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Best banks in Panama for foreigners: Discover all you need to know
Knowing which are the best banks in Panama for foreigners will help you choose the one that best suits your needs. Find out in this guide!
Panama stands out as one of Latin America’s top business hubs, which makes it an attractive place to live. But there’s more to it than that—its prime location, lively and modern capital, warm tropical climate, stable economy, and affordable cost of living add to its appeal. The country also offers great benefits for expats, including an accessible residency program, high-quality healthcare, and excellent connectivity. In short, Panama has everything you need, whether you’re looking to settle down long-term or spend an extended stay. If you’re considering the move, knowing the best banks in panama for foreigners will be an important step in getting your finances in order.
Today, we’re diving deep into Panama’s banking system, exploring local, international, and digital banking options. We’ll walk you through the process of opening an account, the requirements you need to meet, and answer any questions you might have. Get ready for the ultimate guide to the best banks in Panama for foreigners!
Reasons to have a bank account in Panama
Since Panama took control of the canal—one of the world’s greatest engineering marvels—the country has experienced rapid growth, especially in infrastructure and economic opportunities. This has made it a top destination for digital nomads, remote workers, international students, and even retirees, who can gain permanent residency simply by proving they have a lifetime income. Thanks to its diverse and accessible visa programs, relocating to Panama has never been easier. So if moving here has been on your mind, you’re definitely not alone!
With so many things to plan before and after your arrival in Panama, opening a bank account should be high on your priority list. If you’re wondering why this is important, here are a few key reasons to help you make the decision:
- Panama has a strong and reliable banking system, backed by a stable economy.
- You will find a huge number of banks: local (such as Banco Nacional de Panama and Global Bank); international (HSBC Panama and Scotiabank Panama, among others); private (such as JPMorgan Chase Private Bank) and offshore banks.
- Banking services are very diverse, ranging from checking accounts, savings accounts, many investment options and more.
- Many banks in Panama offer online services and international cards, making it easy to manage your money from anywhere in the world.
- Panama has a stable currency (the balboa) and widely accepts the US dollar. Given that many Latin American countries struggle with inflation, the ability to earn, save, and conduct transactions in US dollars is a major advantage. Plus, the fact that the dollar is accepted nationwide provides international investors with an added layer of security and confidence.
Opening an account with a bank in Panama as a foreigner will give you better control over your finances, access to a range of financial services, and various benefits. Once you’ve chosen the right bank and completed the account setup process, you’ll be able to take full advantage of everything Panama’s banking system has to offer.
Requirements to open a bank account in Panama
As a foreigner, you’ll find that opening a bank account in Panama is a fairly straightforward process. However, it’s always a good idea to research the specific requirements of each bank, as they can vary, along with the services they offer. Keep in mind that Panamanian banks adhere to international regulations, so some verification steps may be stricter for non-residents.
Generally speaking, in order to open a bank account in Panama as a foreigner you will need to submit the following documentation:
- Valid passport: Any foreigner looking to open an account in Panama must present their passport as the main form of identification. In some cases, if you’re a resident of Panama, your personal ID card may also be accepted.
- Proof of residence: To open a bank account, you’ll need to show proof of residence in Panama. Accepted documents include utility bills with your name and address or a rental agreement. If you don’t have a utility bill from Panama, a bank statement from your home country can also work.
- Bank references: Some banks in Panama may ask for a bank reference letter, which confirms your financial history and that you have no debts or suspicious activity. This is typically required by banks that work with international clients or those with high-value accounts. If this doesn’t apply to you, there’s no need to worry if you don’t have one.
- Personal reference: Banks may also ask for a letter from an employer or someone who knows you well, such as a lawyer or accountant, to confirm your identity and reputation. While this isn’t always required, it could be requested if the bank deems it necessary.
- Proof of income or economic activity: In some cases, the bank may ask for a document that explains the source of your funds or your economic activity. This could be a payslip or proof of employment if you’re working in Panama, or a tax return if you’re self-employed. This is required to comply with international anti-money laundering regulations.
