My Move To Panama
Ask About Our
​White Glove Service
US: (214) 431-5235
​Panama: +(507) 6270-4333
  • Home
  • Buy
    • Condos for Sale in Casa Bonita, Playa Bonita Resort >
      • Playa Bonita Resort
      • 23N Casa Bonita Penthouse for Sale
      • 23M Casa Bonita Penthouse for Sale
      • 21P Casa Bonita Penthouse for Sale
      • 20-o Casa Bonita Penthouse for sale
      • 19L 2 Bedroom Condo at Casa Bonita High Floor
      • 19D 2 Bedroom High Floor Apt with Great View
      • 18G 2 Bedroom at Casa Bonita
      • 18A Stunning view of the ocean at High Floor
      • 16L Large Condo with Sweeping Ocean Views
      • 9i Casa Bonita 1 Bedroom
      • 10i Casa Bonita for Sale
      • 7i Casa Bonita 1 Bedroom Condo
      • 7e Casa Bonita 1 Bedroom for Sale
      • 6F Casa Bonita Large 2 bedroom
      • Casa Bonita New Apartments
    • Condos for Sale in Panama City >
      • La Maison Fendi Casa Panama
      • Matisse Costa del Este Panama
      • Armani Nuovo Luxury Apartment >
        • Nuovo Armani Casa
      • Hyde by Wanders and Yoo
      • Vista Marina
      • Winston Churchill 3 Bedroom Paitilla
      • Seawaves apartment at the heart of Panama City
      • Amador 2 bedroom
      • Vista del Mar 1 bedroom
    • Condos for Sale in Coronado >
      • Royal Palm, Gorgona, Panama
      • Casamar Beach Community >
        • Perlamar at Casamar - 1 and 2-bedroom condos
        • Altamar at Casamar - 3 bedroom condos
      • Bahia Resort, Nueva Gorgona, Panama >
        • Bahia Resort 1 Bedroom
    • Priced-to-Sell Beach Properties >
      • Las Islas, Punta Barco-Panama
    • Houses for Sale >
      • Penthouse in Amador (30% discount)
      • Villamar at Casamar
      • Villamar 14
      • Marinazul at Casamar >
        • Marinazul Masterplan
        • Marinazul #4
      • Vista Mar Villa
      • Costa del Este House
      • Oceanfront Home in Majagual, Panama
      • Oceanfront Home in Malibu Beach, Panama
      • Coronado Farm $1.2 MM
    • Land for Sale >
      • Boquete House Plus 10 Hectares
      • Absolute Beachfront Lots Pedasi
      • Farm Land for Sale
  • Rent
    • Rental Book
    • Penthouses at Casa Bonita >
      • FAQs About Renting at Casa Bonita
      • 10KL 3 Bedroom Condo at Casa Bonita High Floor
      • Casa Bonita 21P Penthouse
      • Casa Bonita 22M Penthouse
      • 23N Casa Bonita Penthouse for Sale
      • Casa Bonita 23o Penthouse
      • Casa Bonita 24N Penthouse
      • Casa Bonita 24o Penthouse
      • Casa Bonita 24P Penthouse
    • 2 Bedrooms at Casa Bonita >
      • Casa Bonita 6F
      • Casa Bonita 7D
      • Casa Bonita 7F
      • Casa Bonita 7i
      • Casa Bonita 8A
      • Casa Bonita 8B
      • Casa Bonita 10i
      • Casa Bonita 15B
      • Casa Bonita 17i
      • Casa Bonita 17J
      • Casa Bonita 18A
      • Casa Bonita 18F
      • Casa Bonita 18G
      • Casa Bonita 18e
      • Casa Bonita 19D
      • Casa Bonita 19K 2 bedroom apartment
      • Casa Bonita 19L
    • 1 Bedrooms at Casa Bonita >
      • Playa Bonita Resort
      • Casa Bonita 6e 1 bedroom
      • Casa Bonita 7e 1 bedroom
      • Casa Bonita 8K
      • Casa Bonita 9b 1 bedroom
      • Casa Bonita 9e 1 bed
      • Casa Bonita 12H
      • Casa Bonita 13B 1 Bedroom
      • Casa Bonita 14B 1 Bed
      • Casa Bonita 16h
    • Renting in Panama City >
      • Nuovo by Armani Casa Luxury Apartment
      • Winston Churchill 3 Bedroom Paitilla
      • Parque Urraca 2 Bedroom Rental Apartment
      • Solaris 3 Bedroom Rental Apartment
      • Vista del Mar 1 bedroom
      • Villa del Mar 2 bedroom apartment
      • Rental Book City Apartments
    • Renting in Coronado >
      • Coronado Golf 1-Bedroom Golf Course View
      • Coronado Golf 2-Bedroom
      • FAQs About Renting at Coronado Golf
      • About Coronado Golf Tower
    • Rental Terms & Conditions
    • Fun Facts About Panama
    • Resources for Renters >
      • Terms and Conditions
  • Visit
    • Why Panama?
    • Things to Do in Panama >
      • Monkey Island Panama
      • Fish Market Panama
      • Best Restaurants in Panama City, Panama
    • Areas to Visit >
      • Amador Causeway
    • Foodie Tour
    • Gift Videos
    • French People Moving to Panama >
      • Porquoi les Français s'installent-ils au Panama
  • Concierge
    • Premium Services >
      • In Home Chef
    • Property Management
    • Moving to Panama >
      • How to Buy Property in Panama
      • Getting Money into Panama
      • Opening a Bank Account in Panama
      • Getting a Bank Mortgage in Panama
      • Bringing Pets to Panama
      • Checklist for Bringing Your Dogs & Cats to Panama from the US
      • Schools in Panama City Panama
    • Testimonials
    • What Do Renovations Cost in Panama?
    • Condo Remodeling >
      • Remodeling - Panama Penthouse
      • Renovations in Panama-Double Apt
      • Redecorating in Panama 1 Bedroom City
      • Redecorating in Panama Amador Causeway
  • Books
    • The Panama Affair
    • FREE Book >
      • Book Download
    • The Expat Files Panama >
      • Meet the Characters of The Expat Files >
        • Jessica James
        • Savannah Grant
        • Jack Sharrone
        • Benicio Braga
  • Contact
    • About Us
    • Client Registration
  • Blog
Picture
There are seven thousand things I love about Panama... and only a few things that drive me crazy. Banking is one of the more difficult things about Panama. If you want to avoid many headaches, pay attention to this article.

