Financial Instruments, Rates and Fees.
Panama Banks are among the most stable banks in the world.
Panama is the second largest international banking center iwith
the best bank secrecy laws available in the world today. There
are over 300 international banks in Panama.
The banks in Panama offer very attractive interest rates. Rates
on checking and savings accounts
depend on the LIBOR (London InterBank Offering Rate) and
may change without notice. They may vary being the subject to
minimum deposits and/or minimum balance requirements and/or
certain terms for CDs.
Internet access to your corporate and personal Panama bank
account is offered by most Panama banks who use the most up to
date online security technologies. So your banking information
is 100% secure and confidential. Panama banks offer online
banking for account viewing / downloading statements, transfers
between accounts, international wire transfers, payment of
credit card balances, as well as payment of local utility bills.
Most Panama banks offer secured credit cards (Visa or
MasterCard). Secured credit cards require that the client place
a security deposit as collateral for the credit line in an
amount equal to 125% of the credit limit chosen for their credit
card. The security deposit is frozen in the corporate Panama
bank account (savings account or CD / time deposit) until the
credit card is closed. The funds held as collateral will still
earn interest while in the security deposit. As the credit card
is used, the Panama bank will automatically debit the entire
monthly balance of the credit card charges from the remaining
balance in the corporate Panama bank account at the end of the
monthly credit card billing cycle. Therefore, the client must
maintain enough funds in the bank account to pay for the monthly
credit card charges.
Annual fees for credit cards start at US$50 or more according to
the type of credit card chosen. Silver, Gold, Platinum. Airline
miles credit cards are also available for earning airline flight
miles for credit card usage. American Express is available
through certain Panama banks.
Panama banks offer Debit cards are for corporate bank
accounts. Debit cards can be used at any point of sale or ATM
that accepts debit cards (accepted world-wide). The Panama banks
annual fees for debit cards are from US$20. There are
transaction fees of 40 cents for local ATM cash withdrawals, and
there may be slightly higher fees associated with point of sale
transactions, or ATM cash withdrawals at ATMs outside of Panama,
depending on the merchant you purchase from, what country you
are in, or what bank or ATM you withdraw cash from.
Time Deposits (CD) :
Most banks in Panama offer time deposits (certificates of
deposits, or CDĚ). Panama banks rates vary according to their
banking regulations, business practices, and etc. Under
Panamanian law, the minimum amount for time deposit at a
Panamanian bank is US$10,000. Rates
on checking and savings accounts may change without notice, vary
depending on the LIBOR (London InterBank Offering Rate), be
subject to minimum deposits and/or minimum balance requirements
and/or certain terms for CD.
Panama Savings Accounts:
Panamanian banks offer Corporate Panama Savings Accounts.
Interest rates vary depending on the deposited amount and time
Panama Checking Accounts:
International Checking: Panama banks
don't offer International Checking today.
Local Checking: This account is useful for those who wish
to operate an actual business within Panama, and need an account
for making USD payments to any local person or business in
Panama. The checks from this account are only valid for deposit
or compensation locally within the Republic of Panama. For
example, one of Panama banks has the following terms:
Minimum Initial Deposit: US$1,000.
Interest Rate: No interest is paid on this account.
Minimum Balance Requirement: US$500.
Monthly fee if balance falls below US$500: US$10.
Account statements may be sent by email or post mail.
Certified Local Check Fee: US$5.
Certified International Check: US$10.
Fees (In USD):
Certified Local Check Fee: $5.00
Wire Transfer In Fee: From $20 (depends on amount)
Wire Transfer Out Fees: $50 to $100 (depends on amount)
Fees are subject to change without prior notice. Acceptable
deposits are USD cash, USD Checks (personal or bank certified
checks), or wire transfers. Unacceptable deposits are money
orders, travelers checks, double endorsed checks, foreign
items/thrift withdrawal orders, returned checks, and checks
referring to more than one account number.
In case you don't speak Spanish we provide
services of our English - Spanish Interpreter.
Requirements for Panama Corporation Bank Account
following documentation is required by the Panama bank for set
up of Corporate Panama Bank Accounts:
Photocopy of passport for every signatory. The photocopy
of passport must include photo of the person, personal details
(passport number, etc.), signature, and photocopies of ALL
including entry/exit stamped pages. The photocopy should be
clear and legible and it should be NOTARIZED.
2. Two Financial Reference Letters. The financial
reference letter can be from any bank, brokerage firm or credit
union. The letter should be an original on the financial
institutions letterhead. It should be addressed to the bank you
are planning to process the bank account at, and should include
the signature of an official, and the contact information
(address, telephone, fax, email, etc.). There is no specific
format of the reference letter.
3. One Commercial or Professional Reference Letter. The
commercial or professional reference letter can be from any
company or professional that you have a commercial business, or
professional relationship with. The letter should be an original
on the company or professionals letterhead, and should include
the signature of the representative of the company or
professional, and contact information (address, telephone, fax,
email, etc.). There is no specific format of the reference
4. Company Profile Letter. The company profile letter
should be on your company letterhead, signed by the signatory(s)
on the account, with complete contact information. The letter
should explain in detail the nature of business activities, the
products or services the company is selling, the regions where
the company is conducting business, the purpose of the account,
and a brief description of the estimated monthly banking
activity anticipated for the account.
5. Proof of Address. The Panama bank requires that you
provide a photocopy of a recent utility bill (such as an
electric power bill, water bill, cable TV bill, internet service
bill, phone bill, and etc.) showing your personal name and
physical address (P.O. Box is not accepted).
Signed Account Applications. Each signatory on the
account must sign the original bank account applications. As the
account signatory, you will have the power to execute all types
of banking functions with your corporate Panama bank account.
All Panamanian banks require an interview face to face with the
client. In other words, the signatory must come to Panama for a
personal interview with the bankers, and sign all the required
Documentation requirements are subject to change by the
banks without notice.
Since January 2013 banks of Panama may request initial
deposit for the opening of bank account in the amount of
USD 2,000 to USD 5,000
The Law of the Republic of Panama
requires all documentation being performed in Spanish.
We provide translation of all
documents into Spanish.
For examples and translation of the above mentioned
Requirements for Panama Personal Bank Account
1.Photocopy of your Passport that should include
all pages with your photo, personal details, signature, exit
stamps and recent entries.
The photocopy should be clear and legible and it should be
2. Second ID is also needed. You will have to submit a
photocopy of the second ID
3. Two financial reference letters. This letter is to be
made by the companies who have dealt with you in the past, with
their official letterhead. It should have the clear contact
details and be made out in the name of the bank where you are
applying to open a bank account. An official of the company
needs to sign this letter
4. Two professional or commercial reference letters,
that can be from lawyers, financial consultants on the
respective organization's official letterhead with all necessary
contact information. If the references are from the people of
Panama, it will give more weight to your application.
5. Photocopy of your income tax returns for the last 2 years.
6. Signed account applications.
7. Statement showing your pension status or letter from
How to apply?
There may be some changes in the procedure for opening a bank
account in Panama, as the process may be different in some