Thread: Panama Banks - Complete List

Ed, what about a pregnant woman in bed with high risk to bear if flying

Originally Posted by EdBowers

Yes, they offer merchant accounts from 4-10 %, minimum 10k monthly processing to get started (usually with rolling reserve and a CD as security). Internet interface - is that a serious question?

They have the best credit cards with 1 % cashback (2% for gas/pharma/groceries). They seldom update their website so the information is incorrect/misleading. Savings accounts pay a very low interest rate compared to similar banks. CDs are paying OK.

Service is great if you find the right person. They have their fair share of "standard issue" employees as well.

If you have a longer term CD with them (longer than 1 year) the interest will not capitlize so the rate appears to be incorrect. Make sure to only create CDs that pay annually.

It would be fun to see you get the most expensive and reputable (M&M) lawfirm in Panama and see what they come up with.....

If you want to get things done here and not spend a fortune on BS you need to get your $hit together, get on an airplane and start pounding like you never pounded before.

Has anyone heard of a Panamanian bank failing (othere than Stamford) in the last four years?

Very helpful having a list. Thank you
I was wondering if I open an account in Canada with Scotia bank, can I access the account in Panama City?
Thanks Hellen

Originally Posted by Hellen

Very helpful having a list. Thank you
I was wondering if I open an account in Canada with Scotia bank, can I access the account in Panama City?
Thanks Hellen

if you are moving here fulltime then see if they can help you open a Scotia bank account here , i moved from canada and used HSBC , it needs to be open 6 months in canada and then opened a account for me here in panama , i transfed my monry and then closed my account, as like most I was not happy with HSBC here , but it is a easy way to get a account and move money

Offshore banking centers and tax havens facilitate tax competition that is induces national governments reduce taxes and make business environment more favorable for businesses. That in turn translates into higher economic growth. So offshore banking benefits everyone ordinary people and HYIPs.

If I will be living in Panama, is it possible for me to open an account with HSBC while in the USA and access that account from a branch in Panama?

I will be working for a U.S. company, and so i will be paid via my U.S. wells fargo account. Obviously there is no wells fargo in Panama, so I'll need to find a way to access that money other than ATM's as those international fee's will add up quickly.

Anyone have any advice here?

Make sure to bring 2 bank reference letters from the US. When on location get two from locals. Then take your electric bill, work permit and such and hit up 5-6 of them. Do not let them hang on to any originals as they are notoriously sloppy.

Transfer money to Panama by depositing US checks from yourself.

Get the bank that is closest to you - they are all equally incompetent and all require regular office visits to educate their staff on addition, subtractions and such.

Originally Posted by Panama_B

If I will be living in Panama, is it possible for me to open an account with HSBC while in the USA and access that account from a branch in Panama?

I will be working for a U.S. company, and so i will be paid via my U.S. wells fargo account. Obviously there is no wells fargo in Panama, so I'll need to find a way to access that money other than ATM's as those international fee's will add up quickly.

Anyone have any advice here?

So I would have to open a separate account even if I had an existing account with an HSBC or an international bank that has a presence in pana

US policies over the past 5 years have assured that US citizens are banned from all forms of international banking for a foreseeable future. Possibly they are trying to repatriate currency and save 0.001 % of the national debt at the expense of all US citizens being treated like shit outside the 50 states. Don't expect to be able to open an account here.

The cost for the US taxpayer by greatly limiting US citizens ability to invest internationally will probably be 5-10 times the expected savings. Such is the finance in communist nations as well - looks good on paper when modeling the world as a static entity, while disregarding human nature, developing dynamic economies and the force of innovation.

Originally Posted by Panama_B

So I would have to open a separate account even if I had an existing account with an HSBC or an international bank that has a presence in pana

It's up to the banking group to determine whether to permit account holders from foreign affiliates to access funds. Keep in mind that HSBC Panama is legally separate from an HSBC U.S. or an HSBC retail banking operation anywhere else in the world. Last I knew, however, HSBC Britain account holders were able to use their British HSBC debit cards in Panama. I don't know about the U.S. as HSBC has very limited retail opearations in the U.S.

Iam carefully about the banks in Panama but to be honest with all banks in the world.........