Have you ever thought about how to open a Panama bank account? If you are looking for a stable, U.S. dollar–based banking system with strong regulatory oversight and international compliance standards, Panama continues to be one of the most attractive jurisdictions in Latin America.
Opening a bank account in Panama is possible for both residents and, in some cases, non-residents, but approval is never automatic. Banks apply strict due diligence and compliance procedures, especially for foreign applicants. Understanding the process, documentation requirements, and eligibility standards is critical before you begin.
In this guide, we explain the steps to open a Panama bank account, 2026 documentation requirements, typical minimum deposits and timelines, remote opening realities, and special considerations for U.S. citizens. At International Relocation Firm, our Panama lawyers have helped relocate more than 1,000 families and investors over the past 20+ years, and we regularly assist clients with compliant bank introductions and document preparation.
The Basics of Panama Banking
Panama has a modern and well-developed banking system regulated by the Superintendencia de Bancos de Panamá (SBP). Unlike many countries in the region, Panama uses the U.S. dollar as legal tender, which reduces currency exchange friction and simplifies international transactions.
Panama banks follow strict anti-money laundering (AML) and “Know Your Customer” (KYC) standards. For foreigners, this typically means detailed compliance reviews, verification of source of funds, and interview requirements in many cases. While the process can feel formal, this compliance-first approach is a major reason Panama’s banking system remains internationally respected.
Panama Bank Overview
- Operating hours: Most banks are open Monday through Friday from 8:30 am to 3 pm and on Saturday 8:30 am to Noon or 1 pm.
- Currency: The U.S. dollar as its official currency of Panama and its banking system
- Language: Spanish is the official language, but many banks offer bilingual services in English and Spanish
- Access: Online banking and mobile apps as well as in-person services
- Products: Personal and corporate savings, checking, CDs, credit cards, debit cards and ATM cards, and private bank services for high net-worth clients
- Deposit Requirements: Minimum deposits between $1,000 to $10,000 depending on the bank
- Documentation Required: Passport, second ID, bank references, proof of income & proof of address
- Remote Opening: Possible with apostilled documents and legal assistance
- Timeline: 1–30 days (faster in person; longer if opening remotely)
Who Can Open a Bank Account in Panama?
Residents and Residency Applicants
Most personal bank accounts in Panama are opened by permanent residents, temporary residents, or individuals who are actively in the process of obtaining residency. In fact, many residency pathways require banking as part of the practical setup for living and paying expenses in Panama.
If you are planning to apply for Panama permanent residency, opening a bank account is often one of the earliest practical steps. Banks are generally more comfortable approving applicants who can demonstrate local ties, a Panama address, and a clear purpose for the account.
Can Non-Residents Open a Panama Bank Account?
Yes, but with limitations. Some banks will consider non-resident applicants; however, approval is discretionary and due diligence is typically more extensive. Minimum deposit expectations may be higher, and in-person interviews are commonly required.
Many non-resident applications are declined because documentation is incomplete or the source of funds and purpose of the account are not clearly explained. Preparation matters.
Choosing the Right Bank
When it comes to choosing a bank in Panama, you have several options. There are large international banks with branches in Panama as well as well-known local banks. Each bank has its own risk profile and compliance standards, so it’s important to align the bank choice with your residency status, account purpose, and documentation strength.
We can help you choose an appropriate bank and provide introductions to streamline the process. We can also schedule appointments and accompany you to the bank when needed so the process is organized, compliant, and efficient.
Opening a Bank Account in Panama
The process of opening a bank account in Panama is usually straightforward when documentation is complete, but banks take compliance seriously. You’ll typically need your passport (or Panama ID if you have residency), supporting documentation for address and income, and additional compliance forms required by the specific bank.
Most major banks prefer clients to be residents or to have an active residency filing in process. Many of our clients open accounts as part of relocating to Panama, paying local bills, and establishing financial activity in-country.
Requirements to open a Panama bank account (2026)
Although requirements vary slightly by bank, most request the following for a personal account:
- Valid passport (and residency card, if applicable)
- Second form of ID (such as a driver’s license)
- Two bank reference letters (from your current or former banks)
- Proof of income (employment contract, pension letter, or business registration)
- Proof of address (such as a utility bill or lease agreement)
- Initial deposit (typically between $1,000–$10,000 depending on bank and account type)
If you’re opening an account remotely, documents are often required to be apostilled or notarized. All documents should be recently dated (commonly within three months) and clearly legible.
Additional requirements on a case-by-case basis
- If you are residing in Panama on an immigration visa, you may need to provide copies of your immigration documents (visa and identity card). If you are already a resident, you would provide your Panama ID card (cedula). If you are in the process of obtaining residency, our law firm can provide a letter certifying that your residency application is in progress.
- Some banks request additional “source of funds” details explaining where deposited funds originate and how they were earned.
- Not all banks in Panama are equally foreigner-friendly. Some may reject non-resident applications without explanation.
