How much does it cost to open a bank account in Panama 2025?

Los requirements to open a bank account in Panama in 2025 they may vary slightly depending on the bank you choose (such as Banistmo, BAC, Multibank, among others), but in general, they all follow similar guidelines required by the Superintendency of Banks of Panama.

In general terms, these are the most common documents and conditions:

• Valid identity document: Current passport for foreigners or ID card for citizens and permanent residents.
• Bank reference: A letter issued by your current bank (in your country of origin or in Panama), confirming your good relationship with the bank.
• Personal or business reference: Usually from someone who lives in Panama or who has a recognized banking activity.
• Proof of income: It can be an employment contract, income statement, work letter or billing if you are independent.
• Public Service Receipt: To verify your physical address (water, electricity or phone).

In addition to the basic documents, there are other important aspects to consider:

Financial Background Check

Banks in Panama carry out a risk analysis for each new customer, whether resident or foreign. This may include requesting a personal interview or extra documentation, especially for those who come from high-risk countries according to international standards.

Available account types

The most common account is personal savings account, but you can also choose checking accounts, corporate accounts or even multi-currency accounts, depending on your needs. The requirements may be stricter for business accounts or if you open an account without a Panamanian residence.

What if I don't have a residence?

Many banks allow open a bank account without the need for legal residence, although it is likely that more documents or larger amounts will be required in the initial deposit. Therefore, to count on legal advice in Panama can speed up this process.

Finally, we recommend that you contact the chosen bank before starting the procedure to confirm the banking requirements updated in 2025, as they may vary depending on internal policies and regulations.

One of the most frequently asked questions asked by those who want open a bank account in Panama is how much they should deposit at least. This figure depends on the type of account, the specific bank and whether the holder is a foreigner, resident or company.

In general terms, the minimum deposits to open an account in Panama in 2025 They oscillate between $100 USD and $1,000 USD, depending on the type of account. Here are the most common cases:

Minimum deposit for personal accounts

To open a personal savings or checking account at banks such as Banesco, Global Bank or Multibank, the estimated amounts are usually:

• Personal savings account for residents: starting from $100 to $300 as a starting balance.
• Personal account for non-residents: between $500 and $1,000 may be required at least.

This amount may also be conditioned to be left as minimum balance monthly to avoid maintenance charges. In many banks the requirement varies between $100 and $500, and if the balance falls below that figure, they are activated monthly bank fees (we'll see more of this in the next section).

Deposits for corporate accounts

If your goal is to open an account for your company or company in Panama, the initial deposit required is usually older. These numbers can start at $1,000 or more, depending on the type of activity of the company and its associated risks.

In addition, it is evaluated if it is a Panamanian company or an offshore one, and if the partners are foreigners. All of these factors can influence the amount required as an initial deposit.

Can this money be withdrawn later?

Yes, in most cases, the minimum deposit is only a requirement for initial opening. Then, you can withdraw part or all of it, as long as you maintain the minimum balance required to avoid fees.

If your account falls below the minimum monthly balance, the bank may apply a penalty that is generally between $2 and $10 per month, depending on the entity.

Final Recommendation

To avoid surprises or delays, it is best to check directly with the bank which one is minimum deposit required in 2025 and if there are different conditions for foreigners. Also consider the type of account that best suits you: savings, checking, company, joint account, etc.

In addition to the minimum deposit required, it is important to understand that opening a bank account in Panama involves other associated expenses. These may vary depending on the bank, the type of account (personal or corporate), and whether the applicant is a resident or a foreigner. Knowing these costs in advance will help you better plan your budget for this process in 2025.

Common bank fees when opening an account in Panama

Los bank costs influence the choice of bank and the type of account you want to open. Although banks in Panama do not charge a fee to “open” the account as such, there are certain fees that commonly apply.

• Monthly maintenance: Between USD $5 and USD $20, depending on the bank and the type of account.
• Debit card issuance: A single amount between $10 and $25 is usually charged.
• International transfers: Fees for sending or receiving money from abroad, between USD $15 and $50 per transaction.
• Certification of balance or bank cards: Up to $20 per issue.

Administrative and documentation costs

Aside from the bank's fees, it's important to consider the possible legal and notarial expenses related to the required documentation, especially if you do not have permanent residence in Panama.

Some of these expenses include:

Translations: If your documents are in a language other than Spanish, you'll need official sworn translations.

Legalization or Apostille: Mandatory requirements if you submit documents issued outside of Panama. Apostilling your documents in your country of origin has a value that can range from USD $20 to $100 per document, plus management time.

Notarization: Some banks may require notarized copies (such as a passport or work letter). In Panama, this procedure costs between USD $5 and $15 per document.

Do you need to hire legal advice?

Although not a mandatory requirement, many foreigners choose to have legal advice in Panama to ensure that all documentation is in order, especially if it involves corporate accounts or larger investments. The cost for this type of assistance varies, but on average it can range from USD $300 to USD $1,000, depending on the complexity of the case.

In short, in addition to the required minimum balance, you should consider these additional costs before opening an account in Panama in 2025. Having this information clear from the start can avoid delays and facilitate better decision-making.

One of the most frequently asked questions related to Open a bank account in Panama Is whether foreigners can do it without complications. The answer is yes, but with some conditions that are important to know. In 2025, banks in Panama continue to accept foreign clients, but they apply more rigorous controls and processes due to international regulations for the prevention of money laundering and terrorist financing.

How accessible is the process for non-residents?

Generally speaking, it is not mandatory to have Permanent Residence To open a bank account, but you do have to prove a Legitimate link with the country. This can include:

• A job offer letter from a Panamanian company.
• Documents for the creation of a company in Panama.
• Evidence of investment or ownership of real estate in the country
• Active residency or visa application process.

In addition, it is essential to submit additional documentation to support your legal and stable source of income. This includes, for example, payslips, tax returns, and/or letters from international banks.

Opening from abroad: is it possible?

Several banks allow you to start the process From abroad, especially if you have the help of a local lawyer or are working with a banking consultant. However, the most common is that the owner is asked to appear at least once in person to sign documents or validate the identity.

Therefore, while starting the process remotely is feasible, the definitive activation of the account usually requires a physical presence in Panama.

What are the best banks for foreigners in Panama?

Los Best Banks for Foreigners in Panama, they are usually those who have experience working with non-resident clients and who offer care in English or other languages. Among them, the following stand out:

- Multibank
- Tower Bank
- Global Bank
- Allied Bank

These banks have specific departments for international accounts, which can make it easier to evaluate your documents and speed up the process.

Conclusion: Yes you can, but be prepared

In short, Yes it is possible to open a bank account without being a resident, provided that you meet the requirements that justify your economic interest in the country and submit all the necessary documentation. The process isn't complex, but it does require planning and attention to detail.

If you're not familiar with banking requirements and legal processes in Panama, relying on a reliable legal team can make the difference between a smooth and a frustrating experience.

In the next section, we share some key legal recommendations to optimize this process and avoid setbