Thread: Opening a euro bank account in Panama

Different people saying different things

Por ejemplo?

...Scotia bank... Does anyone know if they operate private banking in Panama?

Yes, they do.

However, keep in mind that Panama banks are legally separate entities from their foreign counterparts. I am not aware of any bank in Panama that offers any kind of "linking" between accounts in different countries, and I am skeptical that, for example, HSBC in the UK will offer any real advantage to zog's desire to open an HSBC account in Panama. For my money, HSBC is the one bank to avoid. The Peter Gordon case may be an anomaly, but it still happened: They sued the guy for $5 million and locked up all assets in his trust -- something that is supposed to be impossible in Panama. Now, they may lose, but in the several years it will take for the case to drag through Panama's courts, Mr. Gordon is up the proverbial creek.

Gordon,

I have the EBook named "Living & Investing in Panama" by Christopher Howard (2004-2006).

Here's one clip from the EBook:

The Bank of Nova Scotia, Apartado 7327, Panama 5, Republica de Panama, Tel 2636255, Fax (507)2638636, Alberto R. Tarabotto, Gerente General Amelia Z. Castillero, Gerente de Operaciones


Whether it's current or not, I can't know..

Don't you people use Google?
http://www.scotiabank.com/cda/conten..._LIDen,00.html

Question: Does anyone on here have a Euro account in a Panamanian bank?

Originally Posted by soltero

However, keep in mind that Panama banks are legally separate entities from their foreign counterparts. I am not aware of any bank in Panama that offers any kind of "linking" between accounts in different countries, and I am skeptical that, for example, HSBC in the UK will offer any real advantage to zog's desire to open an HSBC account in Panama.

That's true. It's sad, but it doesn't help one bit if you already have an account with HSBC or Scotiabank elsewhere. Here you are a "new" customer and are treated with suspicion accordingly.

For me personally, HSBC in Panama has been a nightmare I won't soon forget.

In fact, I think you're much better off to open an account with a wholly-locally-owned bank -- not with some megalith like HSBC. Not only are you supporting the Panamanian economy, they don't require you to sign forms with outside tax agencies (like the IRS).

Just like to say that HSBC appear to be able to open bank accounts in Panama from the UK at least.

Here is the beginning of a letter they sent to me today in the UK....

"We are pleased to confirm that your new account has been opened with HSBC Panama. Your main account number is...."

But would be interested to know more about the nightmare HSBC are in Panama before I put any significant amounts of money in it!!!!

Today I received by courier from my branch in Panama, my check books, details of telephone banking, online banking, and my ATM card.

HSBC is definitely able to open a bank account on your behalf from the UK to Panama. Unless there are national laws of other countries preventing this sort of thing, I would presume HSBC in other western countries offer this service.

Originally Posted by soltero

I just went next door to

Multibank

HEY...

MULTI Bank?

WHERE is it?

asks

MultiVista :-)

Our dilema was that we needed a Canadian account, a US account and a Panamanian account that could easily transfer funds. I chose HSBC since I could open all accounts online, (with some help for the Panama account). If you can swing it, go for the premier status as the help and service is better and there are no transfer fees. Money is readily transferrable although the "global view" does not include Panama as of yet. Otherwise opening an account in Panama is onerous at best. Call HSBC, ask questions and make your decision. So far its worked well for us. One caution,if you order checks, they must be picked up at the branch you decide on and are destroyed in 2 months if not picked up. We have ordered checks twice now and still don't have any. Open your account and plan a trip to Panama shortly after.

Hi everyone:
I'm new and this is my first post.
There seems to be much confusion as to which is/are the best banks. I need information on everything at this stage, so you may all wish to avoid me. Does anyone know the legal firm Panama Legal, which advertises widely on the internet? Anyone dealt with them previously? Do they "really" exist? They seem to have a wealth (pun intended) of information with regards to best banks with which to set up, etc. They charge, of course, but if they're who they claim to be then surely that's better than walking around blind?

Hi Mari! Welcome to this forum.

