Our local agents assist natural and legal persons interested in setting up a bank account in Panama.
| Quick Facts | |
|---|---|
| Mandatory local bank account for companies (Yes/No) | No |
Mandatory residence requirement | No |
Bank account opening time | 5 working days |
| Online bank account opening | In some cases |
| Bank accounts for foreign nationals in Panama | Yes |
| Required documents – companies | In most cases: Filled in application form The company's registration documents Proof of registered address Financial references (in some situations) Identification documents for all the persons authorized to operate the account |
| Required documents – individuals |
In most cases: Application form Proof of income and of address Financial documents for due diligence (tax returns, financial statements) Other documents, such as a letter from the employer (if applicable)
|
| Special requirements for foreign nationals |
The bank may require additional documents for due diligence |
| Bank fees |
Can include: $15 for bank transfers from other banks 0.10% of the amount transferred to other banks $10 for monthly account statements issued by the bank upon request |
| Initial deposit | Minimum of $1,000-$2,000 for current account for companies (conducting business in the country in some cases)
Minium of $10,000 for companies without business
Minimum of $3,000 for foreign nationals not residing in the country |
| Types of accounts |
Current and savings accounts for companies |
| Online banking | Bank-dependent |
| Local agent requirements | Power of attorney |
| Main banks in Panama |
Atlas Bank BAC International Bank Mercantil Banco Towerbank International and others |
| Criteria for choosing the bank |
Account maintenance fees Online banking options Number of branches and/or ATMs and others |
| Mobile banking | Yes, app features depend on the chosen bank. |
Bank branches network | A wide range of branches, each bank with a variable number of branches. |
Credit facilities | Personal and commercial loans, offers differ according to the chosen bank. |
| Interest rate | Estimated at 2.14%. |
| Savings account minimum balance | Varies according to the bank, can be of at least USD100. |
| Personal credit cards | Yes, personal credit cards are available with various options. |
| Additional options for credit cards | Cashback, rewards, etc. |
| Credit card payment | Varies according to bank. |
| Other services for bank clients in Panama | Leasing, fiduciary and trust services, and others. |
| Differences for residents/non-residents | Non-residents may be required to provide certain documents. |
| International banks in Panama | Citibank, Santander, Scotiabank, and others. |
| Special rules for certain foreign citizens | American citizens are subject to the FATCA provisions. |
| Bank account issues handled through a representative | Possible through a special power of attorney. |
| How we can assist you | Our team can assist clients interested in opening a bank account, as well as those who wish to delegate their bank account management to a local representative. |
| When to contact us | As soon as you have an issue or a question related to your banking needs in Panama. |
Table of Contents
Can you help me open a bank account in Panama?
Yes. Our team can provide complete assistance throughout the bank account opening process for natural and legal persons, and once the account is set up.
For corporate bank accounts, our company formation package includes bank account opening as part of the post-incorporation procedures.
What are the steps for bank account creation in Panama?
The steps are highlighted below by our Panama incorporation agents:
- Decide on the account type: the business needs should match the characteristics of the bank account, and investors should choose banks that have a high degree of flexibility.
- Prepare the documentation: eligibility for bank account opening is required and the applicant will need to bring forward sufficient proof, such as commercial references, passport, and others.
- Apply: the last step when you open a Panama bank account is to submit all of the needed documents with the bank; once they are processed, the corporate bank account is operational.
- Additional options: some company owners in Panama may require a merchant account; this can be opened with the same bank with which the corporate one has been opened.
The process to open a Panama bank account is simple; however, the investor’s presence is required in these cases.
Alternatively, entrepreneurs can choose to work with a local representative, via a power of attorney, as some banks will agree to open the account when a representative of the founder is present.
What documents are required to open a bank account in Panama?
Some of the commonly requested documents in the case of those who open a bank account in Panama for personal use include:
- A copy of the passport, with the Panama entry stamp;
- One or two bank reference letters, a reference letter from a professional, and additional ID, such as the country ID from the applicant’s country of residence.
For corporate bank account opening, as required to open a company in Panama, the company’s articles of incorporation are required, and the IDs of the company’s appointed representative. In some cases, a certificate of good standing may be necessary.
Please remember that this list of documents is not an exhaustive one and it will vary according to the chosen bank. Our team recommends verifying the needed documents before commencing the process.
Are there special conditions for bank account creation in Panama?
Although the general bank account opening conditions may vary from one bank to another, the fact remains that applicants are required to submit a minimum number of documents, identify themselves, and present themselves to the bank in person in most cases.
Not all banks impose a minimum account opening amount; however, examples of this requirement are in place in the case of corporate bank accounts, for which banks may request a minimum deposit that can start at $5,000.
Banks determine the initial deposit requirements as well as the monthly/annual fees for account maintenance, and any extra fees that apply to services and/or products.
The infographic below also offers a guide:
What types of bank accounts can I open in Panama?
We list some of the widely available options below:
- For individuals: current account and savings account (with several options available with most banks, including junior savings accounts);
- For companies: current account and digital company account (tailored for the needs of digital companies, with a business debit card), special accounts, payroll account, business checking account, current account in euros.
What are the main banks in Panama?
According to the Superintendencia de Bancos de Panama, there are 40 general license banks operating in the country and 17 international license banks. Two banks are state-owned: Banco Nacional de Panamá and Caja de Ahorros.
Examples of general license banks include:
- Atlas Bank;
- Banco Azteca;
- Pacific Bank;
- Citibank, N.A. Panama Branch
- Citibank, N.A. Panama Branch
- The Bank of Nova Scotia;
- Unibank;
- Industrial and Commercial Bank of China Limited.
International banks with representative offices in Panama include:
- JP Morgan Chase Bank;
- UBS Switzerland ;
- Commerzbank;
- Safra National Bank of New York.
You can watch the following video on bank account creation in Panama:
How do I choose the bank?
Considering the bank with which you will work is an important step. Before making a selection, it is useful to review the following items:
- International presence: do you already have a current account opened with one of the banks that are present in Panama? If so, this familiarity may work in your advantage;
- Minimum balance: although this differs from bank to bank, it is worth noting if setting up a bank account in Panama will involve a minimum initial deposit;
- Fees: these are bank-specific and high fees may influence your final option. You can ask for more information as needed;
- Transaction limits: these may be relevant for some types of users, especially as the business (or one’s private activities) involve recurrent, large international transfers;
- Integration and digital features: it is worth noting if the bank offers options for integrated asset tracking/payroll options (as may be the case for employers who will be paying their staff from the company’s bank account);
- Branches and ATMS: access to bank branches and ATMs may be important, especially when in-person transactions are expected;
- Business loans: small companies or startups may want to check their options for accessing business loans and credit.
The short guide above applies in the case of small businesses and large corporations doing business in Panama.
When do I select the bank and consider opening a bank account in Panama?
For business owners, this takes place as part of the company incorporation steps, but only after the company has been registered with the local authorities.
For individuals, bank account creation can take place as soon as they decide to derive income from the country, or as required for their own purposes.
Can I change my corporate bank account?
Yes. If you decide that the current bank no longer suits your business needs, you can open a corporate bank account in Panama with another bank and then follow through with a transfer process.
The company’s incorporation documents will be required as part of the process to open a bank account in Panama with a different bank.
Contact our Panama company formation agents for more information about bank account creation in 2026.