Panama
Banking Setup

Frequently Asked Questions

• Can I open a bank account remotely?

  In Panama, most banks use semi-remote processes, meaning that at least one in-person visit will be needed to sign forms. However, some banks can accept a fully remote process, provided the bank forms and supporting financial documents are all authenticated and apostilled, so expect additional fees.

• Do I need to be a resident to open a bank account or access banking services?

  You do not strictly need to be a legal resident of Panama to access banking, but in practice, banks strongly favour residents and make non‑resident accounts harder, more document‑heavy, and more selective.

• Do Banks in Panama accept Fintechs as a transfer method?

  In Panama, not many banks currently accept Fintechs, so the options are limited at this time.

• What main documents are required to open a bank account as a foreigner?

  Most banks in Panama ask foreigners for a similar core package: solid ID, proof of address, proof of income/source of funds, and bank references, with some variations by bank and whether you’re a resident.

• Is there a minimum deposit to open bank accounts in Panama?

  Yes, almost all Panamanian banks require a minimum opening deposit, and the amount varies a lot by bank, account type, and whether you’re a foreign resident or non‑resident. Typical minimum deposits range from $50 to $500 USD for a personal account, and $1,000 to $10,000 for a corporate account.

• How long does the account opening process take?

  For a foreigner, opening a bank account in Panama usually takes anywhere from a few hours to a few days for personal accounts, and up to thirty days for corporate accounts.

• Can I open a multicurrency account in Panama?

  Yes, you can open a multicurrency account in Panama, but it is not universal; it’s mainly offered by specific banks and often through international or private‑banking style products.

• Are there restrictions on incoming transfers?

  Panamanian banks apply AML rules, reporting thresholds, and some practical limits or extra checks on larger or unusual inflows. Panamanian financial institutions cannot currently work with transfers from red-listed/black-listed countries.