Open your personal bank account in Panama, without the hassle

Panama is one of the leading international banking centers in Latin America. Its economy runs on the US dollar, its banks are regulated by the Superintendency of Banks, and many of them work with correspondent banks in the United States. For a foreigner, that means a stable, dollar-based savings account with access to international transfers.

At Legal Solutions Panama we take care of the whole process for you: we choose the right bank for your profile, prepare your file and follow up with the bank until your account is open.

Can a foreigner open a savings account in Panama?

Yes. You do not need a Panamanian residence permit to open a personal savings account. If you already have one, the process is usually faster.

Not every Panamanian bank accepts non-resident foreigners. Thanks to our relationships and experience, we can manage your application with several nationally licensed banks with correspondents in the United States.

How long does it take?

  • Fully remote: about one month. You do not need to travel to Panama.
  • If you travel to sign the forms: about one week.
  • In some cases the account can be open within five (5) days after signing, as long as we have every document the bank requires.

Minimum opening deposit

Each bank sets its own minimum. Depending on the bank, it can be US$1,000, US$5,000, US$10,000 or more than US$50,000. We will tell you which banks fit the amount you plan to deposit.

Cost of opening a savings account in Panama

Our all-in price covers expenses and legal fees: US$900.00 + 7% ITBMS (Panamanian VAT). No hidden fees.

Questions about a specific bank? Write to our banking team at bancos@legalsolutionspanama.com.

Banks we work with

Panama has a diverse banking center, with consumer, commercial and investment banks. Legal Solutions Panama works with the following banks:

  • Banesco Panama.
  • Capital Bank.
  • Channel Bank.
  • Aliado Bank.
  • Credicorp Bank.
  • Bac Credomatic.
  • M&M bank.
  • Mercantile Bank of Panama.
  • Banisi Panamá.

Request more information on how to open a corporate bank account in Panama

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FAQ about Opening a Personal Bank Account in Panama (FAQs)

Apostilled passport of the signatories

 In case they cannot travel to Panama. Legalizing the copy of the passport before the Embassy of Panama in the country of residence of the signatories is also valid. After the legalization, we must proceed in Panama to request the legalization of the certification. 

The Hague apostille of the current passport copy of the signer

The client can request, in his country, the Apostille of The Hague before the corresponding Ministry. Then you must send us the original apostilled by the Ministry.

In case you can travel to Panama, presenting the passport with the entry stamp to Panama would be enough.

Copy of second identification

It must be presented by all foreigners and related to the account; in this case, it is valid to present: the identity card of the signatory, driver's license, etc.

Bank reference letter

 The applicant must present it for the account. The bank in the applicant's home country must send a letter certifying that the applicant maintains an active bank account with that bank. 

Income support

Two (2) last income statements, income certification prepared by a CPA, or Work Letter, must be presented by signatories and/or final beneficiaries.

Utility receipt (bill)

It can be an energy, water, telephone, or other receipt that shows the residential address; the applicant and signatory of the account must present it.

Presentation of curriculum vitae (cv)

The bank asks to know exactly what the signatory of the account does (your services or products that you offer from the activity you carry out, physical location, clients, suppliers, relevant information, and/or web page if you have any). 

Original of two (2) bank reference letters from each of the signatories on the account

These letters must contain the Bank's letterhead with your address and telephone number to be confirmed by the Bank. 

If you have a Panama resident card, you must present it.

It's not mandatory. 

What is needed to open a personal bank account in Panama?

To open a Personal Bank Account in Panama it is necessary to comply with the requirements established by each bank and clearly specify where the funds that will be deposited into the account come from.

For Panamanian banks, knowing the origin of the funds that will be deposited in the future account is very important.

Which bank does not charge commissions for opening a savings bank account?

In general, banks charge commissions depending on the transaction or contracted services. For a better understanding, we recommend that you ask our banking expert for the service rates of each bank so that you can directly verify the commissions applicable to each service. 

How to open a personal bank account in Panama from abroad?

Yes, opening a Personal Bank Account in Panama from abroad is possible. We first recommend hiring a manager who has already established contacts with the banks and knows the documentation and processes so that the bank can expeditiously process your request.

Legal Solutions Panama can be your trusted partner to start the process. The Personal Bank Account can be opened if you send the documentation the bank requests.

In this case, we must have your passport apostilled. This apostille is necessary to be able to request the opening without traveling to Panama. Consider that certain banks require the physical presence of the signatory.

Which bank allows me to open a personal bank account with a passport?

If you are a foreigner, all banks in Panama will request your current passport to open a savings bank account. No bank will open a personal bank account for you as a foreigner without a passport.

Some banks in Panama do not open accounts for foreigners without a residence permit in Panama.

Legal Solution Panama collaborates with banks that allow the opening of Personal Bank Accounts to foreigners without a Residence Permit in Panama.

What are the types of bank accounts that exist in Panama?

Banks can offer different types of bank accounts: Personal Accounts (which can be Savings or Checking); Legal Accounts; Investment Accounts, among others. 

Which is the best bank to open a personal account?

The best bank to open a checking account always depends on the type of services you want to contract with it.

Therefore, when you contact our banking expert, you must explain all your needs so that the advice and recommendation of the bank to choose is the right one for your Personal Bank Account.

How to open a personal bank account in Panama without being a resident?

The banks with which we collaborate will not require you to present a residence permit in Panama to open a bank account for a natural person if you are the signatory of a Personal Bank Account and you are not a resident of Panama. Some do not allow foreigners to open savings bank accounts without a residence permit.

It all depends on the bank, and we know which ones to go to depending on our client's case.

How long does it take to open a personal bank account in Panama?

The approximate time to open Personal Bank Accounts in Panamanian banks usually varies between banks. There is a big difference in the time it takes to open a Personal Bank Account or a Corporate Bank Account.

Considering these variants Personal Bank Accounts can take approximately thirty (30) days to create.Consider that the opening time is influenced by whether or not the signatory or signatories personally travel to Panama.The visit to the bank can greatly speed up the process of opening the bank account, being able to open it in approximately 10 days.

“You come up with the ideas; we'll handle the legal stuff.”

Kathia Rivera

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