In this article, we’re exploring the deposit requirements at Panama banks. More specifically, the banking operational policies and the specific Panama account opening requirements, including deposit requirements, for both personal and corporate bank accounts.
This article is part of our free series on the account opening requirements for banking 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 what is required to open a bank account in Panama.
Table of Contents
- What Are the Deposit Requirements at Panama Banks?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Are the Deposit Requirements at Panama Banks?
The deposit requirements at Panama banks vary depending on the person applying and the type of account they are applying for. Non-residents can expect to deposit between USD 10,000 and USD 250,000 when opening an account with a Panama bank.
Deposit requirements vary depending on the financial institution you choose to open an account with and the type of banking services it has to offer. These are important factors to know when submitting the proper financial documentation needed to complete your Panama bank account application form.
Non-residents looking to open personal bank accounts in Panama can expect lower deposit amounts. Non-residents looking to open private or corporate bank accounts can expect higher deposit amounts. We share more details on the deposit levels for both personal and business bank accounts below.
Required Deposits for Personal Banking in Panama
The required deposits for personal banking in Panama vary among financial institutions. They also vary depending on the person applying for the account and whether or not they are applying in-person or remotely.
Deposit requirements can also vary depending on your personal ties to Panama, local economic substance, and your Panama banking requirements.
Some banks in Panama require non-residents to make an initial deposit of USD 10,000 in order to open a bank account. Other banks may require up to USD 250,000.
The deposit requirements tend to be higher for opening a business bank account in Panama as a foreign non-resident.
Required Deposit Amounts for a Business Account in Panama
Opening a business bank account in Panama can be challenging, this is true whether you are opening for a Panama-registered entity, a foreign entity, or an offshore entity.
Additionally, while it is relatively easy to open accounts for domestic businesses in most jurisdictions, local Panama businesses struggle to open accounts even in Panama when they are owned by foreigners.
As a result, banks have higher deposit thresholds for business bank accounts. This is primarily caused by the additional compliance protocols, documents required to open Panama bank accounts, and the possible requirement of showing up in person. That said, some bank accounts in Panama can be opened with as little as USD 10,000.
Businesses that are considered high-risk by the bank can expect higher deposit requirements. This larger deposit allows the bank to help offset the risk of the account and justifies increased compliance costs.
Complying with these deposit requirements, along with providing the proper documents can make for a smooth account opening process.
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 what the deposit requirements at Panama banks are. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Deposit Requirement for a Bank Account?
The deposit requirement for a bank account in Panama as a foreign non-resident will depend on the bank you choose to open an account with, the type of banking services you are after, and whether or not you are looking to open an account in person or remotely. Generally, banks in Panama require an initial deposit between USD 10,000 and USD 250,000. It’s important to confirm the deposit amount before applying to open a bank account.
What Are the Requirements to Open a Bank Account in Panama?
The requirements to open a bank account in Panama as a foreign non-resident will vary between financial institutions. Generally, all applicants will be required to provide proof of identification, proof of address, proof of income, a reference letter, and make a qualifying deposit. Additional documents may be required if you are looking to open a corporate bank account, including certificates of incorporation, articles of association, proof of business activities, and more.
How Hard Is It to Open a Bank Account in Panama?
Opening a bank account in Panama is generally straightforward and can be done pretty easily. The key is to choose banks that accept similar client types, meet your banking needs, and have requirements you can meet. General requirements include proof of identification, proof of address, proof of income, and a qualifying deposit.
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!
