How to open a bank account in Panama

Written by: Juan Felipe Ducruet

Requirements to open a bank account in Panama?

Even though Latin America does not have a reputation for having the most advanced banking systems Panama is one of the few exceptions. In fact, one of the good things about Panama is that opening a savings account is a pretty simple process that can even be done from your cellphone. For this scenario, we are going to use Banco General, which is Panama’s biggest bank. For a resident or citizen, you just need your identification card, and a reference card it can be from another bank, person, or commercial entity. Lastly, you need a document that shows proof of income. However, in the case that the account will only contain amounts lower than five thousand dollars this requirement is not needed. Lastly, it is important to mention that like in any other bank, you will receive interest fees for opening a savings account, which will vary depending on the type of the account and how much money is in the account. For this bank interest rates can go from 0% being the lowest (which is very rare) to 3% on the more premium savings accounts.

In summary

• Identification form (national ID OR Passport)
• Proof of income (just in cases the amount saved surpasses 5,000 dollars)
• Reference card (From a bank, person, or commercial entity)
• Pay interest rates (varies on the type of savings account and the amount of money in the account)

Can foreigners/International Students open a Savings account?

In the case of foreigners, the requirements are almost the same, however, you need a valid passport. And a letter that shows your ties with Panama. In other words, this means you need some sort of connection to the country; for which it would not be possible for tourists to open bank accounts. However, foreign students going to a Panamanian institution (regardless of their age if they have all the required documents mentioned above) and foreigners that have business in Panama can open an account if they have the proper documentation.

In summary:

• Yes, as long as they have all the requirements mentioned above and can show ties to the country (whether it is through business or if they are attending a Panamanian institution)

Opening Debit Cards in Panama

Another great thing about Panama is that it costs around thirty-two dollars (annual membership) to get a debit card (visa platinum) and there is usually a five-dollar monthly membership fee. It takes about a week to be delivered and you can activate it as soon as you get it.

This article was written by Juan Felipe Ducruet, a graduate student at NYU.

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References:

Accede a tus cuentas desde donde estés. “Tasas, Comisiones Y Recargos.” Banco General Panamá, 11 Apr. 2023, https://www.bgeneral.com/tasas-comisiones-recargos/#cuentasdeahorros.; Accede a tus cuentas desde donde estés. “Tasas, Comisiones Y Recargos.” Banco General Panamá, 11 Apr. 2023, https://www.bgeneral.com/tasas-comisiones-recargos/#visadebito.; “Requisitos Para Abrir Una Cuenta De Ahorro En Banco General.” Panamá Consultas, 2 June 2021, https://panamaconsultas.com/requisitos-para-abrir-una-cuenta-de-ahorro-en-banco-general/.