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Panama Banking: What You Need to Know

Panama is among the leading financial centers worldwide for its professionalism, tax optimization possibilities, trust, and stability. Panama banking is beneficial if you’re looking to relocate, register vessels, or create bank accounts. To open a bank account in Panama successfully, you need to have all the necessary documents. Here is all you need to know:

About Panama Banks

The economy in Panama is growing steadily and enormously. This country enjoys amazing physical health, and inflammation is low. 

The American dollar is the local currency that alleviates the financial policy’s stability. It guarantees your money will not lose value. 

There are laws in Panama that protect the privacy of bank account holders. Anyone working in Panama Bank should not reveal details about a client’s account to anyone not authorized to receive such details.

Banking Services Offered in Panama

Online banking: Many Panama banks provide internet access to their client’s accounts. Panamanian banks use the best online security technology, which means your banking details will be 100% secure.

Credit cards: Banks in Panama provide secured credit cards (MasterCard or visa). You can get this service directly from the bank, and the staff will help you to complete the required forms.

Debit cards: These can be in the form of MasterCard or visa. You can use them at ATMs that accept ”Interlink” or ”Plus” cards or any point of sale.

Time deposits: Most banks provide time deposits, known as certificates of deposits. The rates vary depending on the terms of the deposit and the amount.

Savings accounts: Quoted rates may change depending on the London Interbank Offering Rate (LIBOR) and the deposited amount.

Local checking accounts: The account is useful to anyone who requires to make USD payments to any business or local person in Panama.

Documentation Requirements to Open a Personal or Corporate Bank Account in Panama

You will need this documentation for every signatory:

Financial Reference Letter: The letter can be from any credit union brokerage firm or bank. 

Evidence of Residential Address: You need to offer proof of where you live, such as a utility bill showing your personal address and name. 

Proof of Identity: When you go to the bank for an interview, you must produce your original passport and a second ID, like a country ID card or driver’s license. 

Proof of Income: Copies of audited financial statements or personal tax returns of the last few years.

Hire a Lawyer When Opening a Bank Account in Panama

If you’re relocating to Panama, you may not want to be bothered by the complicated procedures involved in opening a bank account. You need to be involved directly and constantly communicate to open an account with a bank in Panama successfully. The law requires banks to know their new clients well because they will need information only the client can provide. A lawyer knows the account opening requirements and will assist you during the procedures.

Find a Law Firm That Can Help With Panama Banking

Look for a law firm in Panama with the experience and specialty of helping foreign clients to open a corporate or personal bank account. The right law firm will help you with Panama banking legal procedures for a smooth transition. A reputable attorney will defend your interest and make you feel comfortable.

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