Open an account in Panama

Opening a bank account in Panama means safeguarding your assets in a stable, strong-currency (USD) jurisdiction. However, the 2026 regulations are strict: banks won't open remotely without a territorial connection or pre-qualification of assets and origins. In this technical guide, we explain how to obtain a guaranteed account opening through residency or without, which banks to choose (Banistmo, Banco General), and how to avoid common mistakes through our legal account opening service in Panama. It's worth reading the entire guide to get a clear understanding of what it means to obtain a Panamanian bank account.

Technical and operational guide: opening a bank account in Panama (2026)

The rules governing opening a bank account in Panama are derived from a combination of regulatory sources: the Panamanian Banking Law, the internal compliance policies of individual institutions, and international financial information exchange agreements applicable to countries adhering to the CRS (Common Reporting Standard).

In this context, Studio Panama Italia operates as a law firm with a physical and operational presence in the Republic of Panama. Local management of transactions allows for direct interaction with Panamanian banks, avoiding external intermediaries and unnecessary steps typical of transactions handled exclusively from Europe.

Personal bank account vs. corporate bank account: operational differences

Before starting any procedure, it is essential to correctly distinguish between the two main types of accounts.

A personal bank account is held in the name of the individual and requires a full match between the name and identity documents. This solution is typically used by those seeking or holding residency in Panama, or for Wealth Management accounts for High Net Worth Individuals.

A corporate bank account, on the other hand, is held in the name of a legal entity. In this case, the checks are more thorough and the opening process takes longer. In Panama, opening a corporate account is only possible if there is real economic substance , such as a physical location, a lease agreement, effective business activity, and consistency between the corporate purpose and banking operations.

To operate in a structured way from Panama on an international level, the combination of an operating company and a corporate account is essential.

Regulatory framework

Panamanian banking legislation is governed by the Banking Law , introduced by Executive Decree No. 52 of 2008. Generally speaking, opening a bank account in Panama requires meeting legal and capital , assessed at the bank's discretion as part of its AML and KYC procedures.

Requirements for opening a bank account in Panama

In summary, the requirements are divided between legal and patrimonial

Legal and documentary requirements

Panamanian banks require a high level of transparency. Specifically:

• Panamanian residence permit or documentation certifying the formal initiation of the residency procedure

• Physical address in Panama for personal and corporate accounts, or proof of adequate financial substance

• active and verifiable telephone number, Panamanian or international, with working WhatsApp

• valid identity documents (passport and second identification such as identity card or driving licence)

• for residents, Cédula E Panamanian

• Physical presence in the branch for biometric identification (fingerprints and photo); video identification is used exclusively as a pre-qualification phase

• Any additional documentation required by the bank (tax return, pay slip, account statements, bank references)

Capital requirements

Financial requirements vary based on the customer profile and account type:

• Personal accounts for residents: Initial deposit generally equal to or greater than USD 5,000

• Corporate accounts: variable minimum deposit, often exceeding $25,000

• Wealth management or High Net Worth profiles: higher capital requirements

• Investment accounts or fixed deposits: some banks evaluate capital starting from USD 400,000 , even with remotely assisted procedures

Studio Panama Italia's operational approach

Thanks to consolidated experience with several Panamanian banks, the Firm assists clients in the document pre-qualification , in structuring the dossier and in coordinating with the chosen bank.

For clients starting or maintaining a residence in Panama, the process is streamlined to minimize time and inefficiencies. Once the pre-qualification process is completed and the application is accepted by the institution, the in-branch process generally takes about 30–40 minutes , limited to signatures and biometric data collection.

The firm only accepts clients who meet the financial and transparency standards required by banks. This selective process significantly reduces the risk of rejection for compliant profiles.

Panamanian Banks: Online Management and Formal Opening

Panamanian banks have advanced digital platforms for day-to-day account management via apps and web banking. However, unlike European fintechs, the initial account opening process isn't done online .

Identity and documentation verification always requires a formal procedure, in person or through accredited local professionals, in compliance with anti-money laundering regulations.

Client selection and strategic consulting

Given the sensitive nature of international banking services and the standards required by Panamanian institutions, the Firm provides assistance exclusively to clients who meet specific financial and compliance requirements.

In complex cases or where preliminary doubts are present, it is possible to request a private, paid strategic consultation for a confidential and personalized assessment of your profile.

If your ultimate goal is to open a bank account as part of a relocation or residency program, you can skip ahead to reviewing the Panama residency requirements , avoiding unnecessary steps.

After decades in the banking industry, we know our clients well and the mistakes they make when trying to open an account in Panama. Here are the most common mistakes when opening a bank account in Panama:

• Underestimation of Banking Diligence: Banks apply rigorous filtering methods for each customer, AML, FinCen, Google search, WordCheck by Thomson Reuters, Bank References, Proof of Source of Funds, Social Networks, etc. You need to be transparent and precise with banks.

