Thread: Banco Panameno

Has anyone used this bank and if so what were your experiences?

Hello,

Banco Panama, S.A. I assume you mean. This is a new bank in Panama (opened in April 2008). They are growing very fast according to the deposits: Banco Panamá, S.A. - Panama Bank

Many other Panamanian banks have needed 10-15 to get deposits in this range.

Call and check their rates for incoming/outgoing wire transfers, Plazo Fijo and savings rates and more.

Keep in mind the precedence rules in Panama: Panama Bank Deposit Insurance Laws (FDIC)

It's best to have many banks with 10k or less in each for safety. The state-owned banks are safest, but Banco Nacional of course does not have online banking. Caja de Ahorros does.

Best wishes, Ed

Originally Posted by malibubarbie

Has anyone used this bank and if so what were your experiences?

Actually it is Banco Panameno de la Vivienda S.A. (Banvivienda) that I was asking about.

Ok, you can find a complete listing of the banks with a general banks here: Banks in Panama - General License

Including deposit trends and ratings when applicable from Fitch Ratings.

You will not get the amount of answers here to reach a statistically sane decision about a bank.

What do you want from the bank? What will you do?

Do you just want to be close to any given bank so you can withdraw money fast?

Regardless of what you do, if this your first account in Panama. Go to a bank with a friend who already have an account and make sure to bring all the paperwork needed. Then do the same for 2-3 more banks.

One cannot stress this enough - you should always work with AT LEAST two banks in Panama or you will go through a living hell getting your second one when needed since you can use local reference letters from the two banks you have later on.

Final note. The bank you mention has a BB+ rating and is paying 5.25 % for 1 year CDs. This is fairly balanced and reasonable. If you go with an A rated bank you will get roughly 4 %+. For an AA rated about 3.5 % (or less).

Best wishes, Ed

Originally Posted by malibubarbie

Actually it is Banco Panameno de la Vivienda S.A. (Banvivienda) that I was asking about.