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bank advice

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drifter13
  10/30/2014 15:06 EST

I will be in Panama to open bank account soon . .Leaning towards Banistmo and plan to live near city.Any feedback on this choice is wecomed. Also what are U.S. requierments regarding a foreign account.Any advice on buying a CD.

kimbo47
  10/30/2014 17:25 EST

I BELIEVE YOU CAN'T OPEN AN ACCOUNT UNLESS YOU ARE A RESIDENT OR HOLD A CEDULA!

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Panama2017
  10/30/2014 20:41 EST

Not true. I opened a bank account without residence or cedula.

Oldcameraman
  10/30/2014 21:09 EST

Kimbo 47:

Time to start being a beliber.... lol

Why should Panama start opening the doors to people washing money?

Why should the Panamanian government flex their rules to fit those who think they know the realities of economics without having a deep knowledge of what often goes on here?

I'm retired and applying for my pensionado visa. When I get it, I can get a bank account.

Follow the rules, Don't rant and rail against them ! They're there for a reason.

Oldcameraman
  10/30/2014 21:10 EST

Panama2017: Which bank was that with?

Panama2017
  10/30/2014 21:13 EST

Oldcameraman: Banco General

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kimbo47
  10/30/2014 23:18 EST

Panama that is why I used the word BELIEVE. Congrats. Perhaps you should share the process to follow?

kimbo47
  10/30/2014 23:28 EST

Oldcameraman,
what is your beef and why the sermon.???? LOL
It seems you agree with my belief that you need a residence and a cedula before getting a bank account since that is what you say you are waiting for to open one.
Your sermon makes no sense. I'm not trying to change any laws I just tried to inform a poster that was on his way to open a bank account in Panama, that he needed to check if he could w/o a cedula.

Other than Panama I have not heard of anyone that can do that w/o a cedula and I also BELIEVE you need a letter of recommendation from a bank's customer.

Lets see if Panama can share the procedure he followed to get one w/o a cedula or residence and you may not have to wait any longer for your residence.

I'm sure there are others in this forum that can shed some light to this matter. Anyone?

kimbo47
  10/30/2014 23:37 EST

Hello old Cameraman,
as I said before I think you got me confused with someone else with your sermon.

having said that I forgot to mention that I THINK (needs to be checked for veracity) if you invest a certain amount in Real State or forestry you can obtain immediate residency and then open a bank account. Check it out!

cuPanama2015
  10/30/2014 23:40 EST

The best that you can do for CD's or Certificates of Deposit in Panama is 7% for a year, and up to 8.5% and even 10% for 5 years. Look at some Bond options as well. Find the recent IMF report on Panama

Panama2017
  10/31/2014 09:42 EST

kimbo47: I have heard that every bank, every branch, perhaps every banking officer may have different requirements.

That said - for us - we needed "letters of recommendations" from 2 banks in the US that we had done business with. We satisfied this requirement with bank statements because our banks (Chase, MG Trust) have policies preventing that practice. And then of course, there was an application to fill.

I am not aware of any requirement for recommendation from a current customer of the bank you are applying to.

Interestingly, a few months after opening the bank account, the bank emailed us to say that they had issued a credit card and was going to DHL it to us in the US. Now, we did NOT apply for this credit card so this was very surprising!

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todd2433
  10/31/2014 09:46 EST

I can'nt believe this discussion about opening a bank account in PC. The paperwork required has been posted her and on other sites many times. As fro being a resident--Not Required! I live in SW Florida and have visited Panama on 13 occaisons. I have opened bank accounts in PC on two different trips. Banco General has a person assigned to facilitate English speaking folks who wish to do business with the bank.The paperwork is extensive. Including last two US tax returns,Two banking letters of recomendation,Police report and perhaps more. Like everything else in Panama,there is a lack of consistancy.One branch will say one thing and another branch of the same bank will say another.One bank turned me down,not because of a residency issue but becau8se my tax returns did not show enough income .Unbelievable!

kimbo47
  10/31/2014 19:20 EST

Panama,
you are right! I have just finished a long chat with Banco General and according to the rep a foreigner CAN NOT open an account without having some tie with the country. I assume if you speak to someone else you may get a different answer.

Todd & Mary,
the key seems to be "having a tie with PC" which a normal foreign tourist would not have. They go on to describe what this means with a large list enumerating the ties that besides a residence can be purchase of property, donations to the forestry program, opening a business, renting a property, investments, etc

As far as the CD's and rates they publish a table that shows a max of $10,000 for 5 yrs gets 4.5%
you can access it here:
https://www.bgeneral.com/bgespanol/personal/otros/cajillas_de_seguridad/cargos.asp?tabla=6

So bottom line it seems there is no answer except the individual requirements you would be subjected to when you actually show up in the bank and depending on who helps you.

cuPanama2015
  10/31/2014 21:34 EST

Let's start some banking advice here on this site soon. Here is some info from some of my banking friends back in North America.


