In this article, we’re exploring the top banks in Panama. We’ll share whether or not expats can open accounts with highly regarded banks, including 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 Panamanian banks.
Table of Contents
- What Are the Top Banks in Panama?
- Can an Expat Open an Account With a Panamanian Bank?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Are the Top Banks in Panama?
The top banks in Panama have strong financials, competent management, and a balanced approach to consumer lending. These banks include domestic and foreign financial institutions, such as Banco General and Citibank.
These financial institutions, while they are considered to be the top banks in Panama, can be very difficult to access. This is especially true if you are applying to open an account as a non-resident individual or company.
Not all financial institutions in Panama are created equal. Only some banks will accept non-resident clients, while other banks will only offer consumer and investment banking services.
Understanding your banking needs before applying is an important factor to consider. This way, you avoid applying for an account with the wrong bank.
Here is a look at the leading six banks, which include the top five bank banks in Panama.
Top Banks in Panama
- Banco General
- Banistmo
- Banco Nacional de Panama
- Citibank
- Santander
- Scotiabank
These financial institutions play a critical role in the country’s financial sector, offering stable, secure, and safe banking options to a variety of different client types. The banks available to you will of course depend on your citizenship, residency, deposit level, banking needs, and much more.
Can an Expat Open an Account With a Panamanian Bank?
Yes, an expat can open an account with a Panamanian bank as long as they choose the right financial institution, meet the account opening requirements, and have a suitable client profile. Not all Panamanian banks accept expats, so bank selection will be an important factor to consider when choosing where to open an account.
If you are interested in learning more about opening accounts in Panama, don’t forget to visit our comprehensive guide on banking in Panama, available at 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 top banks in Panama are. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is Panama’s Largest Bank?
Panama’s largest bank is Banco General. Banco General is a local financial institution, offering a wide range of banking services for residents and local business owners. Foreign non-resident individuals and businesses will most likely have a difficult time opening bank accounts with Banco General.
What US Banks Are in Panama?
The US 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 the country, whereas JPMorgan Chase Bank has the authority to act as a representative in the country. 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 in Panama?
The most popular bank by Panamanian citizens in Panama is Banco General. However, many foreign residents of Panama use large regional financial institutions 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 an 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.
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+ Expert insights on which banks to choose & why
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+ 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!
