Thread: Chase bank - My account works in Panama the same?

Hi everyone,

I've got an account with Chase here in the States. Does it work the same in Panama? Can I continue banking in the same way or do I have to set up a separate account?

Sorry for the noobie question.

Cheers

Mike

Hi Mike, you may want to look at some of the posts EdBowers (Moderator) talks about in regards to Panama banking. He is a great resource.

---------- Post added at 09:32 PM ---------- Previous post was at 09:30 PM ----------

You may want to setup an account down here? Depends what you need it for.

Hi Mike,

It's very tough for US Citizens to setup accounts in Panama these days, but a few banks should still work.

1. You can use a US debit card to make free ATM withdrawals in Panama. Just make sure your bank in the US doesn't charge you for this. Panama loves tourism and I guess for that reason no banks charge a tack-on.

2. You cannot deposit Panama checks to a US account - you can however go to the bank and cash it - bring your passport. Or you have them write "AL PORTADOR" on the check and anyone can deposit it.

3. As long as you have less than 10k in the account you don't need to report it to the IRS.

4. I would recommend having 2 account with 2 different banks while you are here and maintain less than 10k with each.

There is no deposit insurance in Panama, but people with 10k or less get paid first (then employees and water bills and such....)

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

It is considered a different bank. You would need to open an account with the Panama branch. Hope this helps.