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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, Banistomo or Mercatile Bank in Panama. Thankfully, there are branches of these banks all over the country, including the American expat enclaves of Coronado and Boquete.  

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 from your home country. They must be DATED, addressed to MULTIBANK or MERCANTILE BANK (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, with at least 1-2 in Panama.

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 cash. 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 typically don't want 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. 

If you want help opening your bank account, this is a service we offer. We charge $500, and this includes transportation, personal translation, and an introduction to a banker. However, you must be in Panama for us to assist you. If you want to learn more about this, contact us to get more information.


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