Thread: Us cashiers checks for deposits into panama banks

Hi!

I am thinking of opening a bank account in Panama as the interest rates are far better than anything in the US and I certainly will not invest in the stock market. I am looking for the safest of investments and have rolled out 2 CD's into cashiers checks to deposit into an account when it is opened. Do Panama Banks accept cashiers checks drawn on US banks?

My next question is this: if there is no government protection for banks account like the FDIC (LOL) is it possible to purchase investment insurance to protect the assets in case of loss? I look forward to hearing from the group. Thank you1

Yes, they accept cashiers checks, normally with a 15 work day hold or more.

There is no deposit protection and no insurance that you can buy that I know of.

I know a little bit about banking here and I second what Contrail posted. Of course a US citizen opening up a bank account here nowadays is another question...

Good Morning! Thank you both for replying. Contrail and Ed, are you indicating that if I am not there or not a resident of any designation it will not be possible to open an account? is this now due to TIEA? Or, have there been other changes to the banking laws? There is just so much conflicting information on the web when you search it out that you cannot tell what is "real". That is why I thought best to join the forum. There are so many legal sites hyping that they can do all of this for you. Of course, all for an awesome fee. Any guidance or other information is very appreciated.

uwprimo

You are not alone in your thought process. All of the following information is from what I have read on the forum, I have never opened an account in Panama. As Ed mentioned opening a bank account in Panama as a US citizen is tough, its not like opening an account in the US. Some hurdles are most banks require you to be there in person, and its often several trips. They also require a decent amount of paper work. Or paying someone to help you with the process

There are tons of threads on here about the process and hurdles. I think a lot of peoples advice is to open an account in another country besides Panama.

Good luck
sjc

Originally Posted by sjc

I think a lot of peoples advice is to open an account in another country besides Panama.

What country, besides Panama, would you recommend that is convenient for use in Panama?

If you don't have a mortgage in panama, why couldn't you use a debit card on your own bank in the states, since that is where your direct deposits are?

Originally Posted by BalaBeacher

What country, besides Panama, would you recommend that is convenient for use in Panama?

I was responding with the impression the OP did not live in Panama and had very little experience with its banking process. I don't live in Panama and don't have any experience with their banks at all.

In several other threads people who are familiar with these types of things have recommend people open bank accounts (off-shore) in other locations. For residents of Panama there was one thread about how some residents move money around between banks but I cant find it at the moment. I will keep looking

sjc