Thread: Update to banking rule #1

Hello,

I am fairly new to Panama, living in Bocas as of now, but I am about to open a new bank account and was wondering if there are any new updates to this "rule number 1" that Ed posted a couple of years back.

Rule number 1 in Panama is to never use one bank!

I would do this (as of now):
Global Bank, 3.75 % for savings up to 50k. Incoming wires.
Multibank, everything over 50k in Plazo Fijos. Rates at 5% for 1 year CDs.
Banco Universal S.A., 3.75 % for savings. Use for US check service for $10 per check up to ~10k.

Maintain about 25-35 % of your savings balance with Banco Universal since they have a BB rating.

This is a good setup if you have local deposits of less than $200,000. If you plan on having more money in Panama you need to diversify more.

I have not been able to find interest rates even close to this on savings accounts. I have been "accepted" by Global Bank and Multibank.

Any advice would be greatly appreciated.

Best,
Meck

Interest rates in Panama have been cut in half since that post.