Thread: Bank accounts

Hello everyone,
Does anyone have any in site on opening a bank account in Panama?

Yes, start reading the forum's threads and you will find a ton of banking information. Look in the business section and you will probably find the answer to any question you may have as well as items you did not realize. Enjoy.

Feel free to ask me any questions you want.

Also its important to know what type of bank account.

Personal or commercial ?

I just would like to open a personal bank account for now. With the least amount of hassle!
I can't believe how difficult they make it to open a simple bank account. Most want 2 bank references, where as I only deal with one Bank!

Some banks will accept two references from the same bank that you deal with.

Which banks are that? Herb & Coke Bank and Trust among others?

Originally Posted by malibubarbie

Some banks will accept two references from the same bank that you deal with.

lol

A lawyer who helped me get bank accounts told me that two references from one bank were acceptable. In my case I had references from two banks. It is worth asking the Panama bank if two references from one bank are acceptable. Having a lawyer help me was a waste of money and had limited success. You probably just need a person in Panama who has an account at the bank to go to the bank with you.

If you have access to HSBC and this bank meets your needs in Panama, you can open an HSBC account at your local bank in your country and they will help you open a bank account in Panama. The cost is much less. If you qualify as a Premier Member, it is free. The whole process is quite fast - a month or two at most and a lot less frustrating. Then once you have the HSBC accounts, transferring money is very easy, fast and even free if you have Premier status. I suggest you take a look at the HSBC website. I don't think Panama is on their One World network yet. If it ever is, you will be able to transfer money electronically on line between all your accounts. No wire transfers. At least this is the way it works in Canada. This worked for myself and a friend in another part of Canada.

Only a complete maniac should do this.

I am sure he meant that you could get one for yourself and one for your business, not two for yourself. Otherwise the lawyer would be completely insane.

Are you aware of that HSBC in Panama sued one of their clients for $5 million for Yahoo news group posts?

Originally Posted by malibubarbie

A lawyer who helped me get bank accounts told me that two references from one bank were acceptable.

Originally Posted by Captain

I just would like to open a personal bank account for now. With the least amount of hassle!
I can't believe how difficult they make it to open a simple bank account. Most want 2 bank references, where as I only deal with one Bank!

What I meant was the reference letters requested by the Panama bank can come from one home bank in your country. I suggest that a person ask the Panama bank to see if they will accept this.

Yes, I heard about the Yahoo incident. Does one incident make the bank bad? HSBC is not perfect; but, from my experience, no bank is. A working relationship with a helpful bank employee usually gets most things done. So far this is my experience with two banks in Panama. I have heard of horror stories but I have not experienced any.

Yes, of course you can use reference letters from non-Panamanian banks.

As for suing your clients at $5 million for Yahoo posts - depends on what type of business behavior you wish to support.

Any bank that reveals my confidential bank information in a public lawsuit is not my type of bank, whether it is legal or not.

What if one had a ScotiaBank account, such as from Canada or the US. Could one withdraw funds from that bank in Panama? (Same question for CitiBank.)

Would you then have to provide ref letters or would they just go by the account info?

Also suppose that deposits were being made into the US bank. Would withdrawal in Panama be scrutinized in any way?

TX - Carramba!

You can use your debit card to withdraw funds from some Panama banks. Scotia Bank in Canada and in Panama are totally separate entities. A year ago you could not even use a Canadian Scotia Bank debit card at a Scotia Bank in Panama to get money from your Canadian Scotia Bank account.

If you want to open a Panama account, you will probably need two reference letters from your home or regular bank.

Withdrawals are not scrutinized as far as I know.

Take a look at the HSBC site. Panama HSBC will soon be on World View which allows you to look at all HSBC accounts on one site and I think you may be able to move money between accounts on line. Your local HSBC bank can do everything you need to do to open an account in Panama. I know one person who opened a new HSBC account in Canada for the sole purpose of easily opening an HSBC account in Panama. Maybe worth checking. Sure saves a lot of hassle.

Ed seems to dislike HSBC. I do not have anything bad to say so far. They have been very good in any business dealings I have had with them. At least you can use a Canadian Scotia Bank debit card to get money at a Panama HSBC ATM.

The problem here is that your text is based on hearsay and have very little substance. It's not backed by any credible experience in banking in Panama. You know nothing about this subject having dealt with 1 bank. I have dealt with about 12 banks and opened close to 60 accounts in Panama. HSBC has a very poor reputation, apart from that it is simple to open accounts, among them online banking down for several months, problems with opening sub-accounts for accounting purposes, extreme delays in US check deposits.

1. You indicate that Panamanian ATMs cannot be used if you have a Canadian ATM card. This is not correct.

2. It is not sufficient to get these reference letters. Today you more or less need to have residency or they will not accept you. It is better to get reference letters after you have residency since they expire after 3 months. It is also preferred to make a visit to the bank ahead of time so they know to expect you 2-3 months later on.

