How To Open A Bank Account In Panama


How To Open A Bank Account In Panama

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Written by Matt Landau

Tuesday, January 03 2006

If you're reading this blog, I'm assuming that you have some interest in how to open a bank account in Panama. Perhaps you arrived here accidentally, in a search for how to “open Panama” or maybe looking for “a count in Panama”. Either way, I am your friend.

Step 1. To begin, you'll be needing some documents: A valid passport. A letter of recommendation from your bank at home. A letter of recommendation from someone who a) has a bank account at your desired bank or b) simply lives in Panama without a criminal record. If you don't know anyone who could write one for you, I consider us to be pretty close, and would be willing to write your recommendation free of charge. These are the basic requirements for attaining a bank account in Panama.

Step 2. Walk into the bank, looking simple: do not carry anything that a bank consultant might consider threatening (ie. Sharp dagger, canisterette of Mace). There are usually several desks meant primarily for this sort of business and they are usually occupied by a well-put-together bank representative in a suit. Walk up to one of these desks and present yourself. Note: If a customer is already sitting at the desk, do not sit on top of them. Wait until they leave. Chances are, one of these representatives can speak English.

Step 3. Your suited representative will ask you a barrage of questions regarding your purpose in Panama and your business in Panama. Questions like “how long are you here for”, what is your business in Panama?” For the most part, honesty is good in this part of the process. Obviously, you don't want to say anything like “I'm here to sell drugs”.
After giving all your information, the representative will probably have to send all your information to a regional manager. This could be a few days.

Step 4. Once you have been approved, you'll be called back in to sign your name on about 10 or 11 papers—which I recommend you do without actually reading the fine print—to save time of course. (In all seriousness, the fine print really is insignificant details. I read them myself). After this session, you'll have to wait a few more days in order to get your actual bank card and book of personalized checks.

Step 5. The whole process will require a lot of patience. In my experience I nearly memorized the small charity donation box in the waiting area—“paying for a cookie helps illuminate lives” it said, with a cookie jar and a picture of three all too adorable kids. Memorizing small scenes like this can make time go by faster.

Step 6. All in all, the process of opening a bank account can take as long as 2 weeks for a foreigner. Most banks require a minimum deposit of around $200 to get you started, so keep that in mind.

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