Panama Personal Banking
Open a personal bank account in Panama with USD accounts in a dollarized economy and strong banking privacy.
$1,500· Full service · No hidden fees
Why Panama Personal Banking?
Panama offers one of the strongest banking environments in Latin America, with a well-developed financial system, strong privacy laws, and no exchange controls. Panama banks offer USD accounts, international wire capabilities, and integration with global payment systems.
Note for U.S. citizens: U.S. citizens can open Panama bank accounts but must comply with FATCA reporting requirements. Panama banks report account information to the IRS. required.
Open your Panama bank account with full support – remote setup available.
Banking Privacy – Panama maintains strong bank secrecy laws
USD Accounts – Panama uses the US dollar as legal tender
No Exchange Controls – Move money freely in and out of Panama
Stable Banking System – Well-regulated with international standards
Dollarized Economy – USD is legal tender, eliminating currency risk
International Integration – SWIFT access and correspondent banking relationships
Who Is This For
The Process
Step 1: Submit Your Documents
Provide your passport, proof of address, bank reference letter, and proof of income or employment.
Step 2: Bank Selection and Application
We match you with the right Panama bank based on your needs and submit your application with full documentation.
Step 3: Account Activation
Complete any required verification steps and receive your account details, debit card, and online banking access.
Requirements
Valid Passport – Clear copy with at least 6 months validity
Proof of Address – Utility bill or bank statement dated within 3 months
Bank Reference Letter – From your current bank, dated within 3 months
Proof of Income – Employment letter, tax return, or accountant certification
Secondary ID – Driver’s license or additional government ID
Initial Deposit – Varies by bank, typically $500-$50,000 USD
What's Included
Bank selection consultation – Match you with the right Panama bank
Document preparation – Review and organize all required paperwork
Application submission – Full submission and follow-up with the bank
Account activation support – Assistance through verification and setup
Online banking setup – Help configuring digital access
Debit card coordination – Ensure card issuance and delivery
Timeline
| Milestone | Timeframe |
|---|
| Document submission | Day 1 |
| Bank application filed | 3-5 business days |
| Account approval | 1-2 weeks |
| Account activation and access | Upon approval |
| Travel to Panama | May be required depending on bank |
Important Notes
In-person visit – Some Panama banks require an in-person visit for account opening. We will advise which banks offer remote options.
FATCA compliance – Panama banks report U.S. account holder information to the IRS under FATCA.
Due diligence – Panama banks conduct thorough KYC checks on all applicants.
Account maintenance – Monthly fees vary by bank, typically $10-25 USD.
Open your Panama personal bank account with confidence. Stable banking, USD accounts, and full support throughout the process.
