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lee · 10-23-2007

I also wanted to mention that debit cards are usually free of charge and they are directly linked with your account balance. Some banks will charge you a fee if your account balance is below $500/m. Withdrawal fees depend on where (which ATM) you are withdrawing from, they are usually around $1 per withdrawal, or often free if you use one of the bank's own ATMs.

I've heard that Banco Continental (now known as Banco General - they merged earlier this year) has pretty good customer service, they will contact you only by email if you so prefer and in English too. I also know that you can send wire transfers (national and international) through online banking with them. You could literally have an account with them without living permanently in Panama.

HSBC is a bit more lax with account opening requirements. If you only have 1 bank reference letter, they might still open the account (other banks usually ask for 2 references). They have internet banking, but if it's for a corporate account it's not free of charge (I think it costs like $15/m), if you only have a personal account with them, the online banking is free but you can only send transfers within HSBC (like from your personal account to your credit card).

Each bank is a bit different, but I've never really heard any horror stories of any bank in Panama yet.

Good luck!

10-23-2007	#22 (permalink)
lee Senior Member Join Date: Sep 2007 Posts: 102 Rep Power: 2	I also wanted to mention that debit cards are usually free of charge and they are directly linked with your account balance. Some banks will charge you a fee if your account balance is below $500/m. Withdrawal fees depend on where (which ATM) you are withdrawing from, they are usually around $1 per withdrawal, or often free if you use one of the bank's own ATMs. I've heard that Banco Continental (now known as Banco General - they merged earlier this year) has pretty good customer service, they will contact you only by email if you so prefer and in English too. I also know that you can send wire transfers (national and international) through online banking with them. You could literally have an account with them without living permanently in Panama. HSBC is a bit more lax with account opening requirements. If you only have 1 bank reference letter, they might still open the account (other banks usually ask for 2 references). They have internet banking, but if it's for a corporate account it's not free of charge (I think it costs like $15/m), if you only have a personal account with them, the online banking is free but you can only send transfers within HSBC (like from your personal account to your credit card). Each bank is a bit different, but I've never really heard any horror stories of any bank in Panama yet. Good luck!