• Don't show up with a local legal representative: If you go to the bank alone, the banks won't open an account for you. In Panama and many countries outside Europe, especially in the Americas, banks require a legal representative, a legal representative of the client, to accompany the prospective client, refer them to the institution and provide any truly useful and functional documentation for opening an account.

• Opening an account at the wrong bank: Every bank offers a certain type of service. Some banks are domestic banks, others have offshore licenses, others are nationally owned, and others have foreign capital. Some don't accept foreigners, even if they're residents, while others only accept local workers with paychecks. There are banking classification categories, so not all banks are the same, and it's not true that one is as good as another.

• Omitting your tax status: Panama is a member of the CRS, the Common Reporting Standard. Failure to indicate your actual country of tax residence will result in the account being closed or immediately denied. This is why, thanks to our study, your only country of tax residence will be Panama, without any CRS risks.

• Requesting or attempting to open an account remotely online from your home country: Online foreign banking exists, but not for citizens of countries other than the bank's home country. Accounts that can be opened online don't exist, and even Panamanian citizens must be authenticated by the bank with a photo and fingerprint taken on the spot to open a fully functional account with no limits. Opening an account remotely is certainly possible, but in some cases, transactions and volumes will be limited. In other cases, if the account is fully operational, banks will require significantly higher financial standards to be able to open it through a legally authorized attorney who will handle the process, which can take several days.

Learn how to open a personal bank account in Panama, the leading country for financial security and absolute privacy. Thanks to stable legislation and unique benefits, you can protect your savings and access high-quality international banking services. Ideal for investors, digital nomads, and those seeking wealth diversification, a Panamanian account offers you the privacy and flexibility to manage your funds without borders. Benefit from a solid, discreet banking system designed to ensure peace of mind and protection.

Many entrepreneurs and investors open a company in Panama while completing their residency process and consider opening a bank account in the company's name. This option is possible, but requires careful planning and compliance with more stringent requirements than personal accounts.

Corporate bank accounts in Panama are generally reserved for Panamanian companies with actual operations in the country . Banks carefully evaluate the company's economic substance, the consistency of its business, and the profile of its shareholders and directors.

Generally speaking, the following may be required to open a corporate account:

• identification documents of shareholders, directors and beneficial owners

• documentation on the source of the funds and the income of the interested parties

• proof of the directors' residential address

• proof of residency status in Panama or documentation certifying the initiation of the relevant procedure

• business plan , with a description of the business, target markets, expected financial flows and banking operations

• Complete corporate documentation (memorandum of association, bylaws, certificates of validity, corporate resolutions, declaration of beneficial owners)

• professional reference letter from the law firm following the case

The minimum deposit required for corporate accounts varies depending on the bank and the company profile. It is generally higher than for personal accounts and can increase significantly with private banking services or more complex structures.

The process for opening a corporate account is usually longer and can take several weeks, depending on the completeness of the application and compliance checks.

When to Consider Alternatives to a Panamanian Corporate Account

In some cases, especially when the company does not operate directly in Panama or conducts predominantly international activities, it may be more efficient to evaluate corporate structures and bank accounts in other jurisdictions , while maintaining Panama as the country of personal residence or base of operations.

This assessment must be carried out on a case-by-case basis, taking into account the business carried out, financial flows, banking requirements, and medium- to long-term objectives.

The main features of the Panama account are:

• USD currency account, US dollar
• They have international SWIFT
• The Panama account offers ACH transfers between Panama banks with instant deposits.
• The Panama account offers both IN and OUT international transfers
• Panamanian accounts all have deposit accounts
• Once you have opened your account in Panama you can apply for credit cards and loans

The cost of a bank account in Panama is USD 900, which is included in the residency process if you're not yet a resident. For accounts opened remotely, the cost starts at USD 1900.

SWIFT codes for banks in Panama

The main SWIFT codes of banks in Panama are used to identify the Panamanian bank and its headquarters, allowing the sending/receiving foreign bank to securely and accurately send the international wire transfer to the relevant Panamanian bank. The SWIFT code is a unique code that identifies all banks in the world and allows them to process international transactions between them without receiving the money. When making a wire transfer, for example, from Italy to Panama, it is important to know which bank the money is being sent to.

Your Italian bank will then ask you for the SWIFT code of the receiving bank in Panama. By doing this, you ensure you provide the most important information, followed by the account number of the final recipient of that transfer.

KTT transactions in Panama and Swift, among others, are typical transfers processed by Panamanian banks. Our clients often look for accounts that can receive KTT and send and issue transfers via Swift. This is possible in Panama. Clearly, making KTT transactions and transfers in Panama requires an authorized account to receive or issue KTT transfers from Panama. However, all Panamanian banks receive and issue Swift transfers. To access a Panamanian bank that can receive KTT transfers and then transfer them via Swift to any other bank in the world, you must proceed in order. First, please contact us via WhatsApp directly at the number at the top of this website and then proceed accordingly:

• issue a payment via PayPal to info@studiopanamaitalia.com for EUR 450
• You will receive a time and calendar day for a private call where you will be given the names of the banks and how to proceed to open the account, as well as the name of another banking institution outside Panama that opens accounts without a lawyer for transfers via KTT.

