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Panama – Induction in the System of Attention to Complaints

Thu, 11 Jun 2009 22:49:17 +0000

As part of the program of training and updating for banking entities with general licences, the SBP held the seminar: “System of Attention to Complaints”, with the result of imparting knowledge on the Modifications of the Panamanian Banking Regime (Title V and VI) – Dispositions for the protection of the banking client and the banking consumer and its regulations (Accords 001-2008 and 003-2008).
The training was conducted by 23 collaborators from Citibank (Panama), president Mr. John Rozo, vice-president of credit cards and customer service, as well as legal consultants, representatives of the system of attention to complaints of the institution, branches, call centers and charges.
As a result of this of this session and with the goal of aligning and providing the organization with necessary knowledge of the matter, the upper management of Citibank (Panama) expressed to the Superintendant of Banks its interest in forming a second group of participants in the operative areas of this banking institution, responsible for banking consumers via the network of branches.
This training program was dictated by specialized technical personnel from the Department of Customer Service for the Banking Client.

Banco General Facilitates Payment of Taxes Online

Tue, 21 Apr 2009 00:38:14 +0000

Panama – Banco General has widened its services of banking online.

Now you can count on the facility of paying taxes online with the Dirección General de Ingresos del Ministerio de Economía y Finanzas. The service costs one dollar per transaction. Mercedes Boyd, manager of alternative channels for the bank, comments that the idea is to facilitate continually the variety of accounts that can be paid through online banking, diversifying its services.

Bank Account Safety in Panama

Fri, 27 Mar 2009 20:15:30 +0000

If you are thinking about where to place you assets and deposit your hard earned money, Panama will be the best choice. Panama is considered to be the best places for bank accounts in the offshore word, not having seen any banking crisis for the last century. This is due to their strict law on bank secrecy and high standards for banking licenses. Banks have to follow high standards and regulations before they are given the license to operate.
Conservative Banking Laws
You will be glad to know that their regulations are set in order to protect your assets and that they never engage in high-risk lending procedures like banks in other countries. As a depositor you are protected against any risky investments and attacks on your assets. Also, banks in Panamado not allow anything below 25% mortgages.
Political Stability
The country’s economic and democratic political status is also very stable. This is coupled by the fact that Panama is rarely hit by natural calamities. Nonetheless, not a single bank in Panama is uninsured by its government. In Panama, large banks have almost $40 billion in assets. These only prove that placing your assets in a Panama bank account will put your worries to rest.

Opening a bank account in Panama

Fri, 27 Mar 2009 20:11:31 +0000

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.