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can you live off your ATM card in panama?

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LaurieGonsoulin
  7/19/2015 19:42 EST

Can you live off of your U.S. ATM card in Panama without opening a bank account (specifically Boquete)?

Can you also set up utlities and rent with your U.S. ATM card exclusively?

panamajames
  7/19/2015 22:58 EST

As a rule, you can get $500 per day from an ATM machine here in Boquete. It mainly depends on how things are setup at your end. Many of the people that I have helped get settled, have found that their cards quit working, sometimes because they did not tell their companies in North America, that the cards would be used in Panama. Have more than one card, have many cards in fact. Yes, you can live off $500 per day in Boquete, and quite well. There is always a cost per ATM machine. $3 a day is $90 a month and you may get charged at your end. If you need a bank account, I can get you one opened, regardless if you are a resident or not. As for utilities and rent, you most likely will not be able to use your card for that as many utility companies will not accept them, and neither will landlords, however, you can get cash from your card, and in Panama, Cash is King.......

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cheryl4209
  7/20/2015 07:40 EST

Yes, you can, and I do, live in Panama without opening a bank account.

Rent can be handled with cash, or paid by a number of means... I use PayPal. If the prop owner keeps utilities in their name, your property manager may add utilities to your rent, in which case you can pay with multiple monthly ATM cash withdrawals.

Travelocity
  7/20/2015 14:00 EST

I guess you could, but I personally would not do it. I would not want to be a 'Greece' situation not being able to take money out of the only country where I bank.
opening an account is easy. just bring with docs when you move to panama. also I would hate to see you lose your ATM card and not be able to take money out. Ally bank offers, atm free fees. don't charge a dime for it.

panamajames
  7/20/2015 20:00 EST

Many people bring $10,000 cash with them to Panama, then decide that it might be dangerous carrying that much around, but they don't have residency so getting a bank account is difficult. I help at least a person a week, get that account opened to put their money safely put away........No muss, no fuss, fill out a few forms and away you go..........

BoqueteGirl
  7/20/2015 22:00 EST

Please don't carry a lot of cash. You will be a statistic waiting to happen. If someone like PJ can get you an account "go for it." It is much safer. I do use my debit cards in Boquete for just about everything. If I need more than $500. to buy something, I go to two different banks in town and get $500. from each to make the purchase. Also, they are all right when they say, "YOU MUST NOTIFY YOUR U.S. BANK OF YOUR STAY IN PANAMA." I use my ScotiaBank account for a holding of funds. But I never have more than $10K in there because of U.S. reporting regulations when you file your U.S. Taxes.

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Inpanama
  7/21/2015 09:19 EST

Yes - we've been doing it for the past 4 months. The Clave debit card system here only allows you to withdraw $500 per day and there is a $4.00 charge to withdraw from a U.S. account (plus whatever your U.S. bank might charge) so you need to factor that cost into your budget. My husband and I can each withdraw $500 per day and have not had any issues so far. We DID open a local bank account, but honestly, haven't had any reason to use it - we simply want money here in country in the event of emergencies. As Boquete Girl stated, you cannot have more than $10,000 at any one time in a Panamanian account (or multiple accounts) unless you want to do extra paperwork for the IRS!

Most stores and restaurants accept credit cards, so we use our mileage credit card for many purchases, then just pay off the balance at the end of the month. That reduces the need for cash.

We rent our home, so pay the landlord in cash each month. The utilities stayed in the landlord's name, and he e-mails us copies of the bills and we just pay in cash along with the rent. It is unlikely that a landlord would accept a credit card payment, but if he or she has a Pay Pal account, you can pay through PayPal using any forms of money you desire.

You will need cash for daily living - local produce stands only accept cash and are the BEST place to buy your fruits and veggies. Many of the local events will require payment in cash (if you want to attend events like Trivia Night, charity events, etc.).

If you decide to open an account locally, check with the specific bank - each one has different requirements, and you will need to gather some paperwork before you leave the U.S.

stgibson
  7/21/2015 09:55 EST

As mentioned before, you can live off your ATM however I would open an account here and either bring or wire cash into it. Here is why. We just experienced this. Within two months two of our banks in the US decided to change their logos and add microchips to cards that didn't expire for another 3-4 years. They mailed replacement cards to our US address and then notified us of the change. We had to arrange to have the cards picked up and sent to a PTY address for forwarding here which caused a 2-4 week delay. Thank god we have accounts here or we would have been SOL.

CarrieW
  7/21/2015 21:08 EST

Panama James...can you help us when we get there? Bruce, my husband, is coming to Panama to get things set up on November 3rd. He will spend 2 weeks on PC and then off to Boquete! He may need guidance! Is there a way to reach you? We would appreciate it so much!
Thanks,
Carrie

panamajames
  7/22/2015 02:01 EST

Yes, you can reach me anytime at [email protected] or you can call 6909-9283. Glad to help you. PJ in Boquete

Debra730
  8/3/2015 10:45 EST

I have an account in the U.S. That is on the Sirrius banking(allows me to withdraw money from any participating bank. My debit card acts like a Visa Charge card so this is not a problem. I carry very little cash. The Visa debt card is attached directly to my checking account and this way I know where every penny goes

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sealodgeg9
  8/4/2015 08:46 EST

Open a Schwab Checking account in the US.
At the end of the month they refund all ATM fees regardless of which country you are in.

A great bank to deal with.

joycenow1
  8/4/2015 10:57 EST

What documents do you need to bring to open a bank account.
Thanks

ranadelnorte
  8/4/2015 17:12 EST

Please use the search function. There have been literally dozens of posts regarding the topic of setting up a bank account.
Good luck!

panamajames
  8/4/2015 20:15 EST

E-mail [email protected] and ask for all the details. You can even open an account on-line and not even be here in Panama.

panamabob
  8/5/2015 09:23 EST

I have lived in Panama for 5 years and use only my American bank debit card to withdraw cash from atm's. I pay for everything in cash.....rent, utilities, groceries, gas, everything. Works just fine for me. It's been said but worth repeating....notify your home bank before you move here for a short time or permanently so they will allow your card to be used here. If you use you debit card to make purchases here the Panamanian bank that handles the transaction with the merchant will tack on a fee.
So, again, cash is king.

ChiriquiHighlander
  8/5/2015 12:42 EST

As most of the posts indicate, "yes", you can live very easily with only a U.S. ATM card. We have been doing that for over two years. Also, as has been stated, you do incur the ATM fees which can be hefty when you add them all up over the month. One thing some people do is take out a large amount once or twice a month and live off of the "cash". Most stores do accept a debit card, gas stations, places to eat etc.

Also, we have been able to obtain an account in our name for electric service with Union Fenosa with only our U.S. passport. Also, we have accounts with Cable Onda for TV, Internet and phone, again with our passport.

I understand you can also get your water and trash in your own name should you want that but if you rent 99% of the time the landlord handles that. We were able to do all of that when we lived in Volcan so I would certainly assume you could do that here too.

We were also able to obtain a cellular account with Claro with data, minutes etc on a monthly plan with our passport however we no longer do that. We simply use Mas Movil and purchase a few minutes but principally use the app called "whatsapp" which, if all parties have the app it is FREE to text and make calls....even to States.

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