How to open a Personal Bank account in PanamaRequirements for opening a bank account:
There is always a list of some documents that is required for the paperwork to open an account. Different banks may have little different requirements, though the majority part remains the same. At Panama, they require more documents than any other bank would ask for.
Most importantly, you have to select some banks to have your letters made out to them. You will be asked for new letters if are not having the letters written in the name of the banks you applying to. The information in the documents that you provide should be current and within 6 weeks of the date of the submitting the documents while opening an account.
The list comprises of:
1. A photocopy of your Passport that should include your photo with personal details having clean signature and every other detail like passport number, exit stamps and recent entries. You may be required to notarize your passports also.
2. Second ID is also needed. You will have to submit a photocopy of the second ID
3. Two financial reference letters. This letter is to be made by the company who has dealt with you in past, on their official letterhead. It should mention the clear contact details and should be made out in the name of the bank where you are applying to open a bank account. An official of the company needs to sign on this letter
4. Two professional or commercial letters for reference that can be from lawyers, financial consultants on the organization’s official letterheads with all the necessary contact information. If the references are from the personals of Panama it will give more weight to your application.
5. Photocopy of your income tax returns for of last 2 years.
6. Signed account applications in original.
7. Statement showing your pension status of letter from employer
How to apply?
There may be some changes in the procedure for application of opening a bank account in Panama, as the process may be different in some banks.
1. In case you don’t speak Spanish then take an appointment with some one who speaks English and is recommended. Fill the application form then.
2. There is a minimum amount of deposit that I required at the time of opening a bank account. That can vary from bank to bank. The least amount that is needed to open a bank account is $150 that can extend up to $300. Until you bank account is opened, the bank will hold this amount.
3. You may deposit money via cash, USD check, or bank wire transfer.
4. After documentation receipt, within 7-10 working days, the account should be available.
5. You can request at the time of opening a bank account if you want the bank to provide you online banking, checkbooks and ATM cards. Banks also gives you the wide options such as paying your bills, including utilities online.
Types of cards: Credit and Debit cards.
A wide variety of credit cards are available. The major different between the credit cards is their limits and membership fees. Various options for credit cards include Platinum, Silver, Gold, and Air Miles/Points Card. You will have to have to a minimum amount of fixed deposit in your account which is set by the bank on your credit card.
Debit cards issued at Panama bear the “Clave” logo. This “Clave” logo makes you use your debit card in any of the ATM machines that has “Plus” or “Interlink” symbols. Almost all bank accounts come with debit card and there may be various charges for use.
Types of accounts: Saving and term deposits, checking accounts.
Saving accounts and term deposits’ rates of interest may vary but they are gives the best rate of interest. Interest rate gets better with the increased amount of money.
Checking accounts have various benefits and needs which depend on the account type. These accounts are still popular in Panama. You should ask about the local checking accounts and the international checking accounts.
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