Panama Bank ListInformation about the Panama banking system
Opening a bank account in Panama
Hurdling through Banks in Panama
Opening a bank account in Panama may deem to be a more tedious task as compared to doing the same in different countries. While other countries compete to lure you to make a deposit in their banks, Panama banks might actually leave the impression of a stubborn kid that you, ironically, as the depositor, need to please.
The most important rule in opening a bank account in Panama is to never, in any event, close your account in the country you came from. Panama banks may ask for a letter of reference from this bank, and your action of withdrawing investment is not a very attractive scenario. This can forfeit whatever chance you have in opening an account in Panama.
As if that is not tiring enough, banks in Panama demand any depositor to present a proof of income. The same documents you submitted for the application of the pensionado visa are recommended. You need to be granted resident status prior to opening an account.
Your passport and cedula are also imperatively asked from you. The previous you must carry around with you; the latter you must acquire first from the immigration upon granting of resident status.
Two letters of reference, professional and peer, are required. The two proponents also have to be Panama residents. It may be a consolation, however, that these two people do not have to know you very long or well.
Despite not applying for a credit card service, you need to provide Panamanian banks credit card statements for the last 6 months.
Finally, an initial deposit of $300 for savings and $500 for checking accounts is essential. Penalties may be incurred if you go below this benchmark.
While these policies may seem bureaucratic nuisances, the Panamanian banks are not totally to be blamed. The US and Canada have been imposing a scheme to minimize and/or avoid money laundering acts. This is known as the Know-your-client policy. If anything, this policy is supposed to be beneficial for the majority. However, honest people may also be subjected to unnecessary stress as they hurdle through the loops of the application process.
The policies and steps vary from bank to bank, but the loops are more or less the same.
Also, it might be helpful to fully acquaint yourself to the policies and fees of the bank you wish to deposit in. The banks in Panama are strictly no-nonsense; no freebies and promos. The fees for measly transactions may be quite a surprise, so it is best to check them out thoroughly prior to making that choice.
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