When opening an account in Panama, one is interested in knowing which banks operate in Panama and what accounts and options they offer their customers. The banks operating in Panama as of August 2024 are:

These banks are both locally and internationally licensed. Once the client has their Cedula E and at least six months of banking experience with another Panamanian bank, they can open an account with any institution that offers accounts to individuals. They can do so independently and without the assistance of a law firm. However, when opening their first bank account, they must be introduced during the residency process by a reputable law firm that will act as the client's legal and financial representative to the banking institution. Under these conditions, Studio Panama Italia opens an account with one of the following institutions of the client's choice:

Banistmo (Bancolombia Group) the largest bank in the country

Bac is a bank with branches in Central America as well as Panama.

Banco General, a solid institution also based in Costa Rica

To send money to Panama, you need to send it to a Panamanian bank. Therefore, to receive money in Panama at a Panamanian bank, you can either receive it locally, by receiving a wire transfer from another Panamanian bank, or by receiving money through an international wire transfer from a bank in another country, such as Italy, Spain, or the United States. All Panamanian banks receive international wire transfers, and all Panamanian banks make and send international and domestic wire transfers.

Unlike banks in the European Union, banks abroad, such as banks in the United States and, therefore, Panama and any other country outside Europe, do not have an IBAN number. Instead, they have a short-digit numeric account number and a code for receiving international transfers, called SWIFT or BIC. When you send an international transfer to a Panamanian bank, i.e., when you send money to a Panamanian bank or receive money at a Panamanian bank, you must provide the sender, or the person sending the international transfer, with the Panamanian bank's account number and SWIFT code. Let's look at some examples:

To send money to Banistmo or receive money into your Banistmo account from abroad you need to provide or enter this information in the “International Transfer” section of the sending bank outside Panama:

Banistmo SWIFT code: MIDLPAPAXXX

Account Number: The account number that the beneficiary of the Banistmo account will give you.

If you also want to send through a specific intermediary bank, you can enter the optional data here:

Opening an account in Panama is also useful for demanding clients who require specific banking transactions that comply with the Swift MT 103 + FTP format. Banks in Panama allow opening accounts with this Swift message format, which is included with all types of bank accounts, from personal to corporate. Opening an account in Panama with Swift MT 103 + FTP is therefore possible. For more information, simply contact us.

Opening an account in Panama to invest in the global financial market, especially the US stock market, is feasible and particularly easy. Opening an account in Panama to invest in the largest and most liquid market in the United States allows you to operate in the same currency, as Panama and the US use the same currency, the US dollar. It also allows you to benefit from a local branch in Panama that connects with a headquarters and branch in the United States. This allows you to access the US market at comparable or near-cost conditions from Panama without having to travel to the US or operate in English with a bank and the due diligence required by an American bank.

When you decide to open a business account in Panama, that is, in the name of your company, you need to decide which Panamanian banking institution to contact and begin the opening process. As legal experts who have worked with various Panamanian institutions for decades, we strongly recommend opening a business bank account in Panama with the following banks:

Banistmo , Panama's leading bank, is owned by Bancolombia, Colombia's largest bank. It offers excellent Colombian and Panamanian customer service, the best access to all corporate services, and the largest network of intermediary banks in the region.

Multibank , a Panamanian bank whose core business is international corporate banking. It offers comprehensive operations and the second-largest network of intermediary banks after Banistmo, available to companies.

CrediCorp Bank, an exceptional bank founded by Jewish capital and entirely dedicated to transnational corporate clients, has the third-largest network of intermediary banks in the region. Multi-currency accounts available.

The three Panamanian banks allow MT103+ and MT103+ FTP transactions for corporate/business accounts. Additionally, at the corporate level, they allow access to KTT accounts for select companies and business types. The above-mentioned banks also fully adopt MT103 GPI cash transfer.

To open a bank account in Panama you need:

• Panamanian Residence Visa or Permit: Banks only open accounts for national residents
• Valid passport with +6 months validity upon entry into the country
• Second valid document such as driving licence or identification card
• If it is the first time you open an account, you will need to be referred by a lawyer who will accompany you to the bank
• If you have the Cedula E, bring it with you
• Physical presence is always mandatory
• Any additional or optional documents are at the discretion of the Institute.
• Studio Panama Italia recommends using the resident account opening service offered in our residency application process, which reduces the application for opening a Panamanian bank account to just one document.

The best current account for non-residents in Italy is the one that's most convenient to open in terms of security, speed, bank reliability, receiving and sending wire transfers, currency, and interest. A personal bank account in Panama for Italian residents in Panama is an excellent option and probably the best given Panama's banking and currency stability.