3. HSBC Panama's website is pretty much useless. They don't publish a single interest rate.

4. HSBC Panama's ATM are no different from any other bank. It's a waste of time for look for an HSBC ATM if you have a Canadian Scotiabank ATM card.

5. It is not called "World View", but "Global View". The demos says nothing about free transfers. Very likely your information is wrong or a bad assumption.

Originally Posted by malibubarbie

You can use your debit card to withdraw funds from some Panama banks. Scotia Bank in Canada and in Panama are totally separate entities. A year ago you could not even use a Canadian Scotia Bank debit card at a Scotia Bank in Panama to get money from your Canadian Scotia Bank account.

If you want to open a Panama account, you will probably need two reference letters from your home or regular bank.

Withdrawals are not scrutinized as far as I know.

Take a look at the HSBC site. Panama HSBC will soon be on World View which allows you to look at all HSBC accounts on one site and I think you may be able to move money between accounts on line. Your local HSBC bank can do everything you need to do to open an account in Panama. I know one person who opened a new HSBC account in Canada for the sole purpose of easily opening an HSBC account in Panama. Maybe worth checking. Sure saves a lot of hassle.

Ed seems to dislike HSBC. I do not have anything bad to say so far. They have been very good in any business dealings I have had with them. At least you can use a Canadian Scotia Bank debit card to get money at a Panama HSBC ATM.

Hello Ed
Have you any experience with Scotiabank in Panama?
I am considering opening an account with them. Including a trading account.
Thanks Bruce

I have an account with Scotia Bank. I also have a mortgage with Scotia Bank in Panama. You cannot pay bills online with an account with Scotia Bank. When you open an account, you get a debit card that is free for the first year then 18 dollars after that. Obtaining a mortgage was relatively easy process. Just the normal last minute glitches that any mortgage company pulls on you.

Originally Posted by jwr2001

I have an account with Scotia Bank. I also have a mortgage with Scotia Bank in Panama. You cannot pay bills online with an account with Scotia Bank. When you open an account, you get a debit card that is free for the first year then 18 dollars after that. Obtaining a mortgage was relatively easy process. Just the normal last minute glitches that any mortgage company pulls on you.

Thanks
Bruce

Yes, I tried to open an account there about 2 years ago. They were very abusive and asked for too much information. They said it was no way to get an account unless I could present foreign tax returns.

It's a VERY safe bank, but of course their interest rates are next to nothing.

Trading accounts in Panama are pretty much useless, especially if you invest in dividend heavy instruments.

Originally Posted by bruceba

Hello Ed
Have you any experience with Scotiabank in Panama?
I am considering opening an account with them. Including a trading account.
Thanks Bruce

Originally Posted by malibubarbie

A lawyer who helped me get bank accounts told me that two references from one bank were acceptable. In my case I had references from two banks. It is worth asking the Panama bank if two references from one bank are acceptable. Having a lawyer help me was a waste of money and had limited success. You probably just need a person in Panama who has an account at the bank to go to the bank with you.

If you have access to HSBC and this bank meets your needs in Panama, you can open an HSBC account at your local bank in your country and they will help you open a bank account in Panama. The cost is much less. If you qualify as a Premier Member, it is free. The whole process is quite fast - a month or two at most and a lot less frustrating. Then once you have the HSBC accounts, transferring money is very easy, fast and even free if you have Premier status. I suggest you take a look at the HSBC website. I don't think Panama is on their One World network yet. If it ever is, you will be able to transfer money electronically on line between all your accounts. No wire transfers. At least this is the way it works in Canada. This worked for myself and a friend in another part of Canada.

hello guys, 2 months ago I opened an account with HSBC.
of important documents, I have only one copy of the "contrato de productos y servicios hsbc", I find no copy of the signed contract.
I have a receipt cuenta de deposit where I transferred $ 300.
and activated intercuenta online,but any documents.
It 's normal that?thankssss

I opened an account very easily in Feb 2010 at the Boquete HSBC but I had an HSBC Premier USA account. Then I found out they have no connection with the USA HSBC. They refused to take any USA checks period leaving me sort of helpless. So I opened an account with Global in Boquete. Took several weeks but no real problems. I do move funds by wire from HSBC USA to HSBC PA with no problems and then write a check to Global.

hi Panamaman,when you open account with hsbc in Panama,have you a copy contract signed?

I am sure you can pick this up in any HSBC office. It doesn't matter if it's signed or not, since when you signed (to open) you also accepted all amendmends that they make in the future. Do you think you need this for something?

Originally Posted by Tremendino

hi Panamaman,when you open account with hsbc in Panama,have you a copy contract signed?

Originally Posted by Panamaman

I opened an account very easily in Feb 2010 at the Boquete HSBC but I had an HSBC Premier USA account. Then I found out they have no connection with the USA HSBC. They refused to take any USA checks period leaving me sort of helpless. So I opened an account with Global in Boquete. Took several weeks but no real problems. I do move funds by wire from HSBC USA to HSBC PA with no problems and then write a check to Global.

