banking

Well, no US banks have branches in Panama. yes, of course you'll find a Citibank, HSBC, Scotia Bank and maybe one or two more but, they are totally independent. You can't move money between the accounts in the US and Panama; it's like any costly international wire transfer.

Also, don't expect any US-like customer service at any of these banks.  If you think it's bad in the US, wait until you go to a bank in Panama.

Finally, for US citizens it's now quite difficult to open a bank account unless you can clearly prove you have residency or real estate holdings. This is due to new US-gov. regulations.  Many banks simply refuse to open accounts for US citizens now.

so how do you go about doing business in panama?

Look under boquete.ning.com/forum/topics/recommendations for panama bank

There are lots of responses to this question.  Everyone gives their personal experiences and comments. Very GOOD information. The question was put up on 6/10/10 so you have to go back a little ways to find this particular blog.  Hope this helps

opening a business account is a lot easier.  Setting up a corporation is easy too.  After all, that implies you're setting up shop in Panama.  It's the opening of a personal account that's a pain in the butt.

Banks are very conservative in Panama (that's one reason why they didn't have to be bailed out) so don't expect any credit.  Bring money unless you have several yeaers of good cash flow.