schworak
11/9/2017 09:18 EST
I am wondering if anyone has experience with any bank in the US that also has branches in Panama. Would this make it easier to transfer money from the US to access in Panama? Guidance and information would be greatly appreciated.
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panamajames
11/9/2017 10:53 EST
The short answer is no. There is no easy way to send money from the US to Panama and the other way around. It is all about bank wires. Scotiabank is considered an International Bank but because they are franchises here in Panama, you cannot simply move money from one branch in the US such as in New York or Canada to a branch here in Panama. Panama's banking system is closed in that respect. It is just as easy, or difficult, to send money from the Bank of America to Caja de Ahorros, an National Bank of Panama, as it is to send money from a Scotiabank in Canada to a Scotiabank in Panama. No real association like you have with branches in the US or Canada. Citibank here in Panama was recently purchased by Scotiabank. HSBC was another International bank that has left Panama and sold back it's holdings to Banistmo, a Colombian based bank in Panama. Panama banks have no direct connection to any other banks in the world. If you need guidance in that regard, I work in the banking industry here in Panama and I am only too happy to guide you. You can reach me at [email protected] and I can provide you with many tips on how to proceed..................
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schworak
11/9/2017 11:58 EST
That us pretty much the answer I was expecting from my reading but wanted some first hand confirmation.
I'll reach out to you soon for further education. It us all just research at this stage but it won't be too long before I am ready to get started.
This is just one part of the puzzle that makes up the process of getting my pension from the US to Panama so I have easy access to my money.
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panamajames
11/9/2017 12:32 EST
There are a few banks in Panama where they will accept your US Social Security checks monthly. Most people collect their checks over time and make a bank wire when they need money in Panama. Some just use their Schwab or other ATM cards and pay the $5.25 per withdrawal and then Schwab will reimburse at a later date. Cash is still King in Panama but cards are widely accepted. It takes me a week or more to open accounts on-line from afar but only a day or so if you are here in person.
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RICOBREEZE802MARK
11/10/2017 01:09 EST
banks in the u.s. even by the same name don't; talk to banks in the u.s.
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PanamaJackie
11/11/2017 17:03 EST
There is no direct connection with banks in the United States and Panama. But you can have your pension or Social Security direct deposited in to most reputable banks in Panama. I know many people who do this and it works just fine.
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Panama Legal Business (PANLEB)Get QuotesExplore Panama Legal Business for a full suite of legal services tailored to your needs. From obtaining residency and visas to opening bank accounts, obtaining apostilles, conducting background checks, setting up businesses, and navigating real estate transactions, trust our experience and dedication to guide you through every step of the process in Panama.
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golric
11/12/2017 08:53 EST
@PanamaJackie
how much you are charged for having your ss sent to a pty bank?
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shar501
11/19/2017 15:52 EST
Don't be fooled by the name, e.g. BAC and it looks like the trademark of Bank of America. Call the US bank and ask. I found out that CITI has no relation to the US bank. Probably the same with BAC. Hertz in Panama has no relationship to the US company..
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shar501
11/19/2017 16:09 EST
I have two banks in the US, Huntington & PNC. I Haven't opened an account here. It's not too complicated, but the US money would have to be wired which too expensive. My pension Medicare and Brokerage account are all direct deposit to US banks. I don't see any advantage to having money in a PA bank. One warning is that mastercard will soak you foreign transaction fees. PNC has a Visa debit card. Much lower fees. I know I'm paying too much. I don't see a way around it.
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Panamaholmes
11/19/2017 18:08 EST
There are plenty of Chase credit cards that offer no foreign transaction fees, including the Sapphire cards and United Explorer.
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panamajames
11/19/2017 18:12 EST
You should also look at Schwab in the United States. They will reimburse you for ATM fees in Panama and around the world.
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Panama Legal Business (PANLEB)Get QuotesExplore Panama Legal Business for a full suite of legal services tailored to your needs. From obtaining residency and visas to opening bank accounts, obtaining apostilles, conducting background checks, setting up businesses, and navigating real estate transactions, trust our experience and dedication to guide you through every step of the process in Panama.
Panama Legal Business (PANLEB)Explore Panama Legal Business for a full suite of legal services tailored to your needs. From obtaining residency and visas to opening bank accounts, obtaining apostilles, conducting background checks, setting up businesses, and navigating real estate transactions, trust our experience and dedication to guide you through every step of the process in Panama. Get Quotes
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Debra730
11/20/2017 05:09 EST
There is none. Just wire transfer monthly
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schworak
11/20/2017 08:03 EST
All very good information. Thanks.
I am planning on using my Capital One Visa when ever possible. But there are times cash will be needed so I will need some locally I bet.
My bank here in the US only charges a tiny fee for ATM access in any country so that is one option for instant cash.
I am thinking I need some in a local bank for easy access so perhaps a monthly or bi-monthly transfer from the US to Panama is probably what I need. So I will look around for how to make that happen.
My only big concern now is the initial transfer which will be rather large when I need to get money to buy my house after selling my current house. I am sure the lawyer that helps me with the sale will also be able to help me transfer the funds.
Thanks for all the info everyone!
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Panama2017
11/20/2017 08:46 EST
schworak, we moved to Panama 3 months ago. But purchased a condo 3 years ago and rented it out until we recently moved. We transferred the downpayment for the condo to our attorney, who handled getting it where it needed to go for the purchase. Chase charged us $40 for each wire and we paid in 3 installments per Panama custom. Or maybe the downpayment arrangement was specific to our situation. One never truly know in Panama. For large wires we were required to go into the Chase bank. For smaller ones we handle it with online banking. We eventually opened an account here and our local bank charges $18 to receive each wire. We are in the process of switching SS to direct deposits to our local bank to reduce wire fees. I think thw local bank charges $8 to accept each direct deposit. Also looking into a Schwab account to use instead of Chase to eliminate ATM surcharges. Bottom line, we can not operate efficiently here in Panama without a local bank.
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SerRos
2/6/2018 10:00 EST
Something I found out, that maybe is a bit late, nonetheless may be helpful for others. We too had issues getting Money into the bank , Living on Long Island & having a Scotia Bank acct in Punta Pacifica,
Back in Early December I made a good size Bank Wire transfer that cost me $ 95.00 TOTAL fees- Outgoing & incoming, way too much...So I got the bright idea, to mail a $ 50.00 check from my personal US TD Bank as a test And mailed it Dec 17th to the bank branch std US Int'l Mail like $ 1.29... well Yesterday the Check was deposited... It cost a Total on the Scotia incoming side Total Cost $ 2.68 plus my postage... I became very happy... So I wrote another check... mailed it today Hoping the process will be faster because Christmas & New Years is not wrapped into that time frame.. So if this try doesn't work.. I will advise others here as well ... I hope this helps others. - Regards Serge
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Pedasiforme
2/6/2018 12:25 EST
I heard that some Panama banks will take a check from the U.S but will place a long term hold on the money until the check clears. What is your experience with this?
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shar501
2/6/2018 15:09 EST
No US banks in Panama. If you write a check from a US bank, it will take weeks for it to clear. Why? just because the Panamanian bank can. They are on the lookout for money laundering. Ha, Ha, Ha.
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