Traveler

Hi! I travel alot and also to Panama. What's your opinion on what is the best bank in Panama City to open personal accounts for non-Panamanians? The bank should have online banking and do you also know about requirements, e.g. if I need any bank references, etc.? I will be in Panama City next week and would consider opening an account then, so please reply asap.

chris

All banks seem to require a bank reference (two are better), and references from a lawyer and business partner or associate. It's mostly just for show ("Panama is doing something to crack down on money laundering!", LOL) because the "bad guys" have no problems obtaining such references anyway.

Laura

Hi! I personally think HSBC is the best, but then again, it's the only bank I know in Panama.

Michael

Hi Traveler! I've heard that HSBC is a great bank and that they are "easy" with foreigners, because they ask for less requirements. I am with Banco Continental and I can say from experience that they are very efficient. They have internet banking and send out wire transfers the same day. Hope this helps!

Cheers,

Michael

Laura

HSBC Bank takes about two days to send out wire transfers and you have to go there in person (not possible to send wire transfers online) and request the transfer by filling out a long form, but I don't send many wire transfers and it is possible to check your balance online and to pay your own credit card from your bank account through their banking system.

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Laura

cessy

cooltraveler2

Do the banks keep your money in American dollars? Is there any option to do that?

PanamaPat

All bank accounts that I have seen statements of are denominated in US dollars. However, the national currency is the balboa, which has been linked 1:1 to the dollar since Panama's independence in 1904. There are balboa coins, but all bills circulating in Panama are actual dollar bills. I'm wondering if the balboa could be unlinked from the dollar during a crisis (e.g. the dollar losing most of its value)?

Speaking of banks, a friend of mine has had only the worst of experiences with Global Bank. Lost deposits, delayed transfers, unfriendly staff, etc. A bank to stay away from.

titaniumhijau

Did at Panama have Maybank or CIMB bank?

lee

I don't think there is any Maybank or CIMB bank in Panama, at least I'm quite sure that I never saw nor heard of it before.

I think Banco Continental is pretty efficient and fast in sending/receiving transfers. Not the friendliest customer service but they do help you, so it's all good.