Common Questions When Opening an Account in Panama 2025

When you start the process of opening a bank account in Panama, you will be faced with an interview in which the bank will seek to understand your financial profile. This step is standard for both residents and non-residents, and its objective is to comply with local and international regulations for the prevention of money laundering and terrorist financing.

One of the most common—and determining—questions is related to origin of your funds And you source of income. In other words, the bank wants to know how you generate your money and what is the purpose of opening the account. Although at first glance it seems like a simple formality, your answers must be well-founded to avoid delays or even the rejection of your request.

Typical bank interview questions

• What is your current occupation or economic activity? Here you must explain if you are an independent worker, employee, business owner, retiree or investor.
• What is the source of your funds? One of the most important questions. It is necessary to back up your income with documents (contracts, invoices, spreadsheets, etc.).
• What will you use the account for? It can be for savings, receiving payments from customers, personal expenses, investments, or other legitimate purposes.
• Do you have bank accounts in other countries? It's important to respond honestly, as banks consider this information relevant in their risk analysis.
• Are you in a relationship with a politically exposed person (PEP)? This includes close family members of public figures. If your situation applies, you'll need to provide extended explanations.

Recommendations for responding

You don't need to be a financial expert to pass this stage, but it's essential to be prepared, specific and honest. For example, if you work as a freelance consultant from your home country and receive payments via PayPal or international transfer, you should mention this by writing down the type of work, the clients and the approximate amounts you handle on a monthly basis.

If your activity is new or informal, you can also explain it, as long as you have some kind of support (such as income captures, contracts, invoices or even account statements). Panamanian banks value consistency and transparency more than an exact figure. If you are in the process of moving to Panama, explain how you plan to use the account in the country.

Let's remember that the bank's goal is not to reject requests, but to make sure that everything is clear from the start. Anticipating questions will avoid obstacles.

One of the most critical aspects for open a bank account in Panama In 2025 it is to be able to demonstrate in a clear and coherent way the origin of your funds. This is a legal requirement for both nationals and foreigners, and it applies even if your intention is only to have one personal account in Panama for basic use.

Panamanian banks follow strict compliance protocols. That means it's not enough to just say: “I'm self-employed” or “I'm a digital entrepreneur”. Debes Prove it.

What does it mean to explain the source of funds?

It means you can answer questions such as: Where does your money come from? How do you generate it? What type of economic activity do you carry out? This step is key to establishing a healthy and risk-free bank-customer relationship.

Here are some common situations with examples of how you can justify your source of income based on your profile:

• Freelancer or freelancer: Invoices, service contracts, captures of transfers from platforms such as PayPal, Upwork, Wise or others.
• Business owner: Business registration, operating licenses, tax returns or bank statements of your company abroad.
• Employed employee: Work letters, wage receipts, spreadsheets or contracts.
• Retired: Letter from the institution paying the pension, statements reflecting the deposits.
• Investor: Proof of sale of assets or investments, dividends, passive income with documentation.

Tips for submitting information

You don't need a perfect file, but you do need certain key elements. Organize documents that support your regular income for the last 3 to 6 months. If you have mixed or mixed incomes (for example, rental income and freelance work), try to show each one clearly.

If part of your funds come from an inheritance, property sale or family assistance, you should also explain and back it up, if possible, with deeds, transfers or notarial documents. This is known as justify funds to the Panamanian bank and is essential to avoid delays or rejections in the opening process.

In short, the clearer you are with your activity and the more consistent you are with your income level, the faster and smoother the Bank opening process in Panama 2025.

One of the most common questions during a bank interview in Panama is whether you have bank accounts abroad, especially if you are applying as a foreigner or a non-resident. This question may seem delicate, but you should not be alarmed or think that this is an attempt at oversight. Panamanian banks are required to collect certain information as part of their due diligence processes and international compliance standards, such as the OECD CRS standard.

The key is to respond honestly and clearly. Having accounts in other countries is not a problem, but it is important for the bank to understand Why do they exist, how are they related to you and whether or not they generate regular income.

What does the bank really want to know?

The purpose of this question is not to restrict you, but to comply with regulations that prevent the use of accounts for money laundering or tax evasion. If you are an entrepreneur, investor or receive funds from abroad, this is even more relevant.

When reporting on your foreign accounts, focus on explaining:

• In which country (s) your accounts are registered
• If they are personal or corporate
• The primary use you give them (savings, business operations, investments, etc.)
• If they generate income and if that income already pays taxes in another country

Practical example

Let's say you live in Argentina but you're opening a bank account in Panama as a non-resident. If you have an account in the United States where you receive payments for freelance services, you can say:

“Yes, I have a personal account in the United States. It's where I get paid for my remote work as a freelance developer for North American clients. I then use the funds for transfers to my country of residence. I don't have a company, this account is in my personal name.”

This type of explanation demonstrates transparency and allows the bank to correctly record your risk profile.

Is it mandatory to show foreign account statements?

