Thread: account opening

What's the latest requirement on opening a bank account? Many of the offshore places want to charge $500 and up for an introduction. I'm not a US citizen and just want to keep spending money (under 10k) in Panama. I can get a bank letter, a reference from a lawyer and a business reference. TIA

You're not really going to get anywhere without an introduction from a lawyer. It's just the way most of the banks are at this point.

And yes -- you will need 2 bank references and a couple of personal references. And if you don't live in the country, they will ask you more questions and more reasons why you want to bank here (so create a solid back up story).

And not all banks will accept this. I'm sure your lawyer will point you in the right direction.

Good luck!
Matt

Having 2 bank ref letters and 2 local ref letters is typically the bare minimum.

Banco Universal in Obarrio will accept this. If referred by existing client - 100 % guaranteed.

You can get a savings account with a 3.75 % interest rate and a withdrawal card to go with it.

Bring a local lease or contract as well if you can.

Best, Ed
PANAMA BANK GUIDE - LIST OF BANKS IN PANAMA

im guessing its no longer possible to get a 100% anon acct in panama? maybe bear share corp or something

You could start a private interest foundation and get a card that way.

The debit cards are anonymous.

Anonymous mostly depends on how you get the funds on. All US checks and international wires will make everything obvious.

You have to deal in cash deposits of less than 10k to have an anonymous relationship to the account.

Best, Ed
PANAMA BANK GUIDE - LIST OF BANKS IN PANAMA

If you relocate to Panama to live out your golden years is it best to pay all bills with cash and keep your bank account in USA? If so how do you get cash in your hand? Or should I set up a bank transfer from the USA to an account in Panama? Thanks.

All banks in Panama accept US check deposits, only HBSC and Multibank charge a fee for this that I know. Maybe some others too.

There is a 15 day business day wait to get the credit, but it is the cheapest way to deposit lower amounts, such as pensions. Just write checks to yourself from your US account as needed.

Bills you should pay with Panama online banking and credit cards. Then you save a few hours per month.

Originally Posted by wabby99

If you relocate to Panama to live out your golden years is it best to pay all bills with cash and keep your bank account in USA? If so how do you get cash in your hand? Or should I set up a bank transfer from the USA to an account in Panama? Thanks.