- Initial deposit: Almost all banks in the country will require a minimum deposit to open an account. The amount can range from $50 to $500, depending on the type of account. Some banks may also charge a monthly maintenance fee, especially if your account balance is low.
The required documentation can vary between banks, so it’s crucial to get the right information before opening an account. Making sure you have everything in order will help speed up the process.
What steps should I follow to open a bank account in Panama?
When you arrive in the country, you’ll likely want to begin getting your life in order. As we mentioned, opening a bank account in Panama should be one of the first things you do. The good news is that the process is simple and doesn’t take much time. Just plan to spend a morning at the bank to get everything set up.
Here is the step-by-step procedure you need to follow:
1. Choose a bank according to your needs
The first step is to choose a bank (we’ll share the best options for foreigners shortly). As we’ve mentioned, make sure to research the available options, the type of account you need, the fees, additional services (online banking, credit cards, etc.), and the bank’s reputation. Once you’ve made your choice, you’ll need to gather the required documents (check the previous section for details).
2. Go to the bank branch
Once you have all the documents ready, you’ll need to go to the bank branch in person. This is a common requirement in Panama and something that most banks, especially for foreigners, will ask for.
3. Complete the Application Form
When you have all the necessary documents, you’ll need to fill out an application form at the bank (they’ll provide it at the branch). You’ll be asked for personal details, information about your income, occupation, and the reason for opening the account (whether it’s personal, for business, investments, etc.). Be sure to be truthful, as the bank is required to verify the information you provide to meet anti-money laundering regulations.
4. Sign a set of documents and declarations
After filling out the form, you’ll be asked to sign a few documents: the account application, a statement of agreement (with the bank’s policies and regulations), and in some cases, the banking services contract, which outlines the fees and charges associated with the account you’re opening.
5. Make the initial deposit
Keep in mind that the bank will likely ask for an initial deposit to activate your account. Also, remember that in some cases, you may be charged a monthly maintenance fee if your balance falls below a minimum required amount.
6. Verification and approval of the account
Once you’ve submitted all the documents and made the initial deposit, the bank will verify your information. The process is usually quick, but it can take up to a week, depending on the bank and whether you’re an international client. During this time, the bank may request additional information if needed.
7. Card reception and banking services
Once your account is approved, you’ll have full access to the banking services. This includes a debit or credit card (if applicable), online banking access, checks (for checking accounts), and any other services tied to the type of account you’ve opened.
Once your account is up and running, you can start taking advantage of the benefits offered by Panama’s banking system. This includes withdrawing money from ATMs, making payments, transferring funds, or making investments. If you have a business account, you’ll also be able to handle payments to suppliers, salaries, and other financial tasks.
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Types of banks in Panama for foreigners
Foreigners arriving in Panama have several banking options to choose from. Each option has its own pros and cons, so the best choice will depend on your specific needs. Here’s a guide to the top banks in Panama for foreigners:
1. International banks
If you’re looking to manage accounts in different currencies or make international transactions with ease, an international bank in Panama might be the best fit for you. These global banks operate worldwide and serve both locals and foreigners, so opening an account shouldn’t be an issue. Just keep in mind that the requirements may be more demanding, and the initial deposit amounts could be higher.
Some examples of international banks in Panama are Scotiabank Panama (subsidiary of the Canadian bank Scotiabank); HSBC Panama (subsidiary of HSBC Holdings) and Citibank Panama (subsidiary of Citigroup).
2. Local Banks
These banks are financial institutions in Panama regulated by the Superintendency of Banks. While they mainly focus on the local market, many also offer services to foreign clients, including multi-currency accounts, offshore accounts, and financial advisory services.
Within this group we find Banco Nacional de Panamá (the largest in the country), Banco General (one of the most recognized private banks in the country) and Banitsmo (today part of the Bancolombia group).
