In this article, we’re exploring what banks are in Panama. The list we’ll share below will include some of the major banking institutions and largest banks in Panama, including both local and foreign financial institutions operating in the country. We’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on the largest 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 what banks are in Panama.
Table of Contents
- What Banks Are in Panama?
- What Are the Leading Banks in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Banks Are in Panama?
There are 55 banks in Panama, including two state-owned banks, 40 general licensed banks, and 13 international licensed banks. Some popular banks include Banco General, Banco Nacional de Panama, Citibank, and Scotiabank.
Not all banks in Panama are created equal. Each bank caters to a specific client type, offers specific banking services, and has specific account opening requirements that need to be met.
Non-residents looking to open bank accounts in Panama might need to consider applying with foreign financial institutions, like US banks in Panama, rather than local banks. Banco General and Banco Nacional de Panama, while they both are reliable banking institutions, they don’t typically accept non-resident clients.
It’s important to choose financial institutions that accept similar client profiles, align with your banking needs, and have requirements you can meet. This means you need to understand your banking profile, banking needs, desired deposit level, and much more before you start the process of applying for bank accounts 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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What Are the Leading Banks in Panama?
There are several leading banks in Panama. The total bank count is 55, but how many of those banks in Panama are available to you depends on various factors, including your citizenship, residency, banking needs, and deposit level.
All 55 financial institutions play a critical role in the country’s financial sector. The most popular banks in Panama, in terms of local financial institutions, include Banco General, Banco Nacional de Panama, and Banistmo.
Banco General is one of the most used banks in Panama by Panamanians. In fact, it is one of the largest banks currently operating in Panama with total assets of $16 billion. Individuals and businesses living and working in Panama looking for a stable, secure, and reliable financial institution might consider opening accounts with Banco General.
With total assets of over $13 billion, Banco Nacional de Panama is another popular banking option. This financial institution serves as Panama’s main bank for public sector operations and is fully owned by the Panamanian government. Non-residents will have a hard time opening an account here.
Banistmo is one of the few Panamanian banks that will open bank accounts for non-residents, as long as you can meet specific requirements and overcome the onboarding process.
Here is a list of the six leading Panamanian banks currently operating in Panama.
Panamanian Banks
- Banco General
- Banistmo
- Banco Aliado
- Banco Nacional de Panama
- Credicorp Bank
- BAC International Bank
The financial institutions available to you will depend on your client profile, banking needs, deposit level, and much more. It’s important to carefully consider these factors to ensure you are choosing banks that align with your banking profile.
Can a Non-Resident Open a Bank Account in Panama?
Yes, a non-resident can open a bank account in Panama as long as they choose the right bank, meet the opening requirements, and have a suitable client profile. Not all banks in Panama accept non-resident clients. Bank selection will be an important factor to consider when choosing where to open a bank account in Panama.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring what banks are in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which International Banks Are in Panama?
There are a total of 13 international banks in Panama. That said, many of these banks have restrictions on the clients they serve and the services they can offer. This is especially true when it comes to opening private bank accounts in Panama. With this in mind, it’s important to confirm bank acceptance policies, the banking services offered, and the costs of banking before spending time and effort to submit an application.
Which US Banks Have Branches in Panama?
The US banks that have branches 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.
Can a US Citizen Open a Bank Account in Panama?
Yes, a US citizen can open a bank account in Panama. In fact, US citizens can even open bank accounts in Panama without visiting the country. To do so, applicants will need to identify a bank that offers the specific services they require, navigate the account opening requirements, obtain any required certifications, submit proper documents, and make a qualifying deposit.
Do You Want to Open a Panama Bank Account?
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