Several major national and international banks are planning to launch their own mobile payments apps next year.

The banks would be major competitors to handset makers Apple and Google because unlike others pushing mobile wallet technology, such as mobile phone carriers and retailers, they already have an intimate relationship with consumers and know their spending habits.

“Banks all around the world are working on this right now,” said James Anderson, senior vice president for mobile and emerging payments at MasterCard.

Anderson didn’t name any of the banks, but said MasterCard is already in conversations with them on how to add mobile payment capability to the existing apps that millions of consumers already have on their phones.

The most likely way will be through a technology called host card emulation, that was introduced in Android 4.4 “KitKat” and allows software apps to emulate the secure element chip found on some bank cards and the iPhone 6. Using software means wider compatibility with phones than if a dedicated chip was required.

The mobile payments market had been relatively quiet until recently. Google Wallet and Softcard, a competitor backed by cellular carriers, were in the market but consumer awareness and interest appeared to be low.

That changed with the launch of Apple Pay on October 20. A million cards were activated in the first three days of use and early adopters have praised its ease of use: users just need to hold their thumb over the iPhone 6 fingerprint reader and bring the device near a terminal for payment to be made.

As a result, competitors are planning their attack. Next year CurrentC, backed by some of the biggest retailers in the U.S., will launch and companies like PayPal are also hoping to expand their footprint in stores.

No third-party fears
But an app from a bank might have an edge because it removes a potential hurdle to adoption: unease among consumers that at a third-party is getting access to details of purchases they make.

Apple has stressed that it doesn’t see any of the purchases made by its users but Google’s system is set up so that all payments run through the company’s servers—giving the company an additional layer of information into the lives of its users.

A bank already has access to this information because of its nature and is presumably trusted by its customers. If a customer has a banking app on their phone, it would suggest they also have faith in the bank’s online security system.

XSMEMORIES
  11/1/2014 12:51 EST

Thw worst bank is banistmo. There is a mlot of new regulations in regards to opening an account. Get advise from a lawyer, because you will a lot of papers from your current bank of residence

cuPanama2015
  11/1/2014 13:00 EST

I have had great luck with Banistmo, which took over all the central American HSBC's here in Panama. HSBC was terrible in Central Ameria, where they are great in North America.

donnaclapp
  11/1/2014 19:35 EST

I opened an account at MultiBank in PC 18 months ago. My Attorney went with me ($500). Required letter from my US bank, 2 letters of reference from my US Attorney, business professional, 5 bank statements, 2 bills with my name & address on them, passport. Purchased a CD, but I chose the amount.

pollokeeper
  11/1/2014 22:29 EST

If you have an attorney who is experienced with helping Xpats you should be able to get an account opened. Every bank seems to have different requirements and those requirements also can change. So, a good migration attorney will know the name of the easiest bank to get an account opened with and also what they need in order to open the account. I used Multibank a few years back because they were the easiest bank at the time to start an account. But, that may not be true any longer. Find a good attorney and talk to him if you are serious about living in Panama and he will point you in the right direction. Things change in Panama all the time so Xpat experience or what they did 5 years ago to get a bank account opened probably does not apply. I know this probably did not help, but maybe my advice points you in the right direction.

cuPanama2015
  11/2/2014 00:29 EST

"WHEN YOU CONSIDER THAT THE HIGHEST INTEREST U.S. BANKS ARE PAYING FOR FIVE YEAR DEPOSITS IS 2.4% YOU REALIZE THAT IT DOES NOT EVEN COVER THE ANNUAL RATE OF INFLATION"

YOU CAN DO BETTER. PAY ATTENTION

amacias
  11/2/2014 10:27 EST

My experience was similar to donnaclapp only with Multi Bank in Coronado. We did not have to take our lawyer with us we just used our lawyer as 1 of the 2 panamanian references that were reguired. We only needed two bank references along with statements of our holdings in those accounts one of the accounts needed to show our pension deposit. We also needed a copy of our lease and 2 years of 1040 forms.

Panama2017
  11/2/2014 10:34 EST

amacias: we didn't involve our attorney in opening our bank account either. It just wasn't necessary.

