How to Open a Bank Account in Panama: Step-by-Step Guide

Introduction: Why Opening a Bank Account in Panama Is Different

Opening a bank account in Panama is not like walking into a bank in the United States or Europe with just a passport and a smile. Here, banking is governed by some of the strictest due diligence and anti-money laundering regulations in the region.

For expats, this means preparation is key. While Panama welcomes foreign account holders, its banks take extra care to verify the origin of funds and the purpose of the account before approving an application.

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Can Foreigners Open a Bank Account in Panama?

Yes, foreigners can open personal and corporate bank accounts in Panama. You don’t need to be a resident to open one. However, the process for non-residents is often more complex, requiring additional documentation and sometimes in-person visits.

Panama’s strict banking laws are part of its strategy to maintain its reputation as a stable and secure financial center.

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Types of Bank Accounts Available for Expats

Expats typically choose between:

• Savings Accounts – Earn interest and maintain low transaction volume.
• Checking Accounts – For frequent transactions, often linked to debit cards.
• Corporate Accounts – For business activities in Panama or internationally.

Some banks also offer multi-currency accounts, although these may require higher minimum deposit amounts.

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Step-by-Step Guide to Opening a Bank Account in Panama

1. Choose the Right Bank – Not all banks are equally friendly to foreign clients. Expats often recommend Multibank, Tower Bank, and Global Bank for their experience with international customers.
2. Gather Required Documents – Prepare all paperwork before arriving in Panama (see next section).
3. Schedule an Appointment – Many banks require a pre-booked meeting rather than walk-ins.
4. Submit Your Application – Hand in all documents for review.
5. Due Diligence Review – The bank’s compliance department will verify your information, which may take from a few days to several weeks.
6. Deposit Initial Funds – Meet the minimum deposit requirement.
7. Receive Account Access – Once approved, you’ll get your debit card and online banking credentials.

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Required Documents for Foreign Applicants

Based on both official requirements and recent expat experiences, here’s what you will likely need:

• Passport (valid for at least six months)
• Second Form of ID (e.g., driver’s license)
• Bank Reference Letter from your current bank, on official letterhead and signed by a bank officer
• Professional or Personal Reference
• Proof of Income (tax returns, pay slips, or employer letter)
• Proof of Address (utility bill from your home country and, if applicable, one from Panama)
• Curriculum Vitae (CV) – Yes, some banks request this to understand your professional background

One long-term resident recalled:

“In Panama, banks don’t just want to know who you are—they want to understand your financial history. Having every document ready, apostilled, and in order before arriving saved me weeks of waiting.”

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Understanding Panama’s Due Diligence Process

Due diligence is the most important—and time-consuming—part of the application. Banks are legally obligated to verify:

• The source of your funds
• Your financial and professional background
• The legitimacy of your stated purpose for the account

This process is in place to comply with international banking standards and prevent illicit financial activity. While it may feel invasive, it’s a sign of Panama’s commitment to secure banking.

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Best Banks in Panama for Expats and Non-Residents

While requirements vary, expats have found these banks more accommodating to foreign clients:

• Multibank – Known for good customer service and English-speaking staff.
• Tower Bank – Popular for personal accounts and flexible with document formats.
• Global Bank – Offers a wide range of account types, including for non-residents.

Tip from recent account holders: Call ahead to confirm requirements, as they can change without notice.

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How Long Does It Take to Open an Account?

The timeline can range from a few hours to several weeks, depending on:

• Completeness of your documentation
• Your residency status
• The bank’s internal review speed

Some non-residents report faster approval if they have local professional references or a Panamanian company.

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Minimum Deposit Requirements by Bank

Minimum deposits vary significantly:

• Some banks: USD 1,000
• Others: USD 5,000–10,000, especially for non-residents
• Corporate accounts may require higher amounts

A recent expat warned:

“I was surprised by how much the initial deposit varied from one bank to another. Always ask in advance so you can plan your funds accordingly.”

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Tips to Speed Up the Process and Avoid Delays

1. Prepare and Apostille Documents in Advance – It’s easier to do this before traveling to Panama.
2. Have Multiple Copies – Banks may request duplicates for compliance records.
3. Choose a Bank Experienced with Foreign Clients – This can reduce misunderstandings and speed up processing.
4. Be Patient – The review process is thorough for a reason.

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Final Thoughts: Banking in Panama as an Expat

Opening a bank account in Panama is achievable for both residents and non-residents, but it requires preparation, patience, and the right contacts. With strict compliance rules, having all documents ready and in perfect order can save weeks of back-and-forth.

As one experienced expat summarized:

“In Panama, banking isn’t about speed—it’s about getting it right the first time. The more you prepare, the smoother the process will be.”

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5 FAQ: Opening a Bank Account in Panama