Not always, but if your sources of income are linked to these accounts, the bank may ask you for some Recent excerpts. These help to justify the origin of the funds and to validate the financial activity prior to opening.

In general, the more clear, consistent, and verifiable information you provide, the better your chances of completing the opening smoothly. Being transparent from the start favors a bank-customer relationship solid and avoids delays due to additional verification.

Now that you know how to answer this question, the next step is to gather the right documents to successfully submit your banking application.

At the time of opening a personal account in Panama, submitting the correct documentation can make the difference between a smooth application and one that is unnecessarily late. Each bank may have slight variations in their requirements, but in general, they all follow a common line based on Panamanian banking regulations and international standards.

The documents you submit must be up to date, with matching names and verifiable data. Here's what to expect and how to prepare.

Basic documentation for natural persons

• Existing passport: This is the main document if you are a foreigner. Make sure it has legible signatures and that it's not close to its expiration date.
• Second identity document: In some cases, the bank may request other identification (for example, your driver's license or local ID if you live in Central America).
• Proof of address: This can be a utility bill (water, electricity, internet) or a statement containing your address. Some banks accept a rental letter or proof issued by a hotel if you are new to the country.
• Bank reference: Issued by another bank that you have worked with before. It is not mandatory in all cases, but it is seen as something positive.
• Personal or professional reference: Letter from a person or institution that has known you for at least a year. Ideally, it should indicate that you are someone trustworthy and aware of your financial obligations.

Additional documents related to the source of funds

One of the key pillars in the Bank opening process in Panama 2025 It is to demonstrate your source of income Or the source of funds. This will be especially important if you are introducing money from international accounts or if your income comes from abroad. Some examples of support include:

• Work or freelance contracts
• Bank statements for the last 3 to 6 months
• Tax returns
• Certificates of income issued by an accountant
• Documents showing the sale of a property, inheritance or other one-off income

Banks seek to see coherence between What you declare and the funds you will eventually deposit. If your financial activity is simple, such as monthly income from remote work or retirement, you won't need a large number of papers, but they should be clear and translated into Spanish if they are in another language.

Are documents in English accepted?

It depends on the bank. Many accept certain documents in English (for example, contracts or bank references), but if they are in other languages, they may ask for an official translation. It's always best to confirm this directly with the bank.

In addition to complying with these Requirements for foreigners with a bank account in Panama, remember that some banks do what is known as bank interview. There, you will be asked questions related to your occupation, income, expected use of the account and relationship with third parties, including politically exposed people (PEP Panama) if applicable.

Being prepared with these documents and answers will allow the process to be agile, transparent and successful from the start. And once open, maintaining a good relationship with the bank will be key. Let's see how to do that in the next step.

Once you have opened your bank account in Panama, the next important step is to maintain a fluid, transparent and stable relationship with your bank. Not only will this facilitate future efforts, but it can also have a positive influence when requesting additional financial products such as cards, credits or service extensions. Remember: in the Panamanian banking system, the bank-customer relationship is based on trust and compliance with regulatory regulations.

Update your data regularly

One of the most common requirements that many customers overlook is the annual update of their data. This includes your address, email, phone number, country of residence, or employment status. If your information changes and is not updated in a timely manner, it can generate internal bank alerts or even temporary account lockouts.

Be consistent with your financial movements

The consistency between what you said to open your bank account in Panama and real movements are key. If your reported source of income was a moderate monthly salary, but you suddenly receive large transfers from abroad without justification, this can raise compliance alerts.

Tips at this point:

• Keep your deposits and transfers according to your attached occupancy.
• Avoid receiving funds on behalf of third parties without a clear explanation.
• File proof of payments, contracts or invoices if you need to justify funds.

Respond to any bank request promptly

In the Panamanian compliance system, it's common for your bank to request additional information, especially if there are unusual movements or new sources of income. Although it may seem annoying, responding quickly and clearly helps keep the relationship uninterrupted.

For example, if the bank asks for an international transfer, you can send:

• Copy of the contract that justifies the payment received.
• Corresponding invoice or receipt.
• Screenshot of the transfer source (if applicable).

Avoid activities that may be considered risky

The use of bank accounts in Panama for illegal or unclear transactions can have serious consequences, including account closure. Even if it's not your intention, participating in high-risk businesses without proper documentation or transparency can seriously complicate your banking situation.

Some examples of operations that can be considered risky without adequate support:

• Frequent movements of large sums without clear justification.
• Management of third-party funds without a legal structure.
• Activity related to casinos, cryptocurrencies, or unregulated investments without supporting documents

Report if your profile changes (for example, you become a PEP)

In Panama, to be identified as a politically exposed person (PEP) involves additional controls. If your situation changes — for example, if you assume public office in your country or close relationships become public figures — you should report it. The bank may request additional information, but this will not prevent you from maintaining your account if everything is clear and well supported.

In short, maintaining a good relationship with your Panamanian bank isn't complicated, but it does require organization and transparency. Take care of your financial profile, respond on time and act with common sense. This way, your personal account in Panama will operate smoothly.