I have landed in Panama, with pensionado visa in hand, and am getting set up.
I went to BAC to open a bank account, and they told me that they would only accept international deposits into my personal checking account for my social security benefit. If I tried to send other deposits, they would be refused. They suggested that if I wanted to send international transfers, especially larger transfers, I should set up a business account.
I am going to check with other banks, but is this common/required or required by law?
My immediate concern is how to I purchase a car, since the Toyota dealership told me they would only take a payment over 7,000 by wire transfer or cashiers check from a local bank.
My longer term concern is to have flexibility for sending money to my local accounts when I need to do local transactions, and not be limited in the way they described.
I went to BAC to open a bank account, and they told me that they would only accept international deposits into my personal checking account for my social security benefit. If I tried to send other deposits, they would be refused. They suggested that if I wanted to send international transfers, especially larger transfers, I should set up a business account.
I am going to check with other banks, but is this common/required or required by law?
My immediate concern is how to I purchase a car, since the Toyota dealership told me they would only take a payment over 7,000 by wire transfer or cashiers check from a local bank.
My longer term concern is to have flexibility for sending money to my local accounts when I need to do local transactions, and not be limited in the way they described.
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