Banking & Finance
Getting your finances set up in Panama is easier than you think — if you know which banks welcome expats and what documents to bring.
Banking Overview in Panama
| Feature | Details |
|---|---|
| Currency | Panamanian balboa (PAB) B/. |
| Bank Account for Foreigners | May be possible — confirm with the bank |
| Access Difficulty | Low |
| Remote Opening | Yes |
| Wise Available | No |
| N26 Available | Yes |
Opening a Bank Account in Panama
Foreign nationals may be able to open a bank account in Panama, but we have not independently verified this — confirm the current rules directly with the bank, in writing, before you rely on it. The process difficulty is rated as Low, which means the process is straightforward with standard documentation.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Visa or entry stamp
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Panama — remote & non-resident opening
Named banks operating in Panama, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| Global Bank | May allow remote opening — confirm with the bank directly | Medium | Cited among Panama banks accommodating non-resident foreigners remotely. |
| Multibank | May allow remote opening — confirm with the bank directly | Medium | Cited among few Panama banks opening accounts for non-resident foreigners remotely. |
| Banco General | May require an in-person visit — confirm with the bank directly | Medium | Flexible for non-residents but on-site photo and fingerprint verification required, no fully online opening. |
| Banco Nacional de Panamá (Banconal) | May require an in-person visit — confirm with the bank directly | High | State retail bank, simplified process excludes foreigners, in-person required. |
| Banistmo | May require an in-person visit — confirm with the bank directly | Medium | Bancolombia subsidiary, cited as one of few banks opening accounts for non-resident foreigners remotely. |
Last checked 2026-06-22 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Panama. While you may be able to send money to Panama, full local account features may not be available. Check their website for the latest on Panama-specific services.
N26
N26 appears to operate in Panama, but we have not independently verified this — check N26's own country list. As a fully digital bank, it offers a straightforward account opening process, often without needing to visit a physical branch. The app provides real-time notifications, spending analytics, and competitive exchange rates.
International Transfers
When transferring money to or from Panama, consider these factors:
- Exchange rate: The currency is PAB. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Panama is approximately €887 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for Panama:
- When your account is approved, you'll need to make a deposit . The amount varies by bank. Sometimes, it can be as Low as $50.
- Most banks in Panama offer Premium Banking services for accounts exceeding $100,000. If you are a lucky client of the Premium Banking department, you will have a dedicated officer assigned to your account. This executive will provide you with a direct cell phone number to assist with any questions or needs. You may also benefit from easier remote management of your banking matters when necessary.
- To apply for certain types of residency in Panama , foreigners must have a local bank account and provide a bank reference letter.
- Credit cards are offered depending on the client's credit history . Additionally, the individual must be a Panamanian resident or have the ongoing residency process to obtain a credit card. For a regular client, it may take up to a year, while Private or Premium Banking clients may be able to get it earlier.
- Bringing a pet to Panama requires careful planning. You must provide specific documentation and follow ...
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Are there any fees for maintaining a bank account in Panama?
Many banks in Panama charge monthly maintenance fees ranging from B/.2 to B/.15. Some offer free accounts if you maintain a minimum balance or receive a regular salary. Digital banks like N26 often have free basic accounts.
Can I open a bank account remotely before moving to Panama?
Yes, remote account opening is possible for Panama. Some digital banks allow you to start the process before arrival.
Can I open a bank account in Panama as a foreigner?
Yes, foreigners can open bank accounts in Panama. The difficulty level is rated as Low. Visa needed. Banco General and Balboa friendly. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
Is mobile banking widely available in Panama?
Yes, most major banks in Panama offer mobile banking apps with features like transfers, bill payments, and balance checks. Digital-first options like N26 provide excellent mobile experiences.
What happens to my bank account if I leave Panama?
Most banks in Panama allow you to keep your account open even after leaving, though some may require an address in Panama. It is advisable to switch to a basic or non-resident account to avoid unnecessary fees. Close standing orders and direct debits before leaving.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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