In this article, we’ll share how to open a personal bank account in Panama. However, it’s important to note that account opening success will largely depend on your client profile and a few key factors.
In this article, we’re going to help you navigate each of these factors and start the process of opening your Panama bank account, including 100% remotely.
This article is part of our free series on how to establish a new account and start banking 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
- How to Open a Personal Bank Account in Panama
- Opening a Bank Account in Panama as a Non-Resident
- Benefits of a Panama Bank Account
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
How to Open a Personal Bank Account in Panama
To open a personal bank account in Panama, you will need to meet a minimum deposit requirement, submit government issued documentation, and pass standard AML and KYC requirements. That said, the most important step toward successfully opening an account in Panama is selecting the right Panama bank.
Which bank applicants choose ultimately depends on the type of account being opened, residency status, and whether applying in-person or remotely. For example, certain banks accept non-residents, while others require residency. Likewise, certain banks allow remote opening while others insist on in-person applications.
Of course, each bank has different account opening and deposit requirements, which will also depend on the type of client opening accounts. For example, it’s common for non-resident accounts to have higher deposit requirements and fees. That said, local resident accounts can be difficult to open as well, this is especially true when the individual applying does not have any local sourced income.
Let’s take a closer look at the specific requirements you can expect when opening a bank account in Panama.
Requirements to Open Bank Accounts in Panama
- Qualifying deposit
- Government-issued identification
- Proof of residency (if applicable)
- Tax ID (from country of residence)
- Proof of address (from country of residence)
- Bank statement (from current bank account)
- Bank reference letter (not always required)
- Professional reference letter (not always required)
Can You Open a Panama Account from Abroad?
Yes, you can open a Panama account from abroad. This includes opening commercial banking accounts to support business bank accounts, real estate transactions, personal bank accounts, investment accounts, and even private and wealth management accounts.
This is true whether you’re looking to open an overseas checking account to unlock offshore banking in Panama or a local bank account with banks in Panama City. Of course, the type of account you open will depend on your requirements.
That said, a bank account to support local real estate investments will likely require different services than an account for diversification or local retail banking.
Opening a Bank Account in Panama as a Non-Resident
Opening a bank account in Panama as a non-resident is possible. In fact, many foreign non-residents can open a Panama bank account 100% remotely. That said, not all financial institutions and banks in Panama allow non-residents to open accounts. Likewise, of the leading banking institutions qualified as the best banks in Panama that do accept non-residents, not all of them allow accounts to be opened without an in-person meeting.
Importantly, when opening a personal bank account, the top-tier banking groups and largest Panama banks will require a range of documents. In most cases, applicants should expect to provide reference letters, proof of income, and in certain instances tax returns and personal financial statements. That said, every bank is different and may accept alternative documentation and have different deposit account prerequisites for various account opening requirements.
Additionally, when deciding if Panama is right for you, it’s important to consider the country’s market volatility and the risks of banking in Panama compared to other jurisdictions. Likewise, the financial services fees and costs of banking in Panama, including both opening and maintaining should be considered.
Needless to say, bank selection is an important step in successfully opening a personal account in Panama as a non-resident. In the following sections, we will share how you can find banks that accept non-residents, those that allow remote opening, and the benefits you can expect.
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Benefits of a Panama Bank Account
Benefits of a Panama bank account ultimately depend on the person looking to bank here. The reason for this is that certain banks offer different account types, fee structures, interest rates, and accept different client profiles.
In other words, depending on your client profile and on the type of account, whether personal, business, or customized banking solutions like a private bank account, you may be able to access certain benefits that are not available to others. That said, in certain instances, you may find that banks elsewhere offer a wider range of benefits. However, if you are looking to open a USD bank account, the most common form of cash used and the second official currency of Panama, then Panama may be a suitable option.
With this in mind, it’s important to consider which banks offer the exact financial perks and banking benefits you’re looking for prior to applying for accounts. You can do this by using the information in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.
Benefits of a Panama Bank Account
- Remote opening is 100% possible
- Accepting of most passports & residencies
- High savings deposit rates compared to elsewhere
- Stable banking sector based in US dollars
- Banking options with limited retail lending
- Banks with strong correspondent relationships
- European private banks operate here as well
- And more
Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open a personal bank account in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Foreigners Open a Bank Account in Panama?
Yes, foreigners can open bank accounts in Panama. In fact, it is possible for foreigners to open a Panama bank account 100% remotely. That said, not all Panama banks accept non-resident clients. Likewise, of the banks that do, not all offer remote opening. With this in mind, bank selection is an important step toward knowing where to open a bank account, especially if you require an account to transfer funds online outside of Panama or want to send money to Panama since some banks may have restrictions on how money can be sent or received.
Which US Banks Have Branches in Panama?
Which US banks have branches in Panama will ultimately depend on the type of banking you’re looking for. This is because no US banks offer retail banking services in the Republic of Panama. However, there are major US commercial banks that offer some commercial and investment banking services.
Can Americans Open a Bank Account in Panama?
Yes, Americans can open a bank account in Panama. In fact, Americans can open both personal and business bank accounts in Panama 100% remotely. Of course, Americans will need to pass each bank’s due diligence process, submit the proper company documentation, and meet the bank-specific requirements to successfully open a corporate or personal bank account in Panama.
Ready to Open an Offshore Personal Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
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+ Expert insights on which banks to choose & why
+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
