Opening a bank account in Panama
Reviewed by Hassim Patel Bhana, Managing Partner · Updated
Opening a Panamanian bank account turns on one thing: a complete file, prepared once, before you go to the bank. The initial deposit is usually $1,000 to $5,000 depending on the bank. The decision is always the bank's — nobody can promise approval, and any adviser who does is telling you something they cannot deliver.
Key points
- A complete file prepared once, before you go to the bank, is what decides how fast this goes.
- The initial deposit is usually $1,000 to $5,000, depending on the bank.
- The decision is always the bank's. Nobody can promise approval.
- Personal and company accounts need different files; a company adds its own documents.
- The firm matches you with the bank that fits your profile, reviews every document and introduces you.
- An incomplete file is the most common reason an application stalls.
Frequently asked questions
Can you guarantee the bank will approve me?
No, and neither can anyone else. The decision is always the bank's. What we can do is make sure the file is complete and goes to a bank that fits your profile.
How much do I need to deposit?
Usually $1,000 to $5,000, depending on the bank.
Is a company account different?
Yes. A company account needs its own documents in addition to the personal file and generally takes longer.