Bank account in Panama

Now, if you are interested to have your very own bank account here in Panama then it would be best to start knowing what you should or should not do.
Since you are still a newbie in Panama, it would be nearly impossible to immediately have your own bank account. In fact, this concept applies to any country so this is not an unusual policy. However, if you have started settling yourself here like having your own home (or condo unit), home phone number and mailing address, then you have just complied the basic requirements.

Always remember that you won’t be getting mails right on your doorstep. It is because you need to have a mail box in order for the mails to push through. It would be best to go to the nearest post office and ask about the requirements of getting one for yourself.

Next, the bank accounts officer may ask you reasons on why you are interested to have your very own account. In some cases, since Panama is already considered a haven for foreign retirees, these people usually state this as their main reason. Otherwise, the officer will be asking for a bank reference from you local bank back in your original location. This means you need to produce a bank statement showing you in good financial standing from your previous bank. You will also need to provide reference letters from a certain number of people from your homeland. You will then present your passport and driver’s license (if you have one).

The officer may also ask about the source of your funds. Your answer may range from retirement fees, salary, sale of your assets from your homeland and others.
Remember, it may not look good if you attempt to open your own account using your cash. It would be best to transfer your funds electronically from your previous bank. Usually, the United States-issued checks take about three to four weeks to clear. Also, you won’t be able to pay your due using Panama checks when you travel internationally. Once you have your own account, you will be issued a debit card (Visa or Mastercard) which you can use in your daily transactions. Most of the Panamanian banks have implemented online banking so you can always manage your account using the Internet.

As you can see, there are pretty much a lot of requirements that you need to present. However, if you’re not that in a hurry to get a bank account, you can concentrate first in getting your residency in Panama before getting an account. By doing so, these banks will no longer ask for a lot of references since by virtue of granting your residency, you are now an ideal client.

Another option you can implement is coordinating with a Panamanian law firm which will process your bank account in Panama before you apply for your residency. As mentioned above, there will be documents that you need to produce such as reference letters from banks, passport copies and the copy of your driver’s license. You also need to sign a notarized document stating that you have authorized this law firm to transact business in the bank in your behalf.
If you want complete privacy of your account, you can open your own account at the Panama Foundation Bank or Panama Corporate Bank. These banks are strict when it comes to anonymity of its clients. In fact, the name of the account owners won’t be present in the database. The government itself won’t be able to track down who really owns it. International currencies are being accepted as well.

This leads to the fact that Panama takes its bank secrecy laws seriously. Therefore, you are pretty much assured on the security and safety of your funds.
Before you start letting go of your money and have it transferred to a Panama bank, make sure that the bank is reputable for great customer and banking service. You can always do your research online or better yet, you can ask the locals as to which bank they prefer. There are some banks that don’t offer bank insurance which means that if something bad happens in that establishment wherein your money gets lost, there’s a high probability that you won’t be getting your savings back. However, this incidence is very rare but still you want to be assured that your money is on the right hands.

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