There are a lot of banks in Panama but not all are friendly to Americans because of the US FATCA law that states that foreign banks must report the income of Americans abroad. Some banks don't want to deal with the hassle, so they make it difficult for Americans to open an account. With regards to banking, it's easier to be a Canadian or a European

If you're American (like I am), don't lose hope. There are banks who love us!

Most Americans open an account at Multibank in Panama. Thankfully, there are branches all over the country, including one in the American expat enclave of Coronado. This branch is so friendly to Americans that they even have many staff who speak English. 

Here is the process for opening a SAVINGS account, the easiest type of account to open.

It typically takes 5 days to open an account. It can take more time if your information is incomplete or if your banking references are hard to contact. Be sure to plan accordingly. 

Here is a list of the items you need to open a bank account at Multibank:
  • 2 years of tax returns (just the 2 main pages)
  • 2 letters of reference from banks in the US. They must be DATED, addressed to MULTIBANK (vs. To Whom It May Concern), and SIGNED. The letter must also contain an email and phone number for the person who signs it. It does not need to include balances; it just need to say that you have an account in good standing.
  • Copy of your passport and secondary ID (i.e. drivers license)
  • Bank application, that you can fill out at the bank.
  • 3 personal references in Panama. (I can help you with this.)

On the first day you go to the bank to open the account, they will gather all of the documents. If you are missing anything, they won't get started until your file is complete. Once they have all of your documents, you wait 5 days while they verify everything. Only after your information has been verified will you give them your cash deposit. At the time of writing this, the minimum is $1,000. You will want to verifiy the amount ahead of time or plan to bring more. Some banks require a $5,000 opening balance.

After your account is open, you can wire transfer funds from other banks around the world. Panama banks will accept US checks to deposit, but every bank is different. The last time I tried to deposit a check from my own US bank account to my Multibank account, they wanted to charge a $100 fee and put a 30-day hold on it. I chose not to do it.

From your savings account, you can use the online banking and pay your bills online. Some people choose to open a checking account at a later date while others do not. 

It's important to remember that Panama banks do not waive requirements. If you do not have all of the documents that you need, your account cannot be opened. If you have everything you need and are prepared for the wait, then opening a bank account in Panama will be relatively painless. 


Copyright 2015-2022 Choose Panama Inc. All Rights Reserved.