In this article, we’re looking at the best banks in Panama for expats, foreigners, and foreign entities. In other words, this article will be relevant for anyone who wants to open a Panama bank account either in person or remotely.
The following information is based on our team’s experience helping members from around the world successfully open bank accounts with the best institutions in Panama over the last decade. This includes opening bank accounts for individuals, companies, and wealth management entities both in person and from abroad.
If you would like access to our free Panama banking series, click the link above and unlock our team’s expert take on Panama banks, Panama banking requirements, personal and business banking in Panama, and much more.
You can also use the table of contents and jump to the section that covers your area of interest in Panama.
Table of Contents
- What Are the Best Banks in Panama?
- Benefits of Opening an Account With Panama Banks?
- Alternative Countries to Banking in Panama
- Frequently Asked Panama Banking Questions?
- Do You Want Help Opening Bank Accounts?
What Are the Best Banks in Panama?
The best banks in Panama include both domestic and foreign banking institutions, like Banco General, Banistmo, and Credicorp Bank. However, these banks and other top-rated banks in Panama’s banking sector can be difficult to access if you are applying as a foreign or non-resident individual or company.
With this in mind, most applicants looking for personal banking or corporate banking will choose to apply with one of the international banks operating in Panama. These international banks tend to be located in Panama City and generally offer offshore banking services.
Importantly, if you are actively looking to open a bank account in Panama, you should also take time to assess Panama’s economy, banking regulations, and financial industry more broadly. But also, the risks of banking in Panama and the potential restrictions. For example, you may have difficulties sending money to Panama, depending on the international bank. Not to mention, the fees and costs of banking in Panama can often be higher than other banking jurisdictions, depending on your client profile.
Likewise, before applying for bank accounts with a specific Panamanian bank, you should confirm that they offer the banking services you require in Panama, cater to clients with your profile, and will accept an initial deposit you can afford.
If you would like to explore a more detailed list of banks in Panama, you can click here to access our free guide. Alternatively, we’ve also compiled details on the largest banks in Panama, though these banks are typically not available to foreign non-residents.
By taking the time to assess these Panama-specific factors, you will be able to confirm whether Panama is a suitable banking jurisdiction for your needs. Likewise, by assessing each bank directly, you will end up finding the best bank in Panama for your unique requirements.
With this in mind, we’re going to help you explore Panamanian banking options by looking at which banks in Panama are best for expats.
Do You Want to Explore All Your Offshore Banking Options?
What Are the Best Banks for Expats in Panama?
Before discussing the best Panamanian banks for expats, it’s important to point out that we are defining an “expat” as a foreign individual who has the legal right to work or reside in Panama, either on a visa or with residency status.
Not surprisingly, expats in Panama typically have more options to consider than foreign non-residents who do not reside in the country. That said, even with the legal right to be in the country, banking institutions here can still be difficult to access. However, if you have clear ties to Panama, financial obligations in Panama, or have a specific desire for exposure to the currency of Panama, the Panamanian Balboa (PAB), you can benefit from a Panama bank account.
With this in mind, we typically suggest that expats in Panama look for banking institutions with the following attributes.
Characteristics of the Best Banks in Panama for Expats
- Accepting foreigners with residency and work permits
- Allows foreign-sourced income during account opening
- Flexible requirements for local proof of address
- Minimum deposit requirements for “local” foreigners
- Low-cost domestic transfers between Panama banks
- Accepts deposits via international transfer services
- Reasonable branch hours for in-person service
- English-speaking customer support
Again, these are the characteristics that individuals living and working in Panama should consider when deciding which bank accounts to apply for.
If you fit into this category and would like to take a closer look at opening a personal bank account in Panama, you can click this link to access our free guide now.
What Are the Best Banks for Foreign Non-Residents in Panama?
Foreign non-residents of Panama, meaning individuals without the legal right to reside or work in Panama, need to consider banks that specifically cater to international clients.
Fortunately, as an offshore jurisdiction, Panama has a number of these international options to choose from. However, it’s important to note that these institutions typically require between USD 10,000 and USD 250,000 as an initial deposit.
When it comes to foreigners opening bank accounts in Panama, we typically suggest banking institutions with the following attributes.
Characteristics of the Best Banks in Panama for Foreign Non-Residents
- Accepting foreign non-residents
- Accepts your citizenship and residency
- Requires supporting documents you can provide
- Requires a deposit amount you can afford
- Supports transactions to and from desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- Offers both international debit and credit cards
- English-speaking customer support
If you are a foreign non-resident of Panama and you would like to explore your options further, you can use the personal guide linked above.
