In this article, we’re exploring the top 5 banks in Panama. We’ll share whether or not foreign non-residents can open bank accounts with the top-tier financial firms and the best banks in Panama and we’ll also 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 top 5 banks in Panama.
Table of Contents
- What Are the Top 5 Banks in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Are the Top 5 Banks in Panama?
The top five banks in Panama include both domestic and foreign financial institutions. These financial institutions play a critical role in the country’s financial sector, offering a wide range of banking services to a variety of client types.
Listed below are the top five banks currently operating in Panama.
- Banco General
- Banco Nacional de Panama
- Banistmo
- BAC International Bank
- Global International Corporation
Not all banks in Panama, including the five listed above, are created equal. Each bank will have a preferred client type, specific offering of banking services, and unique account opening requirements.
Most non-resident applicants will find it difficult to open accounts with the top-rated banking groups, including the top ten banks in Panama. This is mainly because these banks are local financial institutions that cater to residents only.
Can a Non-Resident Open a Bank Account With Panama Banks?
Yes, a non-resident can open a bank account with elite banks, including the top banks in Panama, if they choose the right financial institutions, meet the account opening requirements, and have a suitable client profile. Not all banks in Panama accept non-residents, and of the banks that do, not all offer remote account opening.
Non-residents looking for personal banking or even corporate banking will often need to look at opening bank accounts with one of the 13 international banks operating in Panama.
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.
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Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring the top 5 banks in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
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.
What American Banks Are in Panama?
The American banks that operate in Panama include Citibank and JPMorgan Chase Bank. The difference between these two banks ultimately comes down to the type of license they have. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. With this in mind, neither of these banks offers retail consumer banking services. Instead, they offer commercial and investment banking services.
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.
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
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+ 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!
