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1RTRWRENCH
8/6/2019 19:03 EST

Good evening ya'll expats in Panama.

I'm 1RTRWRENCH

I will make a visit to Panama around September.

I remain in the States for now, any of you know which is the best and serious bank to deal with in Panama. My banking account here is USAA. I'm trying to find the best way to send money to that country.

Thanks for your help.
Note - Sorry to read about your health issues RANADELNORTE , take care.

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KeryCruz
8/7/2019 08:03 EST

Banco General has been in there market for a while, and has a good online banking system.

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panamajames
8/7/2019 11:26 EST

I have been dealing with Banistmo out of Colombia in Panama since 2004 and they are great. Banco General is the biggest bank in Panama, surpassing even the National Bank, Banco Nacional. There ares some very good credit unions that still accept expats while most don't any longer since FATCA. I work with some great Finance and Investment firms in Panama for term deposits. It all depends what you need.

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ranadelnorte
8/7/2019 12:26 EST

Thanks for your good wishes, however my health is excellent (touch wood).

Panama has 88 licensed banks. The list is available on the Superintendencia de bancos website. You’ll have to do your own due diligence about which banks have recently received fines, are in the process of liquidation, etc. This is important because there is no depositors’ insurance in Panama.
I too recommend Banco General as a respected bank. It is a Panamanian bank, largest in terms of branches and employees, not in terms of capitalization.
The best way to send money to a Panama bank is by wire transfer. There will be a fee for this (range is $35-$50). Another option is to use ATMs for withdrawals, but that is best for personal daily expenses, and you’d have to check whether your home account imposes the $5.25 foreign transaction fee charged by every Panama ATM.
Good luck!

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