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    LIVE AND INVEST IN PANAMA  

    FREE REPORT: Live And Invest In Panama World's #1 Retirement Haven In The Americas

    WORLD’S #1 RETIREMENT HAVEN IN THE AMERICAS

     

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      Banking In Panama

      Learn information on Panama Banking, including safety, interest rates, how to open a bank account, deposits, credit cards, and more.

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          Information On Panama Banking

          Banking consultant with a client. banking in panama
          AdobeStock/ doidam10

          Banks in Panama are known for their stability. They support the local economy and also cater to international companies that have selected Panama as their regional headquarters or residence.

          For the last 30 years  Panama  has developed as the largest international banking center in Latin America. Here local law grants anyone who banks in this country the same rights as Panamanians.

          Banking accounts for over 10% of the country’s Gross National Product. More than 80 banks are currently in operation, however this number is supposed to consolidate in years to come.

          There are a number of international banks in Panama, including: Dresdner, Banco de Crédito del Perú, GNB Sudameris Bank S.A., Banco Davivienda Internacional, BPR BANK, S.A., St. Georges Bank, S.A., and BNP/Paribas, each with their own full-service branches in Panama City.

          All banks are private with the exception of state-owned banks, Banco Nacional de Panama and Caja de Ahorros.

          Bolsa de Valores de Panama,  an active stock exchange, is the only dollar-based securities market in the region. The exchange is a private corporation listing about 100 companies.

          Kathleen

          Reviewed By Kathleen Peddicord

          Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.

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            Table Of Contents

            Is Banking In Panama Safe?

            Bank accounts in Panama are safe. This can be attributed largely to the fact that it is difficult to obtain a banking license. Tough laws and high standards are imposed on banks, especially after the revelations of the “Panama Papers”.

            Panamanian banks tend to be very conservative and do not enter into risky lending practices. So, you must put down at least 10% for a mortgage as a resident.

            Panama’s currency is the U.S. dollar, meaning no exchange risks for North Americans.

            How to Open a Bank Account in Panama

            Stack of multicolored credit cards close-up. banking in panama
            AdobeStock/lenny

            Opening a bank account in Panama as a  foreign resident  can be fairly easy process, however it can take a little time (things move a bit slower in here).

            Although it can help for language barriers and expediency, you won’t need a lawyer to open an account.

            Most banks will need:

            • Your passport
            • Driver’s license
            • One, possibly two bank reference letters from your home country
            • A statement of your account in good standing from your bank
            • Utility bill (some banks don’t require this, ask prior to going in for application)
            • Personal recommendation from someone in Panama
            • Most banks ask for a minimum deposit anywhere from US$50 to US$200

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              Once at the bank, you will be required to fill out all necessary forms. There is usually a bank manager or employee who can walk you through the process, often in English. The approval process can take a couple of weeks.

              We recommend you maintain your bank account in the States at first—especially since you’ll need to be settled in Panama before you can even apply.

              Savings accounts usually have around 3.5% annual interest, which is quite good. CDs (Certificates of Deposit) can offer up to 5% annual interest.

              Most banks offer secured credit cards when clients place security deposit as collateral for the credit line equal to 125% of the credit limit. Annual fees start at US$50. 

              Debit Cards

              Most banks in Panama provide debit cards for their bank accounts. These cards usually feature Visa, MasterCard, or the “Clave” symbol. They can be used at any point of sale or ATM that accepts “Plus” or “Interlink” cards, which are recognized globally.

              The annual fees for these debit cards range from US$15 to US$30. There are no fees for cash withdrawals at the bank’s ATMs, but there might be small fees for using ATMs from other banks or for purchases at certain merchants.

               American Express, Western Union, and MoneyGram all have branches in Panama City.

              Offshore Banking in Panama: What You Need to Know

              Stack of multicolored credit cards close-up. banking in panama
              AdobeStock/lenny

              Perhaps because you don’t like the idea of your available cash sitting 100% in U.S. banks… or all in U.S. dollars…

              Or because you’d like to diversify and expand your investment options, again, beyond U.S. markets.

              With everything going on in the world right now, more options for where to keep and how to access liquid assets are, like residency in another country, a critical priority.

              Above all, your reasons for needing or wanting a bank account offshore help determine where best to open the account.

              Panama is where tens of thousands of expats have already reinvented their lives, chased adventure, and retired well at a dramatically reduced cost…

              And it’s where foreign investors continue to make money from both long-term capital growth and immediate cash flow.

              Panama has far more to offer the global tourist than neighboring Costa Rica, the country it’s most often compared with…

              Kathleen

              Reviewed By Kathleen Peddicord

              Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.

              Where To Retire At Any Age - And Guarentee Yourself A Richer Liefstyle
              Cover for Kathleen Peddicord's book At Home Abroad
              Plus, Revealed Inside Your Free Book: 12 Top Places Where You Can Live The Good Life From As Little As $1000 A Month…
              Get My Free Book

              Escape The World In The

              Caribbean's #1
              Retirement Haven

              Belize Conference

              Feb. 19-21, 2025

              LEARN MORE!

              THE SINGLE

              BEST PLACE

              To Live Or Retire In Europe…

              Live And Invest In Portugal Conference 2025

              Apr. 09-11, 2025

              LEARN MORE

              Start Your New Overseas Life Today

              A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today 2024






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                Table Of Contents

                Banking In Panama- FAQs

                Submit Your Own Questions

                The Panamanian and US governments share taxpayer info. Plus, Panamanian banks pass on US account holders’ account info to the IRS.

                The Superintendency of Banks of Panama is an autonomous institution of the State. It regulates and supervises banks to ensure they are stable, dependable, and secure and ensuring that our money is safe.

                The Superintendency Of Banks Of Panama recommends all clients ask their bank whether there is cost for this service.

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