How to Open a Bank Account in Panama: A Step-by-Step Guide for Expats and Investors

Whether you’re relocating to Panama, investing in real estate, retiring, or launching a business, opening a local bank account is one of the first practical steps you’ll need to take. A Panamanian bank account makes it easier to pay bills, receive rental income, transfer funds, and manage daily expenses in U.S. dollars—the official currency used in the country.

However, opening a bank account in Panama can be more complex than in North America or Europe, especially for foreigners. Due to strict financial regulations aimed at combating money laundering, banks in Panama require extensive documentation and sometimes take weeks to approve new accounts.

In this post, we’ll walk you through everything you need to know.

✅ Can Foreigners Open a Bank Account in Panama?

Yes, foreigners can open bank accounts in Panama—but there are important caveats. Not all banks will open accounts for non-residents, and the approval process can vary dramatically depending on your visa status, nationality, and financial profile. Some banks are more "foreigner-friendly" than others, particularly in expat hubs like Panama City, Boquete, Coronado, and Pedasí.

🏦 Types of Bank Accounts in Panama

Panama offers several types of personal and business bank accounts. The most common for new residents or investors are:

1. Personal Checking Account

• Used for day-to-day banking.

• Comes with a debit card.

• Online and mobile banking available (though some interfaces may be in Spanish only).

  
  

2. Savings Account

• Offers slightly higher interest rates than checking.

• Suitable for emergency funds or long-term deposits.

  
  

3. Corporate or Business Account

• Required if you own or operate a Panamanian corporation or foundation.

• More documentation is required, including legal and tax paperwork.

  
  

📋 Documents Required to Open a Bank Account

Each bank may have slightly different requirements, but you will usually need:

For Individuals:

• Passport (original and copy)

• Second ID (such as a driver’s license or national ID)

• Proof of income (employment letter, pension statement, investment income, or tax returns)

• Bank reference letter from your home country or existing financial institution

• Personal reference letter (sometimes from a Panamanian resident or professional)

• Utility bill or rental agreement (proof of address, local or international)

• Completed bank application forms

• Source of funds declaration

  
  

⚠️ Some banks may require you to have legal residency or at least be in the process of applying for a visa.

🏛️ Best Banks in Panama for Foreigners

Not all banks are created equal. Here are a few that are commonly recommended for foreigners:

1. Multibank

• Known for expat-friendly service.

• English-speaking staff in many branches.

• Online banking is modern and user-friendly.

  
  

2. Banistmo (part of Grupo Bancolombia)

• Large and well-established.

• More documentation required, but great for long-term residents.

  
  

3. BAC Credomatic

• Popular with locals and foreigners alike.

• Robust online banking.

  
  

4. Scotiabank Panama

• Familiar to Canadians. But in no way connect to the Canadian division.

• Easy transfers between Scotiabank accounts worldwide.

  
  

5. Credicorp Bank

• Focuses on private banking and international clients.

  
  

⏱️ How Long Does It Take?

Once you submit your documents, the approval process can take anywhere from 2 days to 3 weeks, depending on the bank’s compliance department. Don’t expect same-day account openings unless you have everything perfectly prepared and local connections.

💵 Minimum Deposit Requirements

Most banks require a minimum initial deposit, typically between $500 and $1,000 USD for personal accounts. Business or corporate accounts may require more. Some banks also require a minimum monthly balance to avoid maintenance fees.

🔐 Is Your Money Safe?

Panama's banking sector is regulated by the Superintendencia de Bancos de Panamá, which ensures compliance with international financial standards. However, Panama does not offer government-backed deposit insurance like the FDIC in the U.S., so it’s important to choose a reputable and well-capitalized bank.

🧾 Tips for a Smooth Process

• Hire a local lawyer or relocation consultant to help you navigate requirements.

• Ask for pre-approval or document review before your appointment.

• Dress professionally when visiting the bank—first impressions matter.

• Be patient—banking in Panama moves slower than in many Western countries.

  
  

📈 Understanding the Banking Environment in Panama

The banking environment in Panama is unique. It is crucial to understand the local regulations and practices. Many banks cater to international clients, making it easier for foreigners to manage their finances.

Cultural Considerations

Understanding the local culture can also aid in your banking experience. Building relationships with bank staff can be beneficial. They can provide insights and assistance that may not be readily available through standard procedures.

Navigating Language Barriers

While many banks have English-speaking staff, some documentation and interfaces may only be available in Spanish. It may be helpful to have a translator or a bilingual friend assist you during the process.

🌍 The Importance of Local Banking

Having a local bank account is essential for managing your finances effectively in Panama. It allows you to handle transactions in the local currency and simplifies the process of paying bills and receiving payments.

The Role of Technology in Banking

Many banks in Panama offer advanced online banking services. This can make managing your account much easier, especially if you are not physically present in the country. Mobile banking apps can also provide convenient access to your funds.

 Final Thoughts

Opening a bank account in Panama can seem daunting at first, but with the right preparation and expectations, it’s absolutely doable—even for non-residents. Whether you're managing rental income from property, retiring comfortably, or investing in a new venture, having a local account gives you much greater control and flexibility.

Looking for help getting started? As a local real estate and relocation advisor, I can introduce you to trusted professionals and walk you through the process. Just reach out via WhatsApp or email.

📲 Contact:

Ken Norton Panama Real Estate & Relocation Support WhatsApp: +507-6169-2453 Email: ken@panama-properties.com