Opening a Bank Account in Panama: A 2026 Operational Guide
Opening a bank account in Panama requires physical presence at a branch, a local legal representative, and asset prequalification —Panamanian banks do not open accounts remotely without a documented connection to the country. Accounts are denominated in US dollars (USD), with multicurrency options (EUR, GBP, CAD).
For Panamanian residents, the account benefits from banking secrecy : Panama does not exchange CRS (Common Reporting Standard) information on its tax residents. A personal account is a mandatory requirement for obtaining residency in Panama .
Opening service fee: $900 at Panamanian-owned Category A banks, $400 at Banesco or Mercantil. Opening time: approximately 30–40 minutes in a branch after pre-qualification. Studio Panama Italia requires only one document: a passport.
Why open a bank account in Panama?
- Banking secrecy for residents — Panama does not apply the CRS to its tax residents. The account does not have an IBAN and does not pass through European intermediary banks subject to the ECB.
- Stable USD Currency — Panama has used the US dollar since 1904. Zero exchange risk for those trading in USD.
- Mandatory Residency Requirement — Without a personal bank account, you cannot complete the Panama residency .
- Full international operations — incoming and outgoing SWIFT transfers, ACH transfers between Panamanian banks, debit/credit cards, fixed deposits, multi-currency accounts.
- Access to the US market — Panamanian banks with branches in the United States allow you to invest in the US stock market directly in dollars.
- Quick opening — with Studio Panama Italia, the in-branch process takes about 30–40 minutes. Only one document is required: a passport.
How to Open a Bank Account in Panama: A 6-Step Process
- Bank selection and pre-qualification — Studio Panama Italia selects the appropriate institution (Category A bank with Panamanian capital) and verifies that the client's financial profile meets the bank's minimum requirements.
- Submit KYC and documents : passport, secondary identification (driving license or ID card), proof of address, bank statements for the last 3–6 months, proof of source of funds. For corporate accounts: complete company documentation.
- Schedule an appointment at a branch — once your application has been approved, we'll schedule a date and branch in Panama City.
- In-branch meeting — original verification and compliance interview. Mandatory biometric identification (fingerprints and photo).
- Sign forms and open contracts, choose currencies (USD base + EUR/GBP optional), activate online banking and security tokens.
- Initial deposit and activation — paying the minimum deposit, issuing a debit card, activating the mobile app.
Requirements and Documents to Open a Bank Account in Panama
Legal and Documentary Requirements
| Document | Personal account | Company Account |
|---|---|---|
| Passport | Valid (≥6 months remaining) | Of all shareholders, directors and beneficial owners (UBO) |
| Second ID | Driving licence or identity card | Of all the UBOs |
| Proof of address | Bill/statement/contract (<90 days) | Of the directors + registered office of the company |
| Proof of origin of funds | Pay slips, contracts, bank statements | Contracts, invoices, balance sheets, commercial pipeline |
| Recent bank statements | Last 3–6 months | Of the company and the owners |
| Cédula E or residence contract | Cédula E if already resident, or legal contract with SPI to start the residency procedure | Of the resident administrators |
| Panamanian telephone | Mandatory for 2FA/SMS and address determination | Obligatory |
| Company documents | N/A | Articles of Association, Bylaws, Certificate of Validity, Resolutions, UBO List, Business Plan |
| Legal reference | Studio Panama Italia refers the client to the bank | Letter from the law firm + professional reference |
| KYC/AML Questionnaire | Activities, source funds, volumes, countries | KYC on companies + UBO, supply chain, expected flows |
Minimum Capital Requirements
| Account Type | Minimum Deposit | Notes |
|---|---|---|
| Staff (resident) | From $5,000 | Variable by bank and profile |
| Corporate | From $25,000 | Requires real operations on the ground |
| Wealth Management / HNWI | From $400,000 | Possible remote assisted opening |
| Private Interest Foundation | Variable | Opening in approximately 50 days |
How Much Does It Cost to Open a Bank Account in Panama?
| Voice | Details |
|---|---|
| Personal account — category A bank | USD 900 (Banistmo, Banco General, BAC). Included in the residency process if not yet a resident. |
| Personal account — Venezuelan-owned bank | 400 USD (Banesco or Mercantil) |
| Remote account | From USD 1,900 — limited trading and volume, high capital requirements |
| Time in branch | Approximately 30–40 minutes after pre-qualification |
| Documents with SPI | Only 1 document : passport (the firm handles everything else) |
Banking Secrecy in Panama: How It Works in 2026
Banking secrecy in Panama exists and is active—but exclusively for tax residents of Panama and Panamanian citizens . Panama adheres to the CRS (Common Reporting Standard) and FATCA (Model 1 IGA Agreement with the US), but the automatic exchange of financial information applies only to non-residents . If you are a tax resident of Panama, your banking information is not exchanged with any country.