I personally like MultiBank best. They treat me well and it's pretty fast sending and receiving wire transfers. I also travel a lot and I do all of my communication with them via email and phone.

I think I've heard of Panama Legal before, but I'm not sure. Do you have their website?

Hi Kitty:

Thank you for your reply.

Panama Legal's website is as follows: http://www.panamalaw.org/

We're in Australia, looking at retirement in Panama. No Panamanian embassy here, so our only source of information from this great distance is the internet, which is not always reliable, as you know.

With kind regards.

It is possible to open accounts at HSBC without being in Panama, whether or not you are an existing client of HSBC. In my case I was not in Panama at the time and just sent a lawyer with a power of attorney to get the account opened. It is much easier that way than trying to deal direct with the bank. However, I would not recommend Panama bank accounts to anyone who does not really need one. I've written a short article on Panama bank accounts and why I hate dealing with Panama banks here.

Originally Posted by dobusinessinpanama

It is possible to open accounts at HSBC without being in Panama, whether or not you are an existing client of HSBC. In my case I was not in Panama at the time and just sent a lawyer with a power of attorney to get the account opened. It is much easier that way than trying to deal direct with the bank. However, I would not recommend Panama bank accounts to anyone who does not really need one. I've written a short article on Panama bank accounts and why I hate dealing with Panama banks here.

i can say i have had problems with the service at HSBC in panama. But to be fair to them they have been changing and updating their internet banking and telephone banking services presumably to match what exists elsewhere in the world. But i am happy enough that things get sorted out in the end. But i do need a panama bank account anyway, and the fact i have HSBC account in UK helps also to stay with HSBC in panama. It makes sense.

I chose to open a bank account at HSBC in Panama. I was aware of the fact that I could have opened my account in my own home country but thought it best to not have any direct connection with my home base and my Panamanian account. Even branch to branch they should not be transfering information according to Panamanian law. No need to promote it. Having said this If you have no problems opening an account in your own home country this is without a doubt the best way to do so. Banking in Panama, especially HSBC will have you waiting. My experience is that they do not return emails and do not return telephone calls promptly or even at all, can you imagine? This is unheard of in the western world and it does not matter how much money you have in your account. Lastly if you are going to open an account at HSBC, get a Premier account where you have access to a special part of each branch and a direct telephone number to english speaking people. This will be your only saving grace.

Finally, the best bank to do business with in Panama is Bank of Nova Scotia. A Canadian bank that have just recently been recognized by the world bank as the best capitalized banks in the world today. Bank of Nova Scotia is world wide with special emphasis in latin and S America, Caribbean. Both banks offer online banking but I have not tried either in Panama. I've heard good things about the Spanish Bank BVSA for ease of service but again, don't know much about the capitalization of this bank in Europe.

You can do business with some of the local banks too. Nothing wrong but if you have any serious problem, at least you have common british law on your side in Canada and Britian with HSBC or BNS that you can complain to. Panamanian laws are a gauntlet of fees, lawyers, costs and never ending spiral of delays etc. One thing is for sure, your banking in Panama in general will be very different to what you are use to.

WITHOUT PREDJUDICE

Originally Posted by zog

i can say i have had problems with the service at HSBC in panama. But to be fair to them they have been changing and updating their internet banking and telephone banking services presumably to match what exists elsewhere in the world. But i am happy enough that things get sorted out in the end. But i do need a panama bank account anyway, and the fact i have HSBC account in UK helps also to stay with HSBC in panama. It makes sense.

---------- Post added at 05:19 AM ---------- Previous post was at 05:01 AM ----------

Soltero:


I would be interested in knowing why you think most people choose to keep their financial assets in their home countries. Are you aware of any particular problems?

Thanks
Alan

Originally Posted by soltero

See http://www.panamaforum.com/panama-ba...ms-panama.html (Stock Brokerage Firms In Panama)
...and contact one of the brokerages to answer your questions.

It's none of my business, of course, but I question why anyone would want to do this. I don't know your home country (and its stability), but most ex-pats here keep the bulk of their financial assets in their home country, for a variety of reasons.