts in Panama today when you join, click here or use the link below to see everything you unlock with immediate access

Personal Bank Accounts in Panama

Personal bank accounts in Panama can be opened by foreign non-residents, foreign temporary residents, foreign permanent residents, and of course Panamanian nationals living in Panama and abroad. 

In other words, regardless of your residency status, it is possible to open a personal bank account in Panama if you choose the right bank and navigate the account opening process properly.

Needless to say, banking in Panama can be a good choice for anyone seeking offshore banking with exposure to USD, the currency of Panama.

That said, restrictions do apply to certain nationalities, residencies, and certain risk profiles. So, understanding your client profile and how banks perceive you is important before approaching bankers and applying for accounts.

You can access our free guide on consumer-focused banking and how to open a personal bank account in Panama by clicking here. This free guide gives you the step-by-step process to start opening accounts and how to choose a bank that is right for you..

Business Bank Accounts in Panama

Business bank accounts in Panama are available to a surprising number of foreign and offshore companies. In many cases, remote account opening is even possible.

Of course, restrictions apply to certain countries of registration, operation, and business activities. So, knowing which banks will realistically accept your company is important – especially before approaching bankers and submitting applications.

However, finding a bank that is willing to accept your foreign or offshore company is not any easy task. In fact, one of the biggest challenges is finding a banker that will even pick up the phone, respond to email, or give you clear information on account opening requirements, fees, and restrictions. This is especially true if you do not speak Spanish and you’re looking to make a low initial deposit.

You can access our free guide on business banking and specifically how to open a business bank account in Panama by clicking here. This free guide includes important considerations for both foreign and offshore entities.

Panama Banking Resources

To help you successfully open Panama bank accounts, our team of international banking experts has created a step-by-step Panama banking report, detailed bank profiles, and actionable banking insights that you can’t find anywhere else on the internet. 

Here is a look at all of the banking resources that you can access right now to help you navigate your Panama banking options:

  • Available Panama Banking Resources
  • Detailed Bank Profiles of Top Panama Banks for Non-Resident Individuals
  • Detailed Bank Profiles of Top Panama Banks for Foreign Businesses
  • Detailed Bank Profiles of Top Panama Banks for Offshore Entities
  • Step-by-Step Account Opening Report Dedicated to Banking in Panama
  • Plus: Hundreds of Banks & Account Opening Options in Other Jurisdictions

These resources are delivered exclusively to our premium members through GlobalBanks IQ, which you can unlock immediately.

MEMBER ACCESS

GlobalBanks IQ Stack

GlobalBanks IQ provides immediate access to everything you need to open Panama Bank Accounts for you or your business!

  • Choose banks in minutes with our international banking database
  • Open accounts with detailed step-by-step instructions
  • Handle banker questions easily with detailed conversation scripts
  • Meet bank requirements (e.g. local address) with proven solutions
  • Unlock exclusive offers from the best banks in our member reports
  • Receive lists of banks that accept high-risk & offshore businesses
  • Plus much more!
Click Here to Unlock Member Access

Looking for a more personalized account opening experience? 
Get personalized one-on-one support from our team of experts to navigate your personal, business, & private banking needs around the world. Click here to compare your options.

Panama Banking Guides

Risks of Banking in Panama

Yes, there are risks when banking in Panama. That said, this is true in any country that you might be considering opening accounts in. Of course, there are Panama-specific risks that all prospective account openers should consider before opening accounts. These risks may impact how you make an international transfer, including how you send money to Panama. They can also impact the specific banks that you decide to open with.

With this in mind, our team has covered the most common financial hazards and banking risks you’ll face when opening accounts in Panama, which can be accessed here right now.

Panama Company Formation Options & Banking

Panama company formation options range from offshore companies to domestic corporations, and Panama foundations, which are a moderately popular wealth management structure. That said, Panamanian entities are notoriously difficult to bank outside of Panama and even inside of Panama. 

With this in mind, unless you have a domestic business with on-the-ground activities or a very specific reason for using a Panamanian structure, there are usually better corporate structures available elsewhere. This is especially true when taking into consideration the banking options available to Panama structures vs other offshore company structures.

Frequently Asked Panama Banking Questions

Below are three of the most common questions we receive from people looking to open a bank account in Panama. If you have additional questions that you’d like to ask our team, don’t hesitate to get in touch.

Can Non-Residents Open a Bank Account in Panama?

Yes, non-residents can open a bank account in Panama. In fact, Panamanian banks are often more lenient and easier to access than other banking jurisdictions. So, it can be easier for foreign non-residents from a wide range of countries to open bank accounts here. In many instances, accounts can even be opened without ever visiting Panama.

Can I Open an Account in Panama Online?

Yes, you can open an account in Panama online. In fact, there are a number of banks that allow 100% remote account opening for foreign non-residents. That said, the account opening requirements, document requests, and deposit requirements for each bank may differ. So it’s important to understand which banks you can realistically open with before you start applying for accounts.

How to Open a US Bank Account From Panama?

To open a US bank account from Panama, you can use our dedicated USA bank account opening service, GlobalBanks USA. This includes direct one-on-one support from our team of US banking experts, help navigating account opening options, and finding banks that offer desired services at various account opening deposit levels.

Panama Banking Articles

Below you’ll find our archive of free Panama banking resources to assist with account opening. 

This includes detailed articles to help you open bank accounts explaining how to navigate challenges for specific client types and more.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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