The Panamanian bank account does not have an IBAN ; it uses a numeric account number and a SWIFT code. It does not pass through European intermediary banks subject to the European Central Bank. This means the account is not traceable through the SEPA circuit or through European intermediaries.
Personal Account vs. Corporate Account: Operational Differences
| Characteristic | Personal account | Corporate Account |
|---|---|---|
| Header | Natural person | Legal entity (SA, Foundation) |
| Main requirement | Residency in Panama or pending procedure | Real economic substance in the territory (headquarters, rental agreement, actual activity) |
| Minimum deposit | From $5,000 | From $25,000 |
| Documents | Passport + Cédula E or residence contract | Complete corporate documentation + business plan + KYC on all UBOs |
| Opening times | 30–40 minutes in branch | 2–6 weeks (compliance check) |
| Online banking | Yes — app + web | Yes — multi-user with limits and approvals |
| Cards | Instant debit, credit on request | Company cards upon approval |
| Typical use | Local expenses, residence, personal investments | Business operations, payroll, international trade |
Banks in Panama: Complete Classification of Institutions
Panama has over 50 banking institutions with local and international licenses, regulated by the Superintendencia de Bancos de Panamá (SBP) . Banking regulations are governed by the Banking Law (Executive Decree No. 52/2008). Banks are classified by source of capital: state-owned, national private, and foreign.
| Bank | Capital | Notes |
|---|---|---|
| National Bank of Panama | State | Government |
| Caja de Ahorros | State | Family Bank |
| National Bank | State | Social mortgages |
| Banco General, SA | National | Among the most solid in the country |
| Global Bank Corporation | National | Strong in corporate |
| Credicorp Bank SA | National | International Corporate Focus (Morgan & Morgan) |
| Banco Aliado SA | National | — |
| Towerbank International | National | — |
| Metrobank, SA | National | — |
| St. Georges Bank | National | Promerica Group |
| Multibank Inc. | Abroad (Colombia) | Aval Group — a strong international corporate |
| MMG Bank Corporation | National | Morgan & Morgan |
| Prival Bank, SA. | National | Private Banking |
| Banistmo SA | Abroad (Colombia) | Bancolombia Group — the country's largest bank |
| BAC International Bank | Abroad (Colombia) | Aval Group — Branches in Central America |
| Scotiabank | Abroad (Canada) | — |
| Citibank, NA. | Abroad (USA) | Corporate Banking |
| Banesco SA | Abroad (Venezuela) | International |
| Mercantil Bank (Panama) | Abroad (Venezuela) | International |
| Davide Bank | Abroad (Colombia) | — |
| Bank of China Limited | Abroad (China) | — |
| Banco Pichincha Panama | Abroad (Ecuador) | — |
| BLADEX | Supranational | LATAM foreign trade |
Panamanian Bank Account Features
- Base currency USD — US dollar, with the option to activate additional accounts in EUR, GBP or CAD
- International SWIFT code — each bank has its own code for receiving and sending international transfers
- ACH Transfers — Instant wire transfers between Panamanian banks
- Incoming and outgoing SWIFT transfers — fully cross-border, including MT103 and MT103 GPI
- Fixed deposit accounts — available at all institutions
- Debit and credit cards — issued based on customer profile
- Online banking and mobile apps — all major banks offer digital platforms in Spanish and English
- No IBAN — the account is identified by account number + SWIFT code
SWIFT Codes for Major Banks in Panama
To send an international wire transfer to a Panamanian bank, you need the receiving bank's SWIFT code account number . There is no IBAN.
