Thread: Which are the most stable banks?

Considering what is going on with the banks these days I am getting worried with using them. The last thing I need is to transfer my funds into a bank only to hear it went under the next day. We will be using a lawyer but I would like other opinions as well, I don't always trust lawyers

There are about 150 banks in Panama. I have always used Towerbank International and I will continue to use it, since it's the best for me.

Thank you. I would like to put together a list of 3-5 banks, so any help it's appreciated. Are deposits guaranteed by the government like they do in UK and if so, what is the limit?

Here in the US the banks have that FDIC insured badge, I'm not sure exactly what the equivalent is over there in Panama but in the website of that Towerbank site they had some similar badge, so it looks like they are backed. I'd ask them though, I believe they have some contact details on their site, and if the bank looks as reliable as it seems, it should be backed or at least have some sort of protection at the very least..

If the government guarantees the deposits that would be valid for any bank in Panama, I'm just not sure if that's the case over there and what the law says. In UK if a bank goes down, the government will reimburse any person that had a deposit there up to 35,000 pounds.

Originally Posted by crisella74

If the government guarantees the deposits that would be valid for any bank in Panama, I'm just not sure if that's the case over there and what the law says. In UK if a bank goes down, the government will reimburse any person that had a deposit there up to 35,000 pounds.

What happens to those deposits which are above 35,000 Pounds? Investors will lose their money? Better to put money in equities and mutual funds rather than putting them in a bank and losing all of it.

Bank deposits in Panama are NOT guaranteed, by any entity.

Originally Posted by ford007

What happens to those deposits which are above 35,000 Pounds? Investors will lose their money? Better to put money in equities and mutual funds rather than putting them in a bank and losing all of it.

Really? Those 2 have NOT been performing too well at all lately. If you're afraid of banks, stuff it in the mattress, but my advice would be to stay the hell away from the global equities markets right now unless you're shorting them

Originally Posted by fxtrader

Really? Those 2 have NOT been performing too well at all lately. If you're afraid of banks, stuff it in the mattress, but my advice would be to stay the hell away from the global equities markets right now unless you're shorting them

I myself have lost a good amount of my investment capital during the market crash. Still I have high hopes for 2010 and 2011. I have diversified my investment.. and I haven't jumped out of the equity market all in a sudden. Let's see what happens. I have to recover the $$$ I lost during 2008.

What does this have to do with Panama?

Anyone know more about banks in Panama and how they're doing financially? I'm especially interested in Global Bank?

Thanks a bunch

Did you read http://www.panamaforum.com/panama-ba...lete-list.html (Panama Banks - Complete List) ?
I don't have experience with Global; sorry.
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Originally Posted by exilio

Bank deposits in Panama are NOT guaranteed, by any entity.

I guess that's one of the reasons why Panama's banks are stable and secure. Deposit insurance only makes the banking sector week and creates risks that would not have appeared otherwise.

---------- Post added at 05:09 AM ---------- Previous post was at 05:08 AM ----------

I had very good experience with Global Bank

But opening an account (for me anyway) has been like jumping through hoops. Even with a cedula, USA passport, the same job for almost 9 yrs. (and proof I pay taxes) and attempting to open a joint account with a Panamanian wife, the moron manager at Banco General Via Argentina said "no." She said I needed a Social Security card too. And then there was Caja de Ahorros; another wasted trip. They required an overwhelming amount of info. Too much.
So...the other day I figured I'd try Banco General on Via Espana. Still no SS card. In short, they were more than happy to open an account for me and take my initial deposit. Thus, I guess the moral of the story is that if it doesn't work at one branch, it may work at another.

Originally Posted by grunberd

Anyone know more about banks in Panama and how they're doing financially? I'm especially interested in Global Bank?

Thanks a bunch

I have an account with Global Bank. They are very very very very slow (even by Panama standards) and they charge a lot for their services. Otherwise they are ok. Keep mind that I opened my account (private banking) at their main office in Calle 50. They have a new branch office near were I live in Costa del Este. So far this branch has been totally useless to me. Everything has to go to the main office.

Anyone had experience using this bank? Good or bad. Thanks

If you are looking for 3-5 banks in Panama, check this page: Banks in Panama - General License

Pick the ones with A ratings such as:
Credicorp Bank, Global Bank, Multibank, Towerbank, MMG and so on.

Best wishes, Ed

I Bank here and nothing but good things to say about them. My acct. mgr., Elma Alberola, has been a terrific help.

I also bank with Global and Elma is a very nice person. She finally got business cards I believe.

I bank at Banvivienda and I'm very satisfied with them.
But in order to diversify,I wanted to open an account at another bank.
They wanted reference papers again from Canada. Why would they want reference papers for a second time?

---------- Post added at 11:22 PM ---------- Previous post was at 11:18 PM ----------

jcordrey,when you see Elma ,could you ask her if I can open an account at her bank without reference letters,since I have an account at Banvivienda(and they have about 4 reference papers).

