How a Foreigner Can Open a Bank Account in Panama (2025 Guide)

Everything you need to know as an expat, digital nomad, investor, or non-resident

If you’re planning to live, invest, or simply manage finances in Panama, one of the first questions that comes up is: Can a foreigner open a bank account in Panama—and how?

You may also be wondering:

• Which bank should I choose?

• What documents do I need?

• How long does the process take?

• Can I manage the account remotely?

This guide gives you clear, up-to-date information to help you navigate Panama’s banking system with confidence. Requirements may vary by bank, so always confirm directly with the institution you choose.

✅ Requirements to Open a Bank Account in Panama as a Foreigner

Below are the most common documents and conditions Panama banks request from foreign clients (expats, investors, non-residents).

1. Identification Documents

• Valid passport (primary ID)

• Sometimes a second ID (driver’s license or national ID card)

• If already living in Panama: immigration card, residency ID, or provisional permit

2. Proof of Address

Banks may ask for:

• Recent utility bill (water, electricity, internet)

• Lease agreement or hotel/airbnb contract

• Some banks accept foreign addresses for non-residents; others require a local Panama address.

3. Bank or Professional References

• A bank reference letter from your home country

• In some cases, a professional reference (lawyer, CPA, employer)

4. Proof of Funds / Source of Income

Required due to KYC and anti–money laundering regulations. Common documents include:

• Tax returns

• Employment contract

• Recent pay stubs

• Bank statements showing the source of deposited funds

5. Initial Deposit / Minimum Balance

• Many Panama banks require an initial deposit, which can vary from $500 to $5,000+ depending on the bank and your residency status.

• Non-residents may face higher minimums.

⏳ How Long It Takes to Open a Bank Account in Panama

The timeframe varies based on your documentation and residency status:

• If all documents are complete:
  A few days to two weeks.

• For non-residents / remote applicants:
  Two to three weeks or longer.

• Some banks open a preliminary account and fully activate it after all compliance checks are completed.

🌐 Managing Your Panama Bank Account Remotely

Most major banks in Panama offer:

• Online banking

• Mobile apps

• International transfers

• Local bill payments

• Multi-currency options (in some banks)

Remote opening is sometimes possible but often requires:

• Certified/notarized documents

• Apostille

• Video verification

• Occasional in-person signature

Once opened, you can easily manage the account from abroad with internet banking.

⚠️ Important Considerations for Foreigners

• Some banks are stricter with non-residents or foreigners without Panama residency.

• U.S. citizens must comply with FATCA, which limits options at certain banks.

• Opening a bank account does not grant residency or tax benefits.

• Always verify:

  • Monthly fees

  • Minimum balance requirements

  • International transfer costs

  • English-speaking support availability

Having all documents prepared significantly accelerates the process.

🏦 Best Banks in Panama for Foreigners (Expats & Non-Residents)

These four banks are widely considered foreigner-friendly, though requirements differ between branches and individual cases.

1. Banistmo

Why choose it: One of Panama’s largest and most accessible banks, with many branches nationwide.

Key notes:

• Foreigners often need an initial deposit starting around $3,000.

• Known for accepting non-resident applications in many cases.

Typical requirements:

• Passport + second ID

• Proof of income/funds

• Bank reference letter

Good for: Expats wanting a large, well-established bank with strong infrastructure.

2. Multibank

Why choose it: Frequently mentioned as one of the easiest Panama banks for foreigners.

Key notes:

• Reported minimum deposit for foreigners: ~$1,500

• Noted for being more flexible with non-residents compared to stricter institutions.

Good for: Foreigners seeking lower entry requirements and approachable policies.

3. Scotiabank Panama

Why choose it: International brand (Canadian bank) that appeals to many foreigners.

Key notes:

• Known to accept non-resident accounts

• Offers bilingual support and more familiar banking experience for foreigners

Good for: Expats who prefer working with a global bank with strong customer service.

4. Banco General

Why choose it: Panama’s most respected and largest private bank.

Key notes:

• Typically stricter with foreigners

• Requires stronger ties to Panama (lease, employment, residency application)

Good for: Long-term expats or investors planning to establish a solid presence in Panama.

ℹ️ Final Tips Before Choosing a Bank

• Not all banks open accounts for non-residents, even if they accept foreigners.

• Always ask about:

  • Minimum deposit

  • Monthly maintenance fees

  • Required average balance

• U.S. citizens should confirm FATCA compliance rules.

• Remote opening is possible with some banks but rarely straightforward.

• Prepare all documents ahead of time—passport, second ID, proof of address, reference letter, and proof of income.

Opening a Panama Bank Account as a Foreigner Is Possible—But Preparation Is Key

Panama remains one of the most practical and secure banking hubs in Latin America for expats, investors, digital nomads, and retirees. While the process requires preparation and can sometimes be strict, having the right documents and choosing the right bank will make the experience much smoother, if you need any help about this, just send us a message and we will be more than happy to help.