Panama – Banking

What Are the Main Banks in Panama?

Panama’s banking sector comprises 53 actively licensed institutions, spanning large domestic banks, regional players, and international names. Under Panamanian banking law, there are three categories of operation: general-licence banks, which run full-service branches within Panama and compete for both local and foreign deposits and loans; international-licence (“offshore”) banks, which are restricted to taking deposits solely from individuals or entities based outside the country; and representative offices, which are limited to promotional and liaison activities only.

Two state-owned banks exist — Banco Nacional de Panamá and Caja de Ahorros — although most expats tend to gravitate toward private institutions, since these government banks generally require foreigners to hold permanent residency and possess a cédula (Panamanian national identity card) before an account can be opened.

The most prominent private banks for day-to-day financial needs include the following:

• Banco General — Founded in 1955, Banco General is a cornerstone of Panama’s financial landscape. Its broad network of branches and ATMs spans the entire country, and its development of the Yappy payment platform enables straightforward mobile transactions. Official website: bancogeneral.com
• Banistmo — A subsidiary of Colombia’s Bancolombia, Banistmo is frequently recommended by expats for its bilingual service and capable online platform. Its integration of PayPal and Nequi makes it especially convenient for international freelancers and those with cross-border income. Official website: banistmo.com
• BAC International Bank — Highly regarded among the expat community, BAC International Bank offers multi-currency accounts and efficient international wire transfer capabilities. Its user-friendly digital platform and bilingual staff make it a natural fit for foreign clients. Official website: bac.net
• Multibank — Multibank has earned a following among expats thanks to its online platform and bilingual customer service. Official website: multibank.com.pa
• Credicorp Bank — Credicorp Bank is widely recognised for strong customer service and is considered a dependable choice for expat banking needs. Official website: credicorpbank.com
• Banco Aliado — With a focus on private banking and portfolio management, Banco Aliado is a preferred institution for high-net-worth clients in search of tailored financial solutions. Official website: bancoaliado.com
• TowerBank — TowerBank stands apart as the only high-street bank in Panama that accepts and manages cryptocurrencies, serving tech-oriented clients and businesses that want to blend digital asset services with conventional banking. Official website: towerbank.com.pa
• Banesco — A regional Latin American bank holding a general licence in Panama, Banesco is notable for accepting foreign applications through video calls and apostilled documents. Official website: banesco.com.pa

The complete and regularly updated list of licensed banks is published by the Superintendency of Banks of Panama (SBP). Always verify a bank’s current licence status and contact details directly with the SBP or the institution itself, as the banking landscape can evolve over time.

Do Any Major International Banks Operate in Panama?

Citibank and JP Morgan Chase both maintain a presence in Panama, but neither provides conventional retail banking services to individual members of the public. Despite having physical locations in the country, both institutions limit their activities to corporate and institutional clients rather than everyday consumers, meaning you cannot simply walk in to open a personal account as you might elsewhere.

Scotiabank, the well-known Canadian institution, also operates in Panama and attracts many foreign residents who prefer dealing with a globally recognised name supported by solid customer service. Scotiabank Panama’s website is available at scotiabank.com.pa.

Panama is also home to several banks headquartered elsewhere in Latin America, which can broaden the options available depending on individual circumstances. These include Bancolombia (the parent company of Banistmo), Banco de Bogotá, Banco Davivienda (Panama), and Banco Pichincha Panama — all of which hold general licences and operate branches within the country.

HSBC does not currently operate retail branches in Panama. Given that international bank presences can change, it is advisable to verify the current status of any specific institution either directly with that bank or through the SBP’s official licensed-bank register at superbancos.gob.pa.

Do Banks in Panama Offer Accounts or Services Specifically for Expats?

Panama’s banks offer a wide range of financial products for both residents and non-residents, including savings and current accounts in various currencies, credit cards, loans, and investment services. Although few institutions market a product under an explicit “expat account” label, many structure their offerings in ways that readily accommodate foreign residents.

Investment accounts give clients access to both local and international markets and generally call for a larger initial deposit. Some banks provide multi-currency account options. Time deposit accounts lock in funds for a fixed period and reward depositors with higher interest rates, paid monthly or annually. It is worth noting that in Panama, unlike in certain other countries, withdrawing from a time deposit before its maturity date is not permitted except in exceptional circumstances such as the account holder’s death or serious illness.