| Bank | Swift Code |
|---|---|
| Banistmus | MIDLPAPAXXX |
| BAC Credomatic | BCINPAPAXXX |
| Banco General | BAGEPAPAXXX |
| Credicorp Bank | CRLDPAPAXXX |
| Towerbank | TOWEPAPAXXX |
Panama vs. Switzerland, Hong Kong, Singapore, and the USA: A Banking Comparison
| Characteristic | Panama | Swiss | Hong Kong | Singapore | USA |
|---|---|---|---|---|---|
| Typical minimum deposit | 2,000–10,000 USD | 50,000–250,000+ CHF | HKD 10,000–100,000+ | 1,000–50,000+ SGD | 0–1,000 USD |
| Deposit insurance | State-owned banks with government guarantee; SBP supervision | CHF 100,000 | HKD 800,000 | SGD 100,000 | FDIC: USD 250,000 |
| CRS / FATCA | CRS for non-residents; absent for residents. FATCA IGA Model 1 | CRS full. FATCA full | CRS full. FATCA applicable | CRS full. FATCA applicable | No CRS. Original FATCA |
| Opening for non-residents | Possible with KYC and physical presence | Selective, high minimums | Difficult without local substance | Very selective | Variable, de-risking risk |
| Currency | USD (since 1904) | CHF/EUR/USD | HKD/USD | SGD/USD | USD |
| Verdict | More accessible for expats and entrepreneurs | Excellent but expensive and rigid | Top in Asia, complex onboarding | Premium, impractical without presence | Domestic solidity, limited offshore flexibility |
5 Mistakes to Avoid When Opening an Account
- Showing up at the bank without a legal representative. In Panama, banks will not open accounts for foreigners who show up alone. A local legal representative is required to accompany the client, present the documentation, and refer them to the bank.
- Underestimating due diligence. Banks apply rigorous filters: AML, WorldCheck (Thomson Reuters), Google verification, bank references, proof of source of funds, and social media analysis. Transparency is mandatory.
- Choosing the wrong bank. Not all banks are the same: some accept only local workers with paychecks, others have only a national license, and others don't accept foreigners, even residents. Choosing the right bank is crucial.
- Omit your actual tax residency. Panama is a member of the CRS. If you declare a false tax residency, your account will be closed. This is why combining your account and residency in Panama is the correct strategy.
- Try opening accounts remotely. Fully online accounts are not available for foreign citizens. Biometric identification (fingerprints and photo) in a branch is always required for a fully operational account.
Ranking of the Best Bank Accounts in Panama (2026)
| Category | Recommended Banks | Why |
|---|---|---|
| Residents (staff) | BAC Credematic, Banistmo, Banco General | Full coverage of local services: utilities, payments, cards |
| Company (corporate) | Banistmo, Global Bank, Credicorp Bank | Best corporate services, payroll, structured operations |
| International operations | Banistmo, BAC, Global Bank, Towerbank, Multibank, Banco General | Frequent cross-border transfers, multi-currency management |
| Online banking and apps | BAC Credematic, Banistmo, Credicorp, Towerbank, Banco General | Best digital platforms for remote management |
Open your bank account in Panama
Free pre-qualification, bank selection, KYC preparation, and branch pickup. Only one document required: passport. The bank account is included in the residency process.
Write to us on WhatsAppFrequently Asked Questions About Opening a Bank Account in Panama
Can I open a bank account in Panama without being a resident?
Some banks allow it with a particularly robust KYC/AML file and high capital requirements, but it's a more complex and expensive process (starting at $1,900). The most efficient strategy is to open the account during Panamanian residency process —this way, you'll enjoy banking secrecy from day one and lower costs ($900).
Does the Panama account have banking secrecy?
Yes, but only for Panamanian tax residents and Panamanian citizens . Panama is a member of the CRS but does not exchange information on its residents. The account does not have an IBAN and does not pass through European intermediaries subject to the ECB. For non-residents, information is exchanged with the country of tax residence.
How much does it cost to open a bank account in Panama?
With Studio Panama Italia: $900 at Category A banks (Banistmo, Banco General, BAC), $400 at Banesco or Mercantil, or from $1,900 for remote opening. The cost is included in the residency process for those who are not yet residents.
How many documents are needed?
With Studio Panama Italia, you only need one document : your passport. The firm handles pre-qualification, legal references, KYC preparation, and branch support. Without a law firm, you'll need a passport, a second ID, proof of address, bank statements, proof of source of funds, and bank references.
Can I receive international wire transfers?
Yes. All Panamanian banks receive and send international wire transfers via SWIFT . To receive a wire transfer, the sender needs the bank's SWIFT code and account number (there is no IBAN). Example: SWIFT Banistmo = MIDLPAPAXXX. Banks also support MT103 and MT103 GPI transfers.
Is the account required for residency?
Yes. A personal bank account in Panama is a mandatory financial requirement for obtaining residency. The residency application and account opening process are coordinated.
Can I cash out crypto into a Panamanian account?
It depends on the institution. Some banks accept funds from regulated exchanges with full traceability and consistent AML policies. For more information: Cash Out Crypto in Panama .
Can I open an account for my Private Interest Foundation?
Yes. Studio Panama Italia opens accounts in Panama in the name of Private Interest Foundations . The process takes approximately 50 days from the request.
