Thread: Opening a savings account during a brief visit

Hello everyone.
Let me start by thanking all for an excellent forum with tons of useful info!
Now, I'll be visiting Panama for a few days soon, and would want to open an account, savings probably would be easier. I have no problem with bank references, will take 2 or 3 with me, along with other documents. What do you suggest I do with local references from Panamanians? Or can I go around this? How? Which bank would give me less problems in a process? I'd prefer to stick to large international banks like city or hsbc despite of all the negativity about them. What do you think?
Appreciate in advance.

You will need to have at least 2 local references as well (or foreigner who have accounts). The best is to have accounts with 2 different banks since it will make things easier in the future (plus you can avoid inactivity fees by transferring between them). Make sure to tell them you live here.

Your account will most likely not be opened on the spot.

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

Thank you, Ed. So, any less troublesome bank you can recommend, or they all are the same? Thanks again.

Banco Universal S.A. is the least troublesome that I know of, but might have changed a bit.

ScotiaBank is also pretty foreigner friendly. Not so many branches as some others but very easy to work with.

Let us know how it goes... I've been hearing some tough news lately including that almost all the banks will no longer open a bank account for foreigners that don't have a VISA to live here. I have a hard time believing it... so please let us know.

Thanks!
Matt

I have been hearing the same but my attorney assured me he can still get them done at Global Bank. Things seem to have been changing in this country, no doubt. What works today may not work tomorrow?

Just be patient and you can get an account. Some banks are more challenging than others. On other forums people confirm that ScotiaBank is very expat friendly, just be prepared to provide a stack of material for them. Most of this is driven by banking regulations which is essentially the same for all banks. patience!

You know what, guys... I called some banks today, specifically: HSBC, Tower Bank, Scotia Bank and Banco Universal. None of them said that personal Panamanian references apply to me and I did ask. Everything seemed to be easy, which might change when i actually walk into the bank. Anyhow, posting here the follow up response from HSBC, other banks said exactly the same:

Hemos recibido su solicitud con relación a su inquietud sobre aperturas de cuenta personales, le procedemos a detallar la información requerida para la apertura de la misma.

• Cédula o Pasaporte con el último sello de entrada al país.
• Segunda Identificación (Ejem: Licencia de conducir, tarjeta de crédito, recibo de utilidades etc.).
• Carta de trabajo o Carta de Referencia Bancaria (Extranjeros).

Además se deben completar los siguientes formularios.

• Solicitud de apertura de cuenta personal
• Tarjeta de firma
• Solicitud de activación de servicios.
• Solicitud de Chequera (Cuenta Corriente).

Mínimo de Apertura

• Cuenta de Ahorro $50.00 (Sólo Panameños )
• Cuentas de Ahorros $300.00 (Sólo Extranjeros)
• Cuenta de Ahorros Máxima $3,000.00 ( Ambos )

Cualquier consulta adicional favor contactarnos a través de nuestro correo electrónico panama_contacto@hsbc.com.pa o a través de Banca Directa al 306 4700

I started thinking that maybe they treat differently US/Canada and in general 1st world countries citizens? I'm an Ecuadorian... I'll post more info when I actually open an account.
Cheers.

I am currently under the impression that US and Colombian passport holders are probably going to have the hardest time. I might be wrong? Any further feedback Ed or Matt?

I am just waiting for Mango to write that the requirements given by the banks were entirely different in reality.

I will inform you by the end of the month. I actually was talking to a "real" person at the branch, and supposed to see the same person for the account opening... if they ask me for more things in person... I'd consider it harsh even by Ecuadorian standards.

I am curious to see if there is a big difference with bank account opening with Ecuador citizenship.

If you are be able to open an account with a passport, second ID and one bank reference letter I will eat all shoes that are in my building.

Originally Posted by mango7

I will inform you by the end of the month. I actually was talking to a "real" person at the branch, and supposed to see the same person for the account opening... if they ask me for more things in person... I'd consider it harsh even by Ecuadorian standards.

Just a couple of notes about some recent experiences... because I wanted to open more accounts (as back up to the back ups).

I walked into Metrobank to open an account. The lady said, "do you have an appointment?" I said no... she says you need to have a reference from a client or a lawyer. I said, give me a list of the lawyers that you have approved. She goes to the back... and comes back and says "Sorry, we no longer open any accounts for ANY foreigners because of tax evasion problems." Note: she didn't even ask what nationality I was. I said I was not American and she didn't care.

