How to Open Panama Bank Accounts
(thepanamareport.com) Banking in Panama is a huge business. Panama’s location between North America and South America has transformed it into a banking hub for the Western Hemisphere. Whether you are opening a personal bank account, a corporate account, or are merely exploring your options in the offshore banking sector, the following is aimed at helping you learn more about the banks available here in Panama.
This list is not exhaustive, and it is always recommended that you contact a licensed attorney here in Panama before you contact a bank as a lawyer is necessary to open a bank account if you are a foreigner.
The banks’ websites are included at the end of each blurb. As online banking has become the norm, visiting the bank’s website is one of the best ways to gauge ease of use. Most foreigners who open bank accounts in Panama do not live here, so it is important that transactions can be done easily and quickly. Banks in Panama have secure websites that protect your identification and personal information through encryption.
The top banks:
MultiBank: This is one of the easiest banks to open an account with. They offer internet banking, making them a prime candidate for most foreign investors. MultiBank also offers web-based international wire transfers. English and Spanish. http://www.multibank.com.pa/
HSBC: Trusting a globally recognized name is sometimes the way to go, and HSBC is just that. HSBC Panama offers online banking and accounts as well a web-based international wire transfers. HSBC offers the wire transfers for personal accounts and corporate accounts. They charge a monthly fee for online access for corporate accounts but not for personal accounts. You can access their Panama site through their main international site at http://www.hsbc.com English and Spanish.
Banistmo: While the first two banks offer international wire transfers, Banistmo does not. They offer online banking limited to viewing your account and making inter-account transfers. Their site is comprehensive and easy to use and Banistmo has one of the largest ATM networks here in Panama. http://banistmo.com/PP/default.asp English and Spanish.
Banco General: One of the most widely used banks by Panamanians, Banco General offers online banking in one of the easiest and most intuitive web interfaces available. They don’t currently offer international wire transfers, but ask your Panamanian Lawyer what they can do, or if they have recently changed their policy. http://www.banco-general.com/ English and Spanish.
BBVA: BBVA offers internet banking, but like the two previous banks, does not allow for international wire transfers. They do allow for you to manage your account and transfer funds between accounts that you have with them. Their online account manager is not as intuitive as some of the others offered, but it works. English and Spanish. http://www.bbvapanama.com/
Opening a bank account in Panama is easy, but it requires some research and a good lawyer. Every bank in Panama will have an English speaking employee who can help you with any questions you have. Contact them and they will gladly assist you.