This is one of the main error made by foreigners coming to Panama. They only get one local bank account and would need reference letters from abroad again. When you get to Panama always open more than 2 accounts with different banks. Then after 2 years (or even earlier) you can use local reference letters.

Get reference letters from Banvivienda addressed to the banks you are considering. Package this up with 3 local personal reference letters from individuals (Panamanians) and the regular mass of paperwork such as electric bills, leases, contracts and so on. Grab the example here for your friends: PANAMA BANKING REFERENCE LETTERS

Observe that Banvivienda has a BB+ rating. You might want to get a couple of A rated banks as well: Banks in Panama - General License

Appeal all account opening denials, ask the bank to be flexible, ask to see a manager.

Best wishes, Ed

Originally Posted by HOSEM1

I bank at Banvivienda and I'm very satisfied with them.
But in order to diversify,I wanted to open an account at another bank.
They wanted reference papers again from Canada. Why would they want reference papers for a second time?

Originally Posted by EdBowers

This is one of the main error made by foreigners coming to Panama. They only get one local bank account and would need reference letters from abroad again. When you get to Panama always open more than 2 accounts with different banks. Then after 2 years (or even earlier) you can use local reference letters.

Get reference letters from Banvivienda addressed to the banks you are considering. Package this up with 3 local personal reference letters from individuals (Panamanians) and the regular mass of paperwork such as electric bills, leases, contracts and so on. Grab the example here for your friends: PANAMA BANKING REFERENCE LETTERS

Observe that Banvivienda has a BB+ rating. You might want to get a couple of A rated banks as well: Banks in Panama - General License

Appeal all account opening denials, ask the bank to be flexible, ask to see a manager.

Best wishes, Ed

Hi Ed, when you setup your 2 bank accounts in Panama, who did you go with? Did you have to appeal any opening denials? Please give us some of your experience with the process.

Thanks

Hello,

Yes, I started with Banco Universal S.A. in Obarrio since it was a small bank and they guaranteed up front that I would get the accounts with ONLY 2 bank reference letters and 2 personal letters. The other one was Credicorp, but it was quite a bit simpler since I opened a commercial merchant account there as well, involving a due diligence payment of 1500 dollars.

Banco General just flat out denied me no comments.

Banco Nacional de Panama denied me as well. I went to the next level in the main Via Espana office and appealed with success. I had reference letters that were 1 year old at the time, but kept pushing and arguing with my broken Spanish. I was missing work permits and tax returns as well. In total I was missing 50 % of their pre-requisits.

Stanford Bank was easy, but we know why now for obvious reasons.

Have some other banks pending and one under appeal.

One has to be very persistent and complain to the managers. At one time I had a branch manager scream "You have to be more flexible!!!", not at me, but at his own employee. Account was opened 10 mins later.

By the way, does anyone have an account with Globalbank and can assist me with the appeal?

Bring a friend with an existing accounts is an absolute in Panama. Just recently had two banks open accounts for a friend with "scribbed on", 6 month old bank reference letters from abroad.

Anyhow, I would greatly appreciate if someone could help me with Globalbank - they have a 2 % cashback credit card that I want to get my hands on!!!

Best wishes, Ed

Originally Posted by MRWOOHOO

Hi Ed, when you setup your 2 bank accounts in Panama, who did you go with? Did you have to appeal any opening denials? Please give us some of your experience with the process.

Thanks

Sort of funny, we dont hear a lot on this post about HSBC Panama

Wonder Why, Humm,

Hope i didn,t say to much!

---------- Post added at 08:39 PM ---------- Previous post was at 08:36 PM ----------

What i have done?
I,m starting to be nervous now

Originally Posted by blueray

Sort of funny, we dont hear a lot on this post about HSBC Panama

What about HSBC ????

Originally Posted by gafred99

What about HSBC ????

Do a search in this forum for 'HSBC Panama' and there is lots to read..

For stability, you would be hard pressed to beat the Scotiabank, if you are at all nervous about possible bank failures. I tried the Global amongst others but after endless requirements, that were then compounded with further ones coupled with bad customer service I decided it was not worth the grief.

I don't want told told that I can make a transfer from abroad, when the reality is showing up at the branch in Panama in person with a copy of your water bill and a further complete copy of every page of your passport which is already on file.

I can't have faith in a banking system that operates ATM's that flash the message: 'This machine does not have sufficient funds available to dispense' or 'This transaction can not be processed' yet your account is still debited regardless and if you notice they then they tell you to sort it out with you own card provider.

Always check your statements against this kind of abuse.

Originally Posted by EdBowers

Hello,


Stanford Bank was easy, but we know why now for obvious reasons.


Best wishes, Ed

Use Stanford bank for a reason? I have my ASSumptions.

I went with Global and the only thing they did not request was a DNA sample. I was expecting them to give me a plastic cup, a porn magazine, and point me to the bathroom.

I opened an account on Global. They only ask me for 2 Bank references, 2 personal references and complete copy of my passport. They opened my account in about 4 weeks.

Same thing with Banco General.