Most Panamanian banks extend premium banking services to clients whose balances surpass $100,000 (as of 2025). Premium account holders are typically assigned a dedicated relationship officer who provides a direct contact line and personalised assistance with account queries and financial needs.

BAC International Bank is a particular favourite among expats, providing multi-currency accounts and efficient international wire services that suit individuals managing finances across borders. The trade-off is that its service fees tend to be higher than those of local competitors, which may give cost-conscious customers pause.

In most cases, the minimum entry point for private banking in Panama falls somewhere between USD 100,000 and USD 250,000 (as of 2025). Account terms, fee structures, and eligibility criteria should always be confirmed directly with each bank, as these are subject to change without prior notice.

What Are Typical Bank Opening Hours in Panama?

The majority of bank branches in Panama operate Monday through Friday, generally between 8:00 am and 3:00 pm or 8:00 am and 5:00 pm, varying by branch and location. Branches housed within shopping centres or busy commercial districts often maintain extended hours, sometimes remaining open until 7:00 pm on weekdays. Hours may differ from what you are accustomed to in your home country, so it is worth verifying a particular branch’s schedule ahead of any visit.

Saturday service is common at mall-based branches, typically running from around 9:00 am to 2:00 pm or 3:00 pm, though exact times vary by location. The great majority of branches are closed on Sundays and on Panamanian public holidays. The SBP itself, as an illustration of how public institutions operate, suspended services during the Carnival festivities in 2026, demonstrating how national holidays can affect access to financial services more broadly.

Paying utility bills, taxes, and other obligations is straightforward through the online platforms offered by local banks, enabling quick and convenient settlements from anywhere. ATM withdrawals with a local card are typically low-cost or free of charge, and cash machines are plentiful in urban areas and shopping centres. Debit cards are accepted at the vast majority of merchants. Internet banking and mobile apps are well established across major banks, making account management outside branch hours easy and accessible.

What Do Expats Need to Know About the Banking System in Panama?

Panama’s banking sector is among the most resilient in Latin America. It functions entirely in US dollars, with no exchange controls or capital movement restrictions. More than fifty licensed banks operate within the country, including major domestic institutions, regional lenders, and two state-owned banks. For expats who have previously dealt with currency volatility — a frequent concern elsewhere in Latin America — this represents a meaningful benefit.

Because the US dollar serves as Panama’s currency and there is no independent central bank, Banco Nacional de Panamá fulfils certain central banking functions and acts as the clearinghouse for the system. This is an important structural feature: unlike countries such as the UK, which has the Bank of England, or Australia, which has the Reserve Bank of Australia, Panama issues no currency of its own and operates without a conventional monetary authority.

In 2025, the European Union removed Panama from its list of high-risk jurisdictions — a landmark development reflecting years of sustained regulatory reform. While the country continues to be monitored, it is now regarded as a legitimate and properly regulated financial centre rather than a jurisdiction associated with financial secrecy.

Panama does not maintain a formal deposit guarantee scheme comparable to the FDIC in the United States (which covers deposits up to $250,000 per depositor) or the FSCS in the United Kingdom (which protects up to £85,000). No government-backed deposit insurance exists for retail banking customers in Panama. That said, banks in Panama demonstrate solid financial health, with liquidity and solvency ratios of 52.41% and 15.29% respectively as of early 2025 — both well above the regulatory minimums of 30% and 8%. Expats should be mindful of this distinction and consult the SBP for current information on regulatory protections.

US citizens and tax residents are required to complete FATCA documentation, while account holders from other countries may be asked to comply with the OECD’s Common Reporting Standard (CRS). These obligations are standard across reputable financial centres. Panama takes its anti-money laundering compliance seriously, and the regulatory environment tightened considerably following the Panama Papers scandal, which prompted the country to introduce sweeping reforms aimed at improving transparency and international credibility.

Private banks generally offer both savings and current accounts, though obtaining a credit line as a newcomer can take time. Building a credit history in Panama is a gradual process, and expats who anticipate needing a local loan or credit card should plan well in advance.

How Do I Open a Bank Account in Panama as an Expat?

