Thread: Which bank to use?

Are you a resident of Panama? Otherwise, I would suggest that you use a bank account from your home country.

No i `m not a resident yet , but does that make a difference ? Thought that you would be able to open a bank account anyhow?

It's a different process, but you can open a bank account as a foreigner. You will need references, though.

If you want to open a personal account... there won't be any problem. However, as a foreigner you need to bring your passport and at least two bank references (the more the better). There are two banks that I know of that are friendly towards foreigners and they are HSBC Bank and GlobalBank.

When you have bank references, is that other banks that you have an account with?

Yes bank references from the country you have been living before coming to Panama, or any other country, it doesn't really matter.

If you don't know the phone number of previous banks, you can look them up online.

If you are going to start moving money into Panama or investing in Panama find yourself a good attorney first. This country is run by banks and attorneys, that is just how it is. I got my attorney as a reference from the US Embassy website.

Panama Bank Account (3-5 days!) :: OFFSHORE LEGAL :: Experts in offshore banking, Asset Protection, Incorporating Offshore Companies, Offshore Corporations and Offshore IBC in Panama, Bahamas, Belize, Switzerland (Swiss), and the Cayman Islands.

P,s I haven't used them before....

Which bank could you guys recomend in Panama city to open an account in?

It depends on where you're from and what you want to do. The Americans among us have it a bit more difficult due to the USA's close relationship with Panama. Some banks will ask all Americans to sign a form allowing the bank to report your banking information to the IRS. You might have signed such a form without having even read it. Other banks will get a "second opinion" from the CIA when you try to open an account. Some banks have full online banking while others only have partial online banking (can't send wire transfers etc). Choosing a bank in Panama is very difficult and I'd recommend that you open an account with several banks, that you read all application forms very carefully, and that you stay with the bank that gives you the best service during the first year.

which banks can you recomend, where u can have a atm-card that u can use all around the world? How much does it cost to have a bankaccount in Panama, with or without a card, maybe with a internetaccount and so on?

Most banks in the United States that I have been to give you a debit card with any bank account. You can ask the bank if there are any fees to use the debit card internationally. Find the bank with the lowest international fees.

ok will do that tomorrow. I live here in panama now.

Are you A United States citizen? I don't think the U.S. banks will let your get an account unless you live in the United States.

no, i´m not a us citizen. I´m swedish. Maybe you guys can help me with a word, whats the proper english word for a bankcard, not with credit funcion, just to use to pay with in shops and take out money from ATM machines?

I dont want to be able to buy on credit.

thanks

I call that kind of card a debit card, but I don't know if that's what everyone calls it.

well i think it's too complicated to make an account as foreigner, especially if you're not US Citizen. i think foreigner's accounts also request more taxes than the others so it's better for you to keep your current account, and just withdraw money from it with small transfer taxes.

In Spanish it would be called "tarjeta de debito" meaning debit card.

I think it's much easier for a foreigner that isn't from the US to open a bank account, than for US citizens, and it's also less complicated later on because US citizens need to pay taxes in the US on their worldwide income, while (most) Europeans only need to pay taxes in the country where they currently live.

thanks lee for the translation, and yes its correct that it seems easier if you are not from the states. Now I´m trying to find out which bank I should approch! I´ve heard that Banco Uno, HSBC and Banco General are good the best!! But there are some to choose between..

HSBC
Banco General
Banco Uno
Banistmo
Banco National
Banco Continental
BBVA
Global Bank
BNP Parisbas
MMG Bank
Citibank
Banvivienda
Colabanco
Korea Exchange Bank
Towerbank
Bancolombia Panamá
Bancafe International
Banco Alemán Platina
Banco Continental
Banco DISA

Interesting article about best banks: Global Finance Magazine -

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!

I recommend going to more than one bank and asking about fees. Find the bank with the lowest fees for your particular needs.

In the USA, if you apply for an ATM card, what you'll wind up getting by default is a "debit card" which works much like a credit card. You can order stuff over the Internet with it, use it to rent a car, etc, as long as you have sufficient funds. The risk is that anyone who knows the credit card number can order stuff without you finding out about it, and the money is deducted from your bank account. A friend of mine had this happen - thieves ordered 1000s of dollars worth of stuff and emptied his account.

However, if you want just an ATM card (which can only be used at ATMs), you can ask for that. That's what I have. Every few months, the bank sends me a letter suggesting that I "upgrade" to a debit card - I ignore these.

Another way to deal with the theft problem if you have a debit card - open two accounts at a bank, keep only a minimal amount of funds in the debit card account, do online transfers between the accounts when you need more funds on the debit card, do not link the accounts. This is also a good defense against "express kidnappings", if you're worried about that. But check with the bank to make sure that you can do online transfers between accounts, and that the accounts can remain unlinked - my bank has those features, but not all do.

regards,
expat

Whether Debit card or ATM card. Where I am in the upper midwest they are the same thing. I used to have one but quickly closed it out after I found out from the bank that
any charges or debits against my account were not like on a credit card whereby the charge could be contested. Basically once the monies have left your account,too bad !! Also, if you go over your account balance the bank will charge you the same as if a check had bounced. Much better to use a credit card.
Fajim

Before you settle on HSBC, you might want to google "HSBC Panama Gordon."