Alternatively, if you’re looking to make a larger deposit, you can explore how to open a private bank account in Panama using our free guide here.
What Are the Best Banks for Foreign Entities in Panama?
Foreign entities refer to legal entities registered as holding companies, operating businesses, and foreign trusts and foundations outside of Panama.
Importantly, while these entities often struggle to bank elsewhere, Panama is a stable jurisdiction that these entities can usually access.
Of course, in order to open bank accounts in Panama, these entities need to pass compliance, meet opening requirements, and make a qualifying deposit.
While the deposits to open in Panama for holding companies and certain operating businesses is considered reasonable, foreign trusts and foundations should expect to deposit considerably more when opening accounts in Panama.
With this in mind, we typically suggest Panama institutions with the following attributes for foreign entities
Characteristics of the Best Banks in Panama for Foreign Entities
- Accepting of foreign and offshore entities
- Accepts the entity’s country of registration
- Accepts the citizenship and residency of the shareholder and directors
- Supports the specific industry or purpose of the entity
- Requires supporting documents you can provide
- Requires a deposit amount you can afford
- Supports transactions to and from desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- English-speaking customer support
If you’re interested in opening a bank account in Panama for legal entities, you can click this link to access our free guide now.
Benefits of Opening an Account With Panama Banks?
When compared to other offshore jurisdictions, the potential benefits of opening bank accounts in Panama include easy access, country stability, strength of correspondents, and available services.
More specifically, a Panama account can be opened remotely, is available to a wide range of citizenships and nationalities, and is also accessible to both foreign and offshore entities.
Additionally, Panama is one of the most stable jurisdictions in all of Latin America and the Caribbean. In many ways, this stability is made possible by the economic and geopolitical importance of the Panama Canal.
Here is a full list of the benefits you can receive when opening bank accounts in Panama.
Benefits of Opening a Bank Account in Panama
- Remote account opening
- Multicurrency accounts
- Online account management
- Relatively low deposit amounts
- Accepting of most client profiles
- Dollarized economy
- English-speaking support
Lastly, Panama banking institutions also offer access to a wide range of foreign account services, ranging from investment products to multi-currency accounts.
Foreign Bank Account Services in Panama
- Multi-currency accounts
- Online account management
- International debit cards
- International credit cards
- International transfers
- Domestic transfers
- Fixed deposit accounts
- Investment products
Of course, many of these benefits can be obtained when opening accounts with banks in other countries as well. With this in mind, let’s take a look at the alternative countries to Panama that you may want to consider opening.
Alternative Countries to Banking in Panama
There are a number of alternative countries you may want to consider instead of banking in Panama. However, each Panama alternative has its own unique considerations. Likewise, similar to Panama, they tend to cater to specific client profiles.
In the case of Panama, applicants typically include foreign non-resident individuals and entities just getting started in the offshore banking world. In other words, Panama is often one of the first jurisdictions they have considered for offshore bank account opening.
With this in mind, here are a few alternatives to Panama that also serve this client group. These alternatives were selected because they are home to banks with similar onboarding processes and deposit requirements to Panama.
Alternatives to Banking in Panama
- Curaçao
- Isle of Man
- Lithuania
- Mauritius
- Saint Lucia
- Switzerland
- United States
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people searching for the best banks in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Do Panamanian Banks Share Information With Your Home Government?
Yes, Panamanian banks share information with the government and tax authorities in your home country. This is because Panama is a signatory to the Common Reporting Standards (CRS) and participates in the Automatic Exchange of Information (AEOI).
What Is the Safest Bank in Panama?
The safest bank in Panama will be one of the major banks with strong financials, competent management, and a balanced approach to consumer lending. These banks include the largest banks in the country, like Banco General. That said, there are other institutions in Panama that more commonly cater to foreign non-resident individuals and companies. In certain instances, these other Panama institutions do not directly engage in consumer lending, which can make them even more stable options to consider.
Can a US Citizen Open a Bank Account in Panama?
Yes, a US citizen can open a bank account in Panama. In fact, US citizens can even open bank accounts in Panama without visiting the country. To do so, applicants will need to identify a bank that offers the specific services they require, navigate the account opening requirements, obtain any required certifications, submit proper documents, and make a qualifying deposit.
What Is the Most Used Bank in Panama?
The most used 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.
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