Banking in Panama has been covered many times. Please use the search function.

Bottom line: U.S. citizen tourists with no resident visa in hand or in process will find it impossible to open a bank account, with the exception of those who are obtaining a mortgage to buy property.

The Superintendencia de Bancos, the Panama banking authority, produces a list of accredited banks. You are advised to do your own due diligence to find a bank that seems solid, as there is no deposit insurance in Panama. You could visit the websites of those banks that interest you to find their requirements for opening an account. Banco General is a well-respected bank, but there are others.

Good luck!

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thanks, ranadelnorte. my error was searching "opening bank account...." i knew there had to be posts.
rudy

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Most banks in Panama will not open an account if you do not have a Visa. But some will! Every month I help 4-5 people/couples who do not have a Visa open a bank account in Panama in about 1 hour. (they come on my panama relocation tour)

To open most bank accounts in Panama, you do need to have a bank reference letter from your current bank. Some banks require 2 bank reference letters. Most banks want to see the last two years of tax returns or the transcript from IRS that the return was filed and taxes were paid. And there is a lengthy questionnaire.

To add someone to an account, banks will want all this information on the person you are adding too.

A savings account is better. You'll get a debit card and online banking access PLUS you'll earn a good interest of 1.5 to 2.5% depending on the bank.

Only a few banks have online banking in English and Spanish.

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Thank you, Panama Jackie. We'll keep this in mind. We have been reading your tour blogs, etc.
rudy

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