Evolution of banking services in Panama

Last activity 26 September 2023 by kristc99

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CherylModerator25 September 2023 04:48:05

12306

Hello everyone,

With rapid technological advancements, banking services are digitizing at lightning speed. Expats are thus propelled into a new era of options and payment methods, disrupting the traditional banking services of local establishments in Panama. An evolution that presents a range of opportunities and challenges on a local scale.

Share your experiences regarding the evolution of bankings services in Panama:

To what extent are the latest banking technologies being adopted and utilized in Panama? (contactless payments, phone-based payment systems, QR codes, etc.)
What are the advantages and disadvantages?

Are new payment methods emerging in Panama? Which ones, and what does it change in your daily life?

What are the advantages of using local bank services versus an international online banking service as an expat?

Are there specific features in banking apps that you find particularly helpful as an expat in Panama?

By sharing your experiences and insights, you contribute to a broader understanding of the evolving banking landscape for expats in Panama.

Thank you for your contribution.

Cheryl
Expat.com Team

kristc99Serial expat26 September 2023 17:05:03

881

Touchless systems for credit cards are available almost everywhere. It's easy to use.

I had a bank account here but never used it, so I closed it recently. If I need to send money to someone here, I can just go to their bank, deposit the money in their account and send a copy of the receipt by WhatsApp.

All my banking is in the US. I use credit cards here, pay online, or get cash from an ATM as needed. Charles Schwab refunds my ATM fees which is very helpful. I forget exactly, maybe $5.50 a transaction? $250 is the maximum per transaction, but you can keep withdrawing $250s up to your bank's limit.

I would recommend you have multiple credit cards, just in case. Friends had only 2. One was expired and they were waiting for the replacement. Then the other was canceled because of a fraudulent charge. Yikes.

I see Yappy as a payment system more and more, but I believe you have to have an account with Banco General to use it.

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