Panama2017
  11/2/2014 10:53 EST

This is true that there is contradiction to the experiences posted. Some of it is based on the inconsistencies in the Panamanian processes - and some based on the risk appetite of the expat. In any event, it is nice to understand the full spectrum of what has worked and not worked in the recent past.

shawnnn
  11/2/2014 10:56 EST

I have a bank account in Panama and it was not too difficult. I got married in Panama and wanted to ad my wife to the account. She only had one bank account instead of 2 so they would not add her as a co-owner but only as a co-signer. A little crazy if you ask me.

jedard
  11/2/2014 14:47 EST

In any country in South America and Latin America you can find a bank or credit union to open an account. All you need is your passport.
Lets stop being like an old dog and reply if we can help shall we

jedard
  11/2/2014 14:50 EST

Holy cow turds, . You admit you do not have your Pensionado and your giving false info.

donnaclapp
  11/2/2014 16:47 EST

I was required to have an attorney present me to the bank in PC and also in Uruguay.....something that is called "getting to know your client". It cost me $500! Think somebody is pulling my leg on this one? If you have ever read " WHERE TO STASH YOUR CASH...Legally by Bob Bauman you can read all the rules....but as we have seen rules are always changing!!!

cuPanama2015
  11/2/2014 17:19 EST

Here is how that works when a lawyer takes you to the bank. The lawyer gets a huge commission for doing so. You do not need an attorney to open a bank account for you. Never do it. They love to do it however because it is a huge money maker for them. It's called Gringo Bingo, not getting to know your client. And you have that mixed up with your Bank who now have a policy called "Know Your Client" which simply means that the banks need to know where your money came from, such as a money laundering source, or exactly where did it come from.

panamaexpat
  11/2/2014 18:16 EST

COOPEDUC is The Teachers' Credit Union, with a great rating. I have used them in the past for 1-2 yr CDs. Here's info from their website: (año means year, and interes anual means annual interest).
PLAZO INTERES ANUAL
1 año 4.25%
2 años 4.75%
3 años 5.00%
4 años 5.10%
5 años 5.25%?
6 años 5.35%

7 años 5.50%

Hope this is starting info for your CD search. For add. Info search coopeduc.com.

panamaexpat
  11/2/2014 18:23 EST

Re COOPEDUC: forgot to add that you can walk yourself and ask for requirements on what it is you want to do. It helps if you have a certain knowledge of the language. That's where some attorneys and "helpful expats" make $ just taking the place of a translator which you can find in your cell phone apps.

cuPanama2015
  11/3/2014 22:19 EST

Coopeduc is good.....but there are even better credit union rates out there. The one I deal with has 7% for one year but their CD's start at $25,000, and it is renewable for 2 more terms at that same rate. So it is 7% for 1, 2, or 3 years. They also have credit union notes at 8.5% for a year, so it pays to look around. Their savings accounts are 2.5% but they want to raise their savings rates to 4 or 5% because they want to appeal to the expats.

donnaclapp
  11/3/2014 23:03 EST

I was advised not to put money in credit unions in Panama. This fact was mentioned in Bob Bauman's book "Where to Stash Your Cash...Legally" under the Panama section. Just reporting on what I have read.

cuPanama2015
  11/3/2014 23:16 EST

Bob Bauman speaks on behalf of International Living, who have been called International Liars, for the most part. They have places to stash money, that suit their purposes. They are one of the worst organizations to take advice from, which you will find out as you become an experienced expat.

panamajames
  11/4/2014 02:47 EST

Someone mentioned you rang................Sorry I haven't been on here lately, but I'm off to South America soon and spending time, on the other side of the fence, learning about that country, finding places to stay, cars to rent, and tours to take........But I will be back in April or so, so save me a spot......Just haven't had the time lately to sift through the info, and my apologies if I have missed any messages. Important stuff you can e-mail me at [email protected] and I should be able to have e-mail where I'm at. Cheers. Jim in Boquete

Panama2017
  11/4/2014 07:23 EST

PanamaJames, this is highly unethical...seriously

donnaclapp
  11/4/2014 10:27 EST

Thank you for looking out for us! I was already starting to form that opinion myself but appreciated the tip from an experienced expat. Thanks again!

Nystp
  11/4/2014 14:08 EST

Interesting, very interesting... I had wondered where Sir James was, missed those constant reminders as to how great Boquete was, and how we should all visit/move there, and "Oh, yes, I do have a casita to rent..."

JonCates
  11/4/2014 14:18 EST

Pj is the best on site. Sounds like
U live n lame pc

JonCates
  11/4/2014 15:44 EST

MA. WTF

panamajames
  11/4/2014 16:40 EST

Thanks Jon.........I have a couple of logons for Yahoo and it depends which one is logged in at the time I am answering or sending messages. It doesn't tell me which user is on right now. I think it is PJ

Nystp
  11/4/2014 16:43 EST

JCP, not sure if U R referencing me when U say "sounds like U live lame PC", i live lame Azuero... + I quite like it!!

I wish u would discover the other alphabet letters... I find u quite silly + tiresome.

