Panama Expat Forum

ATM's in Panama Sept 1st - $250 max

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panamajames
8/25/2020 01:19 EST

Starting September 1st International persons using their International plastic, may only be allowed to get $250 out of the ATM machines at one pull instead of the usual $500. You may be allowed $500 per day at each Panama bank which in effect doubles the ATM fees. Total amounts allowed per day on your International card are dependent on what your bank allows you.

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Christian86
8/25/2020 08:49 EST

If this is the case, the banks are basically doubling their fees just with the announcement from one day to the next.

A 100% increase. That hurts!

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kevwfell
8/25/2020 13:47 EST

Any idea why the limitation is being imposed?

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Christian86
8/25/2020 14:14 EST

The limit was imposed to double their revenue from non-Panamanians.

Alternatively you can wire transfer into your local bank account at a cost of about$85 per transfer. Usually $35 from the correspondence bank and $50 from your bank.

I don’t believe that the correspondence bank charges your bank any money, but this is how Panamanian transparency works on a higher level. It just looks better separating the fees into two smaller positions.

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rr6013
8/25/2020 16:48 EST

What's the situation on-the-ground passing greenbacks with merchants for goods and services? ATM fee penalizes cash. Does Panama favor paper currency or eliminating the cash vector due to COVID?

Is the $20 greenback the largest denomination accepted by local businesses in Panama? Larger bills? During 2016-2017 trip to CentralAmer, $USD currency I brought with me was either too large a denomination or too tatterd to be usable for exchange. I had cash that I couldn't use. New fee scheme has me re-considering best cash/ATM/credit card travel scheme.

In process of moving to Azeuro. Planned to lean on Schwab fees, ATM and bank credit card transactions. Here in US coinage is short in supply due to it being a COVID vector.

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Christian86
8/25/2020 17:07 EST

This is not about eliminating cash.

Local ATM withdrawals are still free of charge at your own bank at least.

The fee change only applies to cash withdrawals with foreign cards.

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ROKSlide
8/25/2020 17:10 EST

You mention using Schwab. You can transfer funds from Schwab to any account you set up with a Panama bank for free. Also, you can ATM cash from any Panama bank and Schwab will refund your ATM fee. I have both a business and personal account with a panama bank, but can fund either account from one of my Schwab accounts.

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Christian86
8/25/2020 17:31 EST

Schwab may need to rethink their client friendly fee reimbursement policy, if they are now facing a 100% increase passed on to them by Panamanian banks.

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gSky
8/25/2020 19:55 EST

Greed?
or keeping us from wasting too much of our hard earned and saved money for junk?

Nahhh, 'greed' it is.

None other than the banks profit by doing so.

(Waiting for dumluk, panabud, experian to call me communist again)

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panamajames
8/30/2020 03:18 EST

Please take note of this change in the services involving the use of a foreign ATM card used in the Republic of Panama. Prior to September 1st 2020 the maximum amount allowed to withdraw was $500 USD. September 1st the changes begin:

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stgibson
8/30/2020 08:59 EST

PJ
I wonder that if I were to notify the banks that the interest on the money I have deposited with them was doubling as of Sept 1,2020 would work! LOL

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