I stumbled upon an HSBC site promoting their "U.S. International Banking Center." They make a lot of claims on the services they are able to provide and am wondering if perhaps this is new. I have not idea whether they can deliver what they promise. I simply find it interesting that HSBC U.S. promotes these services.
Moving from the U.S.

EXCERPT:

Simplify your move abroad

Whether you're moving abroad for professional reasons or simply enjoy having a home outside of the US, HSBC Premier will help you get settled financially in over 40 countries and territories worldwide.

As an HSBC Premier client, you will experience a less stressful transition when establishing a new home abroad. Prior to moving, our International Banking Center will provide you with global financial relocation services including:

• An International Needs Review examining all of your banking needs while living abroad
• Overseas account opening before you leave the US (subject to local terms and conditions)
• Checkbooks, bank cards, credit cards and PIN numbers for your new country within ten working days while you are still in the US.
• HSBC credit card with similar limits to those you currently enjoy with HSBC in the US (subject to status, local laws and terms and conditions)
• Seamless transfer of your HSBC credit history

Enjoy Premier support

After settling in to your new home, you will enjoy ongoing services such as:

• Global Transfer - free international transfer of funds between your HSBC Premier accounts via internet banking
• Global View - manage all your HSBC accounts online with one single login.
• Access to a team of Premier specialists who can help you with any and all your financial needs.
• 24-hour internet and telephone banking no matter where in the world you are.

hello Balabeacher,y el Tasas de Interés para la apertura de un depósito a Plazo Fijo con tiempo establecido with hsbc?

Originally Posted by malibubarbie

Some banks will accept two references from the same bank that you deal with.

We have not found this to be true. We had to set up a separate bank acct so that we have two as required. We were also told that they would not accept both references from the same bank. Some might be different but we were told otherwise. That is easy enough to resolve. Just open another acct.
Good luck

Originally Posted by Tremendino

hello Balabeacher,y el Tasas de Interés para la apertura de un depósito a Plazo Fijo con tiempo establecido with hsbc?

No interest rates were quoted on the HSBC Premier. HSBC Premier service is the same strategy of every other U.S. bank - they want to provide wealth management services. That's where the big money is, not savings accounts and credit cards. I suppose being more global than others, HSBC would be an option to consider for the international traveler. I know Ed is not fond of how the Panama affiliate conducts itself - no doubt for good reasons. Banks can piss people off faster and more often than anyone.

I made a trip to Panama about 18 months ago with the purpose of openning a bank account, I spent the best part of a week visiting various banks only to be told the same thing, Unless I had any interest in doing buissness or buying in Panama then they were not interested, However I did manage to get somebody in HSBC to give me an application form which I completed they required 2 references from differnt banks the usual ID as well as reference from my income. After 3 weeks i heard nothing then spent 2 weeks trying to contact them with no success, Eventually they sent an email saying my application had been refused no other explanation.
I remember a time when you could walk into a bank with your passport and get an account(never needed it then) this was before the venneto was there and it was just a carpark for the Fiesta, Now things have changed,However going through a lawyer has made things much easier.
Good luck

Originally Posted by tompoker

I made a trip to Panama about 18 months ago with the purpose of openning a bank account, I spent the best part of a week visiting various banks only to be told the same thing, Unless I had any interest in doing buissness or buying in Panama then they were not interested, However I did manage to get somebody in HSBC to give me an application form which I completed they required 2 references from differnt banks the usual ID as well as reference from my income. After 3 weeks i heard nothing then spent 2 weeks trying to contact them with no success, Eventually they sent an email saying my application had been refused no other explanation.
I remember a time when you could walk into a bank with your passport and get an account(never needed it then) this was before the venneto was there and it was just a carpark for the Fiesta, Now things have changed,However going through a lawyer has made things much easier.
Good luck

Thank the OECD (basically an organization of high-tax countries that declares the rest of the world "tax havens") which has focused on Panama and other countries since 1998, maybe? http://www.oecd.org/dataoecd/60/16/2082513.pdf

Given the problems with banking in Panama does anyone have experience with banking in other jurisdictions, say Uruguay, Belize, Caymans, Singapore etc.. and then just using Panama ATMs and credit cards? Which country's offer the least hassel?

Originally Posted by fleeted

Given the problems with banking in Panama does anyone have experience with banking in other jurisdictions, say Uruguay, Belize, Caymans, Singapore etc.. and then just using Panama ATMs and credit cards? Which country's offer the least hassel?

Most of Belize speaks English as first language pretty easy to set up an account without a visit, On the down side they have only really been promoting banking since the mid 80s which in banking terms is very short.
I have been told that The American system will have a very difficult time accessing the Asian banks(have no idea if this is the case) But you must visit to open an account.