Procedures for opening a bank account in Panama can be quite time consuming, but not difficult if you meet all the criteria.
If you are moving to Panama, you will probably have to open a bank account for various reasons: to receive your salary if you are working, your pension if you have retired, deposit your capital if you are an investor, etc. Procedures for expatriates to open a bank account in Panama are quite complicated, but you will overcome these with a little bit of patience.
Moreover, Panama is known to be a financial and banking haven since several years due to its developed banking system. In fact, the country hosts several national and international banks, as well as offshore banks.
You are however advised to seek information on formalities that apply. Requirements may vary from one bank to another.
Good to know:
You must have a knowledge of Spanish in order to open a bank account as most agents do not speak English. You can also be assisted by an interpreter.
Proceedings
First of all, choose a bank and fix an appointment with an agent. The latter will give you all the necessary information related to the conditions for opening a bank account in the country. In general, the documents to be produced are:
- a duly completed and signed application form
- a copy of your passport, including the page containing your ID photo and stamped pages
- a copy of your resident card or your driver's license
- financial references issued and signed by the head of two previous banks
- at least one professional reference letter issued by your employer or financial advisor printed with an official letterhead
- copies of your tax returns for the past two years
- a copy of your pension declaration if you are retired.
Most banks require a minimum deposit usually ranging between US$ 150 and US$ 300.
Warning:
All your signatures must match your passport signature. Moreover, all the information you have provided in the application form will be verified by the banking system.
Once these formalities have been completed, you will be entitled to a bank account with all the facilities and services such as a checkbook and debit card, etc. You can find ATM machines almost everywhere in the country. You can also make a request to access to online banking service.
Good to know:
Procedures for opening a bank account can take up to 10 days.
Note, moreover, that banks are generally open from 8:30 am to 4 pm on week days, including a one-hour lunch break, and from 8:30 am to 1 pm on Saturdays.
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