In this article, we’re exploring what the minimum deposit is to open a bank account in Panama as a foreign non-resident. We’ll also dive into the banking service fees and other Panama banking costs non-residents can expect when banking in the country.
This article is part of our free series on Panama banking costs. 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 minimum deposit requirements for opening a bank account in Panama.
Table of Contents
- What Is the Minimum Deposit to Open a Bank Account in Panama?
- Are There Benefits to Opening Accounts With Banks in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Is the Minimum Deposit to Open a Bank Account in Panama?
The minimum deposit to open a bank account in Panama as a non-resident can be between USD 10,000 and USD 250,000. Deposit amounts will vary depending on the bank, the type of account, and the person applying.
Deposit requirements can be very different depending on whether you are looking to open a personal bank account, corporate bank account, or private bank account. Deposits can also vary depending on whether or not you are looking to open an account in person or remotely.
According to reputable banking organizations, including the Central Bank of Panama, most banks in Panama require non-residents to make an initial deposit of USD 10,000 in order to open an account. Other banks may require up to USD 250,000.
Deposit requirements can also vary depending on your personal ties to Panama, local economic substance, and your Panama banking requirements.
It’s important to confirm the deposit amount before applying to open a bank account. The same goes for account opening requirements and ongoing account fees.
What Banking Services Do Panama Banks Charge For?
Panama banks charge fees for various banking services. The amount they charge will vary between banks. Here is a list of seven banking services most banks will charge a fee for.
- Account opening
- Account maintenance
- Domestic & international transfers
- Overdraft
- ATM withdrawals
- Currency exchange
- Account closure
Depending on the type of account and the account holder, some banks may not charge any fees for certain services. It’s important to review the bank’s fee structure to determine the exact cost of banking in Panama for foreigners before applying. This way you can understand the specific costs associated with your bank account.
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?
Are There Benefits to Opening Accounts With Banks in Panama?
Yes, there are benefits to opening accounts with banks in Panama. The benefits will vary depending on the person applying to open the account but for most people, including international clients, banking in Panama can be an attractive option.
Here is a look at just seven benefits you can tap into when opening an account with a bank in Panama.
- 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
Depending on the type of account and client profile you have, you may be able to access certain benefits that are not available to others.
Not all banks in Panama offer these benefits. It’s important to consider which banks offer the exact benefits you’re looking for prior to applying for accounts.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring what the minimum deposit is to open a bank account in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is Required to Open a Bank Account in Panama?
To open a bank account in Panama, applicants will need to provide proof of identification, proof of address, and proof of income. Most banks will also require bank reference letters and a qualifying deposit. Account opening requirements will vary between financial institutions, account types, and client profiles. It’s important to confirm the opening requirements before you start applying.
Can a US Citizen Open a Bank Account in Panama?
Yes, a US citizen can open a bank account in Panama by applying for an account with one of the foreigner-friendly banks. Account opening deposits typically range between USD 10,000 and USD 250,000, depending on the bank and type of account being opened.
How Hard Is It to Open a Bank Account in Panama?
It can be hard to open a bank account in Panama if you do not know which banks accept your client profile or accept foreign clients. This is especially true if you are looking to open a Panama bank account remotely.
How Much Money Do You Need to Deposit to Open a Bank Account?
The cost to open an account in Panama will vary between financial institutions and account types. Most banks in Panama will require an initial deposit to open a bank account and additional costs for maintaining the account. These additional costs may include account maintenance fees, transaction fees, overdraft fees, and fees for specialized banking services.
Do You Want to Open a Panama Bank Account?
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