Thread: New bank challenges

Well guys...

I'm looking for opinions and options.

I've been with "The Big H" for 4 years and I'm thinking about
moving to another bank.

Depositing checks is officially a nightmare.

Any check over $3000 -- will be held for 45 days...
And will cost $40 (courier fee --- because they need to ship it back
to the USA) to deposit... Plus: % of the cheque (0.25%).

IS THIS INSANE? ARE YOU FREAKING KIDDING ME?

The bank manager told me straight up... I highly suggest you
only do wires. Checks are going to cost you a lot... and you will
wait a long time to get your money.

What's the story with other banks? Are they moving to this system?

On another note... the same bank had me fill out a bunch of new
forms so they can "update my profile". It had strange questions
about if I had any relationship with politicians.

On another note... I needed a money order done -- and "The Big H"
costs $50. Scotia Bank cost $5!

I'm looking for opinions and suggestions guys!
Matt

P.S. Ed? You seem to be a master of this domain...
I would love to hear your experiences and who you recommend.

This is optimal for me:

1. Outgoing funds: Check from Banco Universal S.A. drawn on HSBC New York. $10 fee for this.

2. Incoming wires: Credicorp (due to time with bank), $15 fee. Globalbank has $10 fee.

Depositing US checks:

Free with: Banco Nacional de Panama, Credicorp (even Canadian checks), Banco Universal S.A., Globalbank. All with 15 business day hold.

Fees with: Big H, Multibank.

Panama checks (most of them as least) cannot be used outside the country.

Do you have the 2 bank reference letters? If so I can take you for a round and get you accounts with Banco Universal (instant) and Credicorp (some delays).

I would also recommend Credicorp's MASTERCARD cashback card. I get 1 % cashback on everything and 2 % cashback on all food, pharmacies, gas stations. Get a Plazo Fijo first (don't mention that it is for the cashback credit card).

I have my business account at the big H, and yes service is horrendous, been trying to set up my Internet banking for 6 months.
My personal account is at ScotiaBank. Exactly the opposite, great service, in English to boot. Internet set up in a day. Punta Pacifica branch is great.

I went to ScotiaBank once - I had 5 bank reference letters and enough personal ones, electric bills - basically the works.

They said they had to have my most recent tax return. So I left the building right away. Before I managed to leave they suggested that I open the account in my girlfriends name and take it from there.

A Canadian friend told me a while ago that "everyone who wants an account with ScotiaBank is a drug dealer until proven not guilty".

Originally Posted by gsfromc

My personal account is at ScotiaBank. Exactly the opposite, great service, in English to boot. Internet set up in a day. Punta Pacifica branch is great.

what about paypal?

In regards to paypal, you cannot set up a paypal account to receive money into Panama. You can set one up to use a credit card to send money out of Panama but not from a private bank account.

Thats a shame, paypal is so widely used and convenient. Im sure that issue is simply because money laundering is a big problem here and Panama govt. isnt aware of its "online" implications.

Originally Posted by EdBowers

I went to ScotiaBank once - I had 5 bank reference letters and enough personal ones, electric bills - basically the works.

They said they had to have my most recent tax return. So I left the building right away. Before I managed to leave they suggested that I open the account in my girlfriends name and take it from there.

A Canadian friend told me a while ago that "everyone who wants an account with ScotiaBank is a drug dealer until proven not guilty".

Ed, why don't you just provide your tax return?

It is now becoming very hard for expats to open bank accounts. I'm sure if you try hard enough though, you can slip in somewhere.