MaryAnn: translation please, what does NALGA mean? I can't be the only one wondering...

panamajames
  11/4/2014 16:46 EST

I think that most of us agree that we find her quite silly + tiresome.....

panamama
  11/4/2014 17:05 EST

NALGA means ASS...

jakeddoc
  11/4/2014 17:38 EST

I totally agree with cuPanama2015--he is right on the "money"---the know your client has nothing to do with walking into a bank official for the first time with an attorney. Some banks are easier to work with than others---as a rule Banco General will not open accounts if you are a US citizen due to all the new regulations and FATCA.

JonCates
  11/4/2014 19:44 EST

Ma it's the new gen text world
get w it I lv n usa love PJ'S bs
why move to P C when there r
great rural oops

Panama2017
  11/4/2014 20:09 EST

PJ, please don't insult our intelligence.

4sarge
  11/5/2014 06:02 EST

Gringo Bingo is Alive & Well in Panama and wherever Gringos have Money and Others will Say or pretend to befriend you. Sadly, nothing may be as it seems.

Deceit may be lurking behind that Friendly Smile or Offer to Help at a Price.

COPIED from the Ecuador forum

Ecuador: Watch Out for Pollyanna posted by peabody

Yeh, I am looking to get kicked here for being the messenger bearing bad news. This is for the babes in the woods who don't want to know that there are several posters on this forum who are expats here in Ecuador who hype themselves and their success stories in order to fleece other expats. If you don't want to listen then you'll likely learn this fact some other way on your own. If you don't want to believe that someone here is selling out and moving back home and you have believed the lies spread by certain posters at least keep your eyes open and like Forrest Gump said in the book, not the movie, "Always keep your B.S. detector in good working order.

Oh, Bernie Madoff, Where art though and Hey, I know a guy, who knows a guy that - Well, Hopefully You see the Connections. Suckers in Greener Pastures await.

Casting no expersions on any one, But there isn't a Free Lunch, even in Panama.

panamajames
  11/5/2014 08:01 EST

Panama2017, it is obvious that you have little intelligence to insult....

Panama2017
  11/5/2014 08:44 EST

Whatever...pj-cu. I'm too smart to attempt to have a rational discussion with you, ha!

panamajames
  11/5/2014 08:49 EST

Thank you so much...........

panamaexpat
  11/5/2014 08:52 EST

Cu being that we are trying to offer our best bank advice based on our own personal experience, I mentioned COOPEDUC. Can you share with us expats the credit union you use? If it's better than what I mentioned I certainly would like to use it! Thanks!

cuPanama2015
  11/5/2014 09:01 EST

CACSA is my favorite credit union, and I am working on another that I recently found. There are many others in Panama that work well.......

panamaexpat
  11/5/2014 09:21 EST

CACSA is still involved in a huge $8.8M scam that dates back to 2010 where it partnered with Parque Centenario and Grupo 4M for the development of a residential area.

Be careful out there, CACSA may need new members' funds to work on lawsuits by scammed residents or potential residents of said residential area.

Sausalitosteve
  11/19/2014 12:35 EST

Went to banco general and citi today. Both told me i cant open an acct with tourist visa. Need to apply for permanent visa and both suggested i hire a lawyer which seems silly as i was a lawyer. Citi also requires an id card. If anyone thinks there is an easier route please advise.

Should i go to panama embassy ( immigration ) and enquire? Or hire a lawyer. Any suggestions on an attorney please advise.

Lamastus
  11/19/2014 12:38 EST

The problems are much different laws here

jsumgr
  11/19/2014 13:39 EST

My son couldn't open an account until he had his work visa. So he dealt with cash - not a good situation.

Panama2017
  11/19/2014 13:58 EST

At the risk of sounding like a broken record...each bank branch may have different requirements. I would check around before giving up entirely. I opened a Banco General bank account with only a tourist visa back in June 2014.

Sausalitosteve
  11/19/2014 16:12 EST

Interesting as i walked into a branch and she called someonevwho spoke more english. She told me i need tomapply for a permanent visw first. I will be back in PC in ten days so will try again. If you have the address of the branch you used let me know. I brought two letters from my bank and schwab and my Soc Sec statement and 2013 tax return with me. Thx

volcan357
  11/19/2014 19:19 EST

The worst place to open an account is Panama City. Try a branch at a smaller place somewhere out in the Provinces. Also try Banco Azteca or Multi credit Bank.

Panama2017
  11/19/2014 19:25 EST

Sausalitosteve - I wish I could offer better advice. Since I have it drilled into my head that there are no addresses in PC, I can't tell you specifically where the branch was located. It was considered the "main bank" branch located in the business district.

We didn't have an attorney with us but we did have our real estate agent with us who banks at BG. Although the idea of a "customer reference" never came up, she did help us navigate the language barrier and "politics".

I know that we didn't walk in asking if we needed to have a permanent visa. We went in playing dumb and just said we were there to open an account. The account they opened was a savings account with Visa debit card. Then in September they just sent a Visa MasterCard out of the blue. I really think it was serendipity - no real explanation. Sorry...

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