These banks typically offer more competitive fees than international banks, along with many branches and a wide network of ATMs across the country. While their international services might be more limited, they remain a great option for foreigners.
3. Offshore Banks
Offshore banks offer banking services to foreign clients, businesses, and individuals who prioritize privacy, confidentiality, and managing funds in various tax jurisdictions. Panama is a favored location for offshore banking due to its tax benefits. Notable examples include Euobank and Banco Panama Offshore.
What advantages do these banks offer? As you might expect, they provide high levels of privacy and confidentiality, easy international transactions, and tailored advice for individuals with substantial assets. However, it’s important to note that maintaining an account with an offshore bank tends to be more expensive than with a local bank.
4. Private Banks
In Panama, there are also private banks, which can be either local or international, depending on their origin and how they offer their services. Generally speaking, these banks cater to high-net-worth individuals, providing exclusive financial advice, investment management, wealth planning, and many other services aimed at growing their clients’ wealth.
This group includes Banistmo Private Banking, a division within Banistmo (one of the largest local banks in Panama) that specializes in high-net-worth clients. Among the private banks serving international clients are Morgan Stanley Private Bank and JPMorgan Chase Private Bank.
5. Digital banks: An alternative for foreigners in Panama
Digital banks are gaining more popularity globally, including in Panama. For foreigners moving to the country who prefer managing their finances from home, this is a great option. These banks, also known as neobanks, offer more convenient and flexible services, allowing you to carry out financial transactions online without the need to visit a physical branch.
Although Panama’s banking system is quite traditional, many banks have embraced digital options. For example, Banistmo has adapted to the digital age with its Mobile Banking app. While it’s not a fully digital bank, its platform allows easy banking transactions via smartphone or computer, making it perfect for those who prefer managing their finances without having to visit a branch.
If you’re looking for a fully digital bank in Panama, you can consider Creditea Panamá and Bladex. But that’s not all—there are also fintech startups in the country offering faster and more convenient digital payment solutions and financial services. Examples of these include Yappi and Nequi.
In short, Panama offers a wide range of banking options, so you won’t be lacking choices. The key is to know your needs and select the one that fits you best.
What are the 5 best banks in Panama for foreigners?
Now that you know the different types of banks in Panama for foreigners, here’s our top five. We’ve selected five major banks and analyzed their features, so you can get an even clearer picture of what they offer.
Just to clarify, we’ve focused on local, international, and digital banks for this selection. Don’t get us wrong—we trust that you may have significant wealth, but in most cases, private and offshore banks may not be as relevant. With that said, would you like to know which are the five best banks in Panama for foreigners?
1. Banco General
One of the most prominent and trusted banks in Panama, known for its solid reputation both locally and internationally. It provides a broad selection of financial products for both residents and non-residents, including savings and checking accounts (in various currencies), credit cards, loans, and investment services. The bank also offers a user-friendly online banking platform, making it a reliable option for foreigners.
2. Scotiabank Panama
Scotiabank is another great option for foreigners. It’s one of the largest and most well-known banking institutions in the Americas, with branches across the continent. Its Panama branch offers a wide range of banking services, particularly tailored for international clients. You can open accounts in various currencies, make international transfers, and access financial products for both individuals and businesses.
It’s a great choice for foreigners who need to make frequent international transactions or are looking for a bank with a global presence.
3. HSBC Panama
It’s another top choice for international banks in Panama. Its financial products are designed for both individuals and businesses, particularly appealing to those who need international banking services like global transfers, currency management, and investment products.
4. Banistmo, one of the best banks in Panama for foreigners
For foreigners seeking a local bank with full online banking capabilities, Banistmo is a great choice. As one of Panama’s key banks, it’s well-equipped to serve both local and international customers. It offers a broad selection of banking products, including checking accounts, loans, and investment services. Plus, its digital platform is highly efficient and easy to navigate.
5. Global Bank
Global Bank is a Panamanian bank that offers financial products for both residents and non-residents, with a focus on dollar accounts and the ease of making fast and secure international transactions. It also features a modern and efficient digital banking platform.