Typical minimum deposits fall between $1,000 and $10,000 depending on the bank (as of 2026), and the documentation required generally includes a passport, a secondary form of identification, bank reference letters, proof of income, and proof of address. Many Panamanian banks set a required opening deposit ranging from $500 to $5,000 or more based on the bank and your residency status, with non-residents often subject to higher thresholds (as of 2025). The following step-by-step outline covers the key stages of the process:

1. Choose a suitable bank. Every bank applies its own compliance standards and risk criteria, so matching your choice to your residency status, intended account use, and available documentation is essential. Banks such as Scotiabank and Banistmo have experience dealing with expat clients, while state-owned institutions like Caja de Ahorros and Banco Nacional tend to focus on Panamanian nationals.
2. Prepare your documents. Non-resident foreign applicants will need to supply completed application forms, a government-issued photo ID, bank reference letters, proof of residential address, and a minimum deposit. All documents must be rendered in Spanish, and banks will typically request a clear account of your source of funds as well.
3. Make a preliminary contact with the bank. Reach out by phone, email, or online chat for an initial consultation. Most major banks in Panama employ bilingual staff who can walk you through current requirements, helping you avoid unnecessary trips or incomplete submissions.
4. Apply in person or remotely (where permitted). The majority of banks expect applicants to appear in person, and some may require a local guarantor or contact. Banks including Banistmo, Banesco, and TowerBank are known to accommodate foreign applicants through video interviews and apostilled documents, frequently with support from a Panamanian lawyer or relocation consultant.
5. Submit your documents and complete due diligence. Once your file is submitted, review typically takes between 3 and 15 business days. When documentation is complete, the process may conclude within a couple of days to two weeks; for non-resident or remote applicants, it commonly stretches to two or three weeks or beyond (as of 2025).
6. Make your opening deposit and activate the account. Some institutions open a provisional account and fully activate it only after all compliance checks have been cleared. Following activation, the account can be managed remotely through internet banking.
7. Set up digital access and request a debit card. Apply for a debit card to use at ATMs and points of sale, register for online banking to handle transactions conveniently, and familiarise yourself with any minimum balance requirements that apply to avoid incurring maintenance charges.

US persons — whether citizens or tax residents — are obligated under US law to declare their Panamanian bank accounts in their annual tax returns. Panamanian banks require all US persons to sign the relevant IRS reporting forms so that account details can be automatically relayed to US tax authorities, and some institutions may additionally request evidence that such accounts have already been disclosed. All applicants should consult the SBP’s official guidance and confirm current requirements directly with their chosen bank prior to proceeding.

What Banking and Payment Apps Are Widely Used in Panama?

One of the most notable developments in Panama’s payments landscape in recent years is Yappy, a digital instant payment platform that enables users to settle transactions without relying on cash or physical cards. The number of businesses accepting Yappy is growing steadily, and the service is also widely used for transfers between private individuals. Several banks have integrated this system into their own platforms. Yappy is operated by Banco General and is broadly considered Panama’s leading mobile payments solution — functionally comparable to systems such as Swish in Sweden or MBWay in Portugal.

Banistmo supports PayPal and Nequi integration, which makes cross-border transactions considerably more convenient for those who regularly send or receive money internationally. Most of the country’s major banks also offer their own dedicated mobile apps for iOS and Android devices, enabling account management, bill payment, and local fund transfers.

International fintech platforms including Wise and PayPal are available in Panama and are popular among expats for receiving foreign income or making overseas payments. Wise operates as a money service business rather than a licensed bank, offering an account that supports holding, sending, and receiving funds across multiple currencies with an accompanying multi-currency card — features well suited to those living internationally. Revolut’s availability in Panama can vary; check current service coverage directly on revolut.com before depending on it as a core financial tool.

The Superintendency of Banks of Panama is actively piloting initiatives designed to streamline account openings and enhance Panama’s standing as a regional fintech hub. Panama has also hosted fintech development programmes at a governmental level, signalling a commitment to growing the digital financial services sector. Regulatory oversight of neobanks and fintech firms operating in Panama falls under the SBP’s remit; consult superbancos.gob.pa for current guidance on licensed payment service providers.

How Can Expats Manage Money Between Panama and Their Home Country?

Because Panama uses the US dollar and imposes no capital controls, moving money across borders is more straightforward here than in many other countries, where restrictions can complicate or delay international transfers. There is no government-imposed ceiling on how much can be sent abroad, though individual banks and transfer providers may apply their own operational limits.

International transfers are routed through the SWIFT network, and some banks also support US-style ACH transfers for lower-value cross-border payments. Wire transfer fees differ by institution; one fee frequently cited by expat users for incoming wire transfers at Banco General is $18 on the receiving end — though current charges should always be verified directly with the bank before initiating a transaction.