- U.S. citizens should ensure the bank complies with FATCA reporting regulations and be prepared to sign the required IRS reporting forms.
All documents must be translated into Spanish.
Step-by-step summary of opening an account
- Choose your bank – Confirm eligibility based on residency status, account purpose, and documentation profile.
- Gather your documents – Ensure everything is current, legible, and properly certified if applying from abroad.
- Apply in person or through a local attorney – Some banks allow remote openings via local legal representation.
- Complete due diligence and deposit funds – After review, your account may be approved and activated.
Can You Open a Panama Bank Account Online From Abroad?
Some banks allow parts of the application to be started online, but fully remote account opening is typically compliance-driven and often requires additional steps. Remote openings commonly involve:
- Video verification call
- Apostilled documents
- Use of a local lawyer or relocation service
The process can take anywhere from one day to four weeks (and sometimes longer), depending on the bank, the completeness of your paperwork, and the compliance review timeline.
Minimum deposits and banking costs
Minimum deposit requirements vary by bank and account type. Standard personal accounts typically fall in the $1,000–$5,000 range, while some profiles and banks may require higher balances. Corporate accounts generally require higher initial deposits, and private banking relationships often require significantly larger minimum balances.
Monthly maintenance fees vary by bank and can range from roughly $5 to $25 depending on account type and balance levels. Credit cards in Panama often require a secured deposit equal to 125% of the requested credit limit.
Panama Bank Account Benefits
Benefits vary by your personal and financial needs, but commonly include:
- A well-regulated banking system with strong compliance and oversight
- U.S. dollar–based accounts and convenient international banking tools
- Local banking access that supports living, investing, or doing business in Panama
- Practical support for residency, real estate, and corporate activity where banking is often required
Panama Bank Products
Every Panama bank offers savings and checking accounts along with time deposits (CD’s), ATM, debit and credit cards, and many offer full online banking. ATM cards can be obtained using the Clave (Latin America) or Plus (worldwide) logo systems to use at the many ATM machines in the country.
Personal Panama Bank Accounts
The minimum deposit required to open a Panama bank account can range widely depending on the bank, account type, and whether private banking services are involved. The process can take from the same day to a few weeks depending on documentation completeness and compliance review.
Learn more about setting up a personal Panama bank account.
Corporate Panama Bank Accounts
Corporate accounts typically require additional compliance review, supporting documentation for the company, and due diligence for all signatories and beneficial owners. Corporate timelines are often longer than personal accounts.
Learn more about setting up a corporate Panama bank account.
Why U.S. citizens face additional scrutiny
Due to FATCA requirements and U.S. reporting obligations, Panama banks must obtain additional documentation from U.S. persons and report applicable accounts to U.S. tax authorities. As a result, some banks apply enhanced due diligence or may decline certain U.S. applicants depending on internal risk policies.
Legal assistance for opening a Panama bank account
Opening a Panama bank account is not merely administrative, it is a compliance-driven process. Our firm assists clients by evaluating eligibility, preparing documentation, drafting source-of-funds explanations, coordinating residency-linked banking strategy, providing reference letters when required, and organizing bank appointments. With more than 20 years of experience and thousands of successful client relocations, we understand how banks evaluate foreign applicants and how to avoid common rejection triggers.
Frequently Asked Questions
Can I open a Panama bank account without residency?
In some cases, yes. Certain banks will consider non-resident applicants, but approval is discretionary and typically requires stronger documentation, a clear source of funds explanation, and sometimes higher minimum deposits.
How long does it take to open a bank account in Panama?
If applying in person with complete documentation, it may take several days to two weeks depending on the bank’s compliance review. Remote applications commonly take longer and may range from two to six weeks.
What is the minimum deposit required?
Minimum deposits vary by bank and profile. Standard personal accounts are often in the $1,000–$5,000 range, while some banks or applicant profiles may require higher balances. Corporate accounts typically require higher initial deposits.
Can I open a Panama bank account online from abroad?
Fully online opening without local representation is uncommon. Remote openings typically require apostilled documents, identity verification steps (often including video verification), and legal assistance or representation in Panama.
What documents do I typically need to open a Panama bank account?
Most banks require a passport, a second ID, bank reference letters, proof of income, proof of address, and an initial deposit. Additional documents may be requested depending on residency status, nationality, and intended account activity.
Why are some applications rejected?
Common reasons include incomplete documentation, unclear source of funds, inability to explain the purpose of the account, high-risk business activity, or bank-specific risk policies regarding certain applicant profiles.
Is Panama banking safe?
Panama’s banking system is regulated and banks apply strict AML/KYC compliance standards. Like any jurisdiction, applicants should choose reputable institutions and maintain clear documentation supporting lawful source of funds.
Do Panama banks report accounts to the IRS?
For U.S. persons, banks generally require IRS reporting forms and may report applicable account information under FATCA-related obligations. U.S. persons should also comply with U.S. tax reporting requirements for foreign accounts.