In this article, we’re exploring the Panama financial services offered by banks in Panama. We break down these financial planning services and other Panama banking services into two categories, non-resident personal banking and non-resident business banking.
This article is part of our free series on Panama banking services. 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 Panama’s financial services.
Table of Contents
- Panama Financial Services
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Panama Financial Services
Panama’s financial services include personal retail banking, local business banking, offshore banking for both individuals and entities, private banking, wealth management, investment banking, credit facilities, and much more.
Depending on the bank you choose to open an account with, the financial services available to you will vary.
Keep in mind, when choosing where to open an account, banks in Panama with an international banking license, granted by Panama’s financial services regulator, offer financial services tailored to non-resident banking clients. Banks with a general banking license are more suitable for residents and citizens of Panama.
The following sections take a closer look at the specific personal financial services and business financial services non-residents can access when opening bank accounts in Panama.
Non-Resident Personal Financial Services
Panama is a non-resident-friendly banking jurisdiction. Most banks in Panama accept non-resident applicants and offer non-resident banking services.
Here is a list of 12 non-resident personal financial services most applicants can tap into when opening a personal bank account in Panama as a non-resident.
- Basic checking accounts
- High-yield savings accounts
- Multicurrency accounts
- Fixed-term deposits
- Domestic transfers
- International transfers
- International debit cards
- International credit cards
- Wealth management services
- International investment options
- Non-resident mortgages
- Safe deposit boxes
There is a diverse range of non-resident personal financial services available in Panama. That said, not all banks in Panama are suitable for every client type, nor do they all offer the same services. This is especially true if you’re looking for private banking to access another level of banking secrecy in Panama.
Before applying, it’s important to understand the specific services you are after, which financial institutions offer them, and which banks will accept your banking profile. This way, you avoid applying to the wrong banks.
Non-Resident Business Financial Services
Banks in Panama offer a diverse range of non-resident business financial services. These services typically cater to businesses operating globally and that make frequent cross-border transactions.
There are 11 types of financial services most banks in Panama offer non-resident businesses.
- International business bank accounts
- Multicurrency accounts
- Corporate banking solutions
- International investment options
- Business checking accounts
- Fixed-term deposits
- Domestic transfers
- International transfers
- International debit cards
- International credit cards
- Safe deposit boxes
The services offered will depend on the bank you choose to open a business account with. Bank selection is an important factor to consider since not all banks in Panama accept non-resident businesses and of the banks that do, not all will offer the services you are after.
Before applying for a bank account, it’s important to explore the specific financial services your business requires. This way, you can ensure you are choosing the right bank that is tailored to your business’s financial needs.
If you want to learn 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’s financial services. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Stable Are Banks in Panama?
Banks in Panama are generally stable and financially sound. The country’s banking system is regulated and managed by the Supertendiency Banks of Panama. Its mission is to oversee the financial institutions operating in Panama and ensure the account holder’s money is safe.
What American Banks Are in Panama?
The American Banks that are in Panama include Citibank and JPMorgan Chase Bank. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. Neither of these banks offer retail consumer banking services. Instead, they offer commercial and investment banking services.
Can a US Citizen Open a Bank Account in Panama?
Yes, a US citizen can open a bank account in Panama as long as they choose the right bank, meet the bank’s account opening requirements, and have a suitable client profile. US citizens can even open bank accounts in Panama remotely without ever stepping foot in the country.
Do You Want to Open a Panama Bank Account?
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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