For those who regularly move money between countries and prefer not to go through the process of maintaining a local bank account, Wise is a popular solution within the expat community. Services such as Wise, OFX, and Western Union are all accessible in Panama for outward remittances and generally offer more competitive rates than high-street bank wire transfers. Comparing mid-market rates and total fees across providers before committing to a method is always advisable.

From a reporting standpoint, US persons are required to disclose foreign bank accounts under FBAR (FinCEN Form 114) if the combined value of all foreign financial accounts exceeds $10,000 at any point in the calendar year, and may have further obligations under FATCA. Clients from other countries may be subject to the OECD’s Common Reporting Standard (CRS), under which Panamanian banks automatically share account information with the tax authority in the account holder’s country of residence. For guidance specific to your home country’s rules and Panama’s tax framework, consult a qualified tax adviser with relevant expertise. Panama’s tax authority, the Dirección General de Ingresos (DGI), publishes guidance at dgi.mef.gob.pa.

In January 2026, the SBP issued updated provisions designed to prevent the misuse of banking and fiduciary services, with the goal of reinforcing Panama’s regulatory framework and strengthening supervisory oversight of the financial system. Expats are encouraged to stay abreast of evolving compliance requirements by monitoring the SBP’s official website on a regular basis.

Frequently Asked Questions

Can I open a bank account in Panama without permanent residency?

A number of banks are willing to open accounts for applicants without legal residency, though the process typically involves higher documentation demands or a larger minimum deposit. Approval for non-residents is at the bank’s discretion, and compliance checks tend to be more rigorous. In-person interviews are frequently required, and your prospects improve noticeably once you have obtained a valid residency visa.

What documents do I typically need to open a bank account in Panama?

Non-resident foreign applicants generally need to provide completed application forms, a government-issued photo ID, bank reference letters, proof of address, and a minimum deposit. Banks operating under Panama’s anti-money laundering requirements will also request proof of income and a detailed explanation of the source of funds. Any documents not originally in Spanish must be officially translated. Exact requirements vary between institutions, so always confirm the current list directly with your chosen bank.

Is there deposit protection for bank accounts in Panama?

Panama has no formal government-backed deposit guarantee scheme comparable to the FDIC in the United States or the FSCS in the United Kingdom. The country’s banking system is broadly considered stable — it operates within a sound regulatory environment overseen by the Superintendency of Banks of Panama. Expats should review the SBP’s current supervisory standards and consider each bank’s individual financial health before making a choice. Up-to-date information is available at superbancos.gob.pa.

What currency do banks in Panama use?

Panama operates a fully dollarised economy. The national currency, the Balboa, is fixed at a 1:1 parity with the US dollar, and all banknotes in circulation are US dollars. This eliminates currency risk when holding funds in a Panamanian account and removes the need for conversion when conducting USD-denominated transactions internationally.

Can I open a Panamanian bank account remotely before I move?

Remote account opening is possible at certain institutions. Banks such as Banistmo, Banesco, and TowerBank are known to accept foreign applicants through video interviews and apostilled documents, often with the assistance of a Panamanian attorney or relocation specialist. Not every bank permits remote onboarding, so it is essential to confirm the available options with your preferred institution before submitting an application.

Are international payment apps like Wise or PayPal usable in Panama?

Yes. Both Wise and PayPal are accessible and broadly used by expats in Panama. Wise allows users to hold more than 40 currencies and access local account details for up to nine currencies including USD, with all currency conversions carried out at the mid-market rate. Banistmo offers PayPal integration directly within its banking platform. Revolut’s availability should be confirmed on its official website, as service coverage varies by country.

Are there any restrictions on moving money out of Panama?

Panama imposes no foreign-exchange controls and places no government restrictions on the movement of capital. Funds may be transferred in or out of the country freely, though individual banks may apply their own transaction limits, and large transfers will typically require documentation of the source of funds. US persons are subject to FBAR reporting requirements for foreign accounts with an aggregate value exceeding $10,000 at any point in the year (as of 2025). Seek guidance from a qualified tax or legal adviser for advice specific to your circumstances.

Is digital banking well-developed in Panama?

Once an account is established, day-to-day banking feels familiar and modern. ATMs are plentiful in cities and shopping centres, and debit cards are accepted at the vast majority of merchants. Yappy, Panama’s dominant mobile payment platform, allows users to pay for goods and services and send money between individuals without the need for cash or cards. Most major banks provide fully featured mobile apps, and internet banking is well established across the sector.