How do you get retirement account/ monthly to Panama

Hi Tgrothjan,

Welcome to expat-blog!

Thank you,

David.

Many people keep their US bank accounts. You can use a credit card for a lot of things (pay that on line), and get cash from an ATM for the rest. It's a bit complicated to get a bank account here. It helps if you know someone, and then you have to get letters of reference, other documentation, etc. Some people say it's impossible now. Banks don't want to work with you because of all the regulations from the US, but others have done it without problems.

Kris

Tgrothjan wrote:

Hi, 
Have been down to Panama this year and have plans to return next.  Want to know how the money transfer works?

I bank with Banco General, and as Kris mentioned, it was kind of a pain setting up that account, and I did it a couple of years ago, so it may be more difficult now.

A friend of mine set up an account with Scotiabank and said it was a breeze. I think they just require that you keep a certain amount in your account at all times. Check out Scotiabank and see what their requirements are. http://www.scotiabank.com/pa/es/0,,3784,00.html

I have a small disability check that I get each month, and I just decided to keep my U.S. bank account open and have it sent there. The problem is, my bank charges hefty fees, and since I no longer live in the States, it's hard for me to open a new account there. So I'm kind of stuck with my old bank, 5/3rd bank, and I pay the $3 at the ATM (charged by the bank here), plus I think 5% international fee, plus $5 withdrawal fee. So I end up paying about $13 for every $100 I take out. That adds up. I know there are better banks out there, so before you leave the States, it might be a good idea to shop around and find the bank with the best international fees. I wish I would've done that.

Chris
www.thestayathomegringo.blogspot.com