Quote:
Originally Posted by coolandhot
If most places in Panama take Visa than can I use my Visa Debit Card in Panama, even though it is from a U.S. bank? Are there extra fees for using a foreign credit card?
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Please check with your bank/debit card provider, and cc issuer to determine whether or not you will be assessed international fees; some firms levy hefty fines on int'l usage, many don't...this is time to pull out the magnifying glass and read the fine print.
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As far as opening an account, Kale has it down correctly...it's a pain to get done, but nice to have if you have non-tourist visa status. I did not use any American paper work, i.e. tax statements, etc. to verify my bank account. I just don't like the idea of any personal information being floated around. My account history in Europe (where personal letters of reference are more common) was used to open an account.
Even though I would never advise someone to avoid paying U.S. taxes, the less the government knows, the better; as long as the countries that you bank in follow tight secrecy laws there is no way that B.B. is going to find out that you have an offshore account due to an unchecked box on the 1040.
Tarzan's advice is perfect if you don't live there full-time, if you spend the winters in Panama, por ejemplo. But if you choose to take any resident visa status, having a local bank account is a superb idea.
Cheers!