Went to GlobalBank -- they said they are no longer accepting foreign checks outside of Panama.

That's my latest adventures with the banks...

A connected friend of mine said to me that they talked to the banks and they said they are getting pressure from Obama because they want to stop the funds from leaving the USA, and that's why policies are changing. Not sure if that's true or not -- I'm just repeating what I heard.

Buena suerte!
Matt

Don't know what to say... wait until I get there. Meanwhile, please call for example Citi: (507)3043400, say you are from Ecuador and want to open a savings account and see what they tell you. I have just got off the phone with them. Same thing as with other banks I called: account opening in 24 hours, yes they'd want to see some papers from Ecuador but nothing impossible... I'll keep you informed.

Yes, Matt, in Ecuador they also trying to stop the dollars from leaving, but guess they don't have a power to talk to nobody, so they simply imposed a 2% tax on all funds leaving the country. I think it is working the other way around: the funds stopped entering... Anyhow, one of the reasons why I'd like to have an account in Panama.

No doubt US pressure is a huge contributing factor. Hard to believe that with the "GREAT ECONOMIC RECOVERY" the USA is experiencing that we would be so worried about money leaving the country. Oh that's right, were just printing more money. What could possibly be the harm in that?

Just tried Universal, was recommended not to bother until we had residency for a while, and even then it was doubtful... new policies.
no foreigners regardless of nationalities can be approved without a approval above the branch, and they're getting turned down. That goes for Ecuador too, good luck.

I should point out that Universal IS technically accepting foreigners, it's just a bit tough to get your stuff through the vetting process. If you speak spanish ( weren't any english speaking account people) then it wouldnt hurt to try. They have a very nice reputation for service...I'll try them again in a year

Credicorp and Multi I think next, after that we'll have no choice but to go for internationals like HSBC or Scotia.

Ok, Multi was great. It took about 2 hrs, but they were willing (after checking with management) to accept the following.
2 Bank reference letters
Passport
Drivers License
5-6 Bank Statements showing a source of regular income (canada OAS/pension in this case)
1 reference letter from a resident (a foreigner on jubilado) addressed to Universal, they didnt care.
That's about it.
It wouldn't hurt to have a second reference, they'll take it for sure. It takes a while , and you have to make your initial deposit in cash ASAP, we have to get it done tomorrow first thing AM, we have the deposit slips made out. With this done we were told the accounts(savings and checking), a credit card, online banking etc... should be setup in a week or so.
My father had to sign his name about 20 times, but it's all good.

All right then, some progress... You said the reference letter: they didn't care about it? I'll still go first to the big international banks to make my life easier in terms of transfers etc. Thanks!

They wanted a reference but were willing to take 1 instead of the normal 2. I think their website states 2...
We used the Via Espana branch, they were willing to bend a little to get it done and very efficient.
I'll update as we go...should be one or two more next week.

I have an account in one bank and want to open in another. They told me that I need 2 bank referances (one from the Panama bank and another from my bank in the country I'm resident). They didn't ask for anything else. Is this possible?

Panama bank policies and internal rules change faster than baby diapers. Exclusively to the negative end and very smelly. Too bad it's get even worse when they are off the diapers.

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

Originally Posted by EdBowers

Panama bank policies and internal rules change faster than baby diapers.
PANAMA BANK GUIDE - LIST OF BANKS IN PANAMA

LOL, Isn't that the truth That policy isn't exclusive to banks either.

Went to Banco General today. Filled the form out, they took 2 reference letters, personal reference letter and are waiting for a letter from a lawyer stating that my father has begun his filing for residency which we'll hand over next week. There was a missed call from them an hour after so who knows, maybe good or bad. This seems like they are not interested in foreigners stopping by to open an account.
After we give them the next letter, the account will be considered and we should find out in a week or so.

Also, no wire transfers until 6 months.

No wire transfers for 6 months? What a pain in the butt

I did 5-6 office visits with them 2 years ago with a friend who had a 200k loan. Had stacks of everything. They denied 3 week later by phone.

Originally Posted by Gwilson

Went to Banco General today.

Yeah -- I am NOT hearing good things at all lately.

I went to GlobalBank a month ago -- presented 2 bank reference letters from local banks...
apostilled documents from my business partners...
Letters from another local bank explaining the source of my funds.

They email me this week and say "You've been denied. Do you have more documents to show the source
of your funds?" What a freaking joke.

Matt

That's not good at all.