In this article, we will guide you through the procedure of how to open a personal bank account in Panama. Banks in Panama are very stable, and Panama has the second largest banking center in the World. There are over 100 International Banks in Panama, and most of them provide a wide variety of service ranging from online banking to time deposits, and credit card and debit card services.
Panamanian banks makes sure that the information you provide is true. Panama keeps a record of your information and sees to it that there is no chance of fraud.
Requirements for opening a bank account:
1. A Photocopy of the passport
A photocopy of your Passport that should include your photo with personal details, signature, exit stamps and recent entries. You may be required to notarize your passports also. The photocopy should be clear and legible.
2. Photocopy of your income tax returns for of last 2 years.
3. Two financial reference letters.
This letter is to be made by the company who has dealt with you in past, on their official letterhead. It should mention the clear contact information (address, telephone, fax, ect. of the bank or financial institution.) and should be made out in the name of the bank where you are applying to open a bank account. An official of the company needs to sign this letter. There is no specific format in which the reference letter must be written.
4. Two professional or commercial letters.
Letters for reference that can be from lawyers, financial consultants on the respective organization’s official letterhead with all the necessary contact information.
5. Filled out Bank Account Application form:
This form varies from bank to bank and is provided by the respective banking institution.
6. Statement showing your pension status or letter from employer
7. Deposit Amount
There is a minimum deposit amount that is required at the time of opening a bank account. It can vary from bank to bank. The least amount that is needed to open a bank account is $150 to $300.
Types of cards
A wide variety of credit cards are available. The major different between credit cards is their limits and membership fees. Various options for credit cards include Platinum, Silver, Gold, and Air Miles/Points Card.
Debit cards issued in Panama bear the “Clave” logo. This “Clave” logo allows you to use your debit card in any of the ATM machines that has “Plus” or “Interlink” symbol.