In this article, we’re exploring the ranking of Panama banks. We’ll share details on where the excellent banking providers, including the best banks in Panama rank and answer common questions we receive from people exploring this topic.
This article is part of our free series on the best banks 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 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 the ranking of Panama banks.
Table of Contents
- Panama Banks: Ranking in Terms of Total Assets
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Panama Banks: Ranking in Terms of Total Assets
The ranking of local Panama banks, in terms of total assets, includes Banco General, Banistmo, and Banco Nacional de Panama. The ranking of foreign Panama banks, in terms of total assets, includes Citibank, Santander, and Scotiabank.
Both local and foreign banks in Panama contribute to the country’s financial stability, providing a wide range of banking services, driving growth across multiple sectors, and supporting the needs of both individuals and businesses.
These banks, including other financial institutions operating in Panama, do have a particular client profile that they cater to, which means that are not suitable for all clients.
Finding the preferred financial provider or the best bank in Panama for expats, foreigners, or non-residents needs to be a combination of finding a trustworthy bank in addition to a bank that will accept 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 accounts.
What Is the Top Bank in Panama?
The top bank in Panama has strong financials, competent management, and a balanced approach to consumer lending. The top bank in Panama can vary depending on the person applying for the account. More specifically, it will depend on the applicant’s profile, banking needs, and deposit level.
Banco General, while it is one of the top banks in Panama in terms of total assets and extensive banking services, it doesn’t always accept foreign non-residents.
Non-residents looking to open bank accounts with the top banks in Panama will need to consider opening accounts with one of the international banks in the country.
What Is the General License That is Required to Operate a Bank in Panama?
The general license that is required to operate a bank in Panama is referred to as a General Banking License. This type of license is issued by the country’s banking regulator, the Superintendency of Banks of Panama. A General Banking License permits financial institutions to conduct banking activities in the country while complying with Panamanian regulations.
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 Panama banks ranking. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Most Popular Bank in Panama?
The most popular bank by Panamanian citizens in Panama is Banco General (or Bank General). However, many foreign residents of Panama use large regional banks like Banistmo. That said, it’s important to note that both Banco General and Banistmo are difficult to access for foreign individuals and companies looking to open a bank account in Panama.
Are Panama Banks Secure?
Yes, banks here are secure if you select one that has competent management, appropriate risk management policies, and that is not overexposed to domestic retail credit. That said, it’s important to note that certain banking institutions in Panama are not secure. Additionally, Panama does not have deposit insurance. So, if a bank that you choose to open with collapses, you will lose your deposit.
What Is Panama’s Largest Bank?
Panama’s largest bank is Banco General. Banco General is a local financial institution, offering a wide range of banking services for residents and local business owners. Foreign non-resident individuals and businesses will most likely have a difficult time opening bank accounts with Banco General.
What Is the Best Bank in Panama for Foreigners?
The best bank in Panama for foreigners will depend on the person applying. More specifically, their citizenship, residency, banking needs, and deposit level. Several banks in Panama cater to international banking clients and offer foreign non-resident banking services. Opening accounts in Panama as a foreigner will require a minimum deposit between USD 10,000 and USD 250,000.
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.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
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!