Advantages and disadvantages of the best banks in Panama for foreigners
As we mentioned earlier, these banks each have their own advantages and disadvantages. Here is a table summarizing each one:
| Bank | Advantages | Disadvantages |
| Banco General | – Strong local presence and reputation – Wide range of banking products (accounts, cards, loans) – Efficient online and mobile banking – Accessibility for non-residents | – Requires a minimum opening amount on some accounts – Some fees may be high for certain services |
| Scotiabank Panama | – Well-established international services – Wide range of accounts in U.S. dollars and other currencies – Good customer service and personalized attention – Efficient mobile banking. | – Some products have higher fees compared to local banks. – May be more suitable for clients with larger accounts. |
| HSBC Panama | – Global network enabling international transactions – Diverse multi-currency products – Financial advisory and estate planning services – Advanced online banking | – Relatively high fees for some services, such as international transfers – Higher minimum balance requirements for certain products |
| Banistmo | – Complete services for residents and non-residents – Modern and easy-to-use digital banking platform – Extensive branch and ATM network – International remittance services | – Some products require minimum opening or balance requirements – Less global presence compared to international banks such as HSBC |
| Global Bank | – Good digital service and accessibility for foreigners – Offer accounts in multiple currencies – Comprehensive banking and financial services – Customer service in English and Spanish | – Less international presence compared to global banks – High fees for certain products and international transfers |
What is the best bank in Panama for foreigners?
We’ve not only created a top five list, but we’ve also selected a favorite bank for foreigners in Panama. Of course, this is subjective and might not be the best option for everyone. However, considering factors like reputation, product and service offerings, online banking, branch network, and more, we’ve determined that Banco General takes the top spot.
Why did we choose Banco General? To start, it has a strong presence in Panama with years of experience and a solid reputation, which translates into the most important factor: trust. We also appreciate its wide variety of banking products and services, from checking and savings accounts to credit cards, personal loans, and investment options. Moreover, its online banking platform is modern, user-friendly, and complete—crucial in today’s world, where many people prefer to manage their transactions anywhere, anytime. Think about a digital nomad; they would never pick a bank without a good digital platform.
Another reason is that Banco General offers the flexibility to serve non-residents, making it easier for foreigners to open an account without facing overly strict or high requirements. If you’ve just arrived in the country and need to get settled financially, this is a big advantage.
Lastly, it has an extensive network of branches and ATMs and good customer service in both Spanish and English.
Frequently asked questions about the best banks in Panama for foreigners
Of course! However, the requirements may be stricter, and some banks may ask for additional documents, such as an international bank reference or proof of income. Also, maintenance fees may be higher for non-resident accounts.
Banks in Panama offer several types of accounts for foreigners, such as:
Current: For daily transactions and payments.
Accounts in dollars and balboas: Banks allow accounts in both local currency (balboas) and US dollars (widely accepted).
Accounts in foreign currencies: Some banks allow accounts in other currencies, which is useful for those making international transactions.
Savings: For long-term savings with or without interest.
Fees and commissions may vary, but generally include:
Monthly account maintenance: Monthly fee if no minimum balance is maintained (about $5 to $15 dollars).
International transfers: Between $20 and $40 per transaction, depending on the bank and destination.
Credit cards: Annual fees of between $25 and $100, with interest rates ranging from 14% to 24% per annum.
In addition, some banks offer fee waivers if a minimum balance or specific account activity is met.
Yes, Panama’s banking system is regulated by the Superintendency of Banks, which provides protection for deposited funds through a deposit insurance system. However, as in any country, it’s crucial to select a reputable bank, such as the ones we’ve mentioned.
Most banks in Panama offer online and mobile banking for both residents and foreigners. These services allow you to check balances, make national and international transfers, pay bills, and more, all from your computer or mobile phone. However, some banks may require additional authentication steps to ensure online security.
