Opening a Bank Account in Panama Most people planning to relocate to another country want information on personal banking where
they will be living. In Panama this can vary greatly from one bank to another. However all banks
require at least one original letter of reference from your present bank but that is where the similarity
generally ends.
There are a dozen or more banks in David plus a similar number of Credit Unions where one can
open a bank account upon meeting the banks’ requirements. We have found from our foreign
contacts and clients that Credicorp Bank, HSBC and the Banco Universal have been the most
accommodating.
To open a bank account successfully, the following information is mandatory.
The requirements of these banks are quite simple:
- Passport
- Immigration ID (visa document or identity card)
- One or two Reference Letters from your current bank (originals are required)
- Utility receipt (if you are a resident of Panama )
- Initial deposit minimum $300.00 for a checking or $50.00 for a savings account
- Pay the cost of other facilities, if applicable (Debit Card $18.00 per annum, checkbook with
copies $4.00, etc.)
The bank will also ask for the following information:
- Purpose of the account
- Source of the funds
- Anticipated volume and type of activity (checks, wire transfers, etc.) Some banks may ask you for
a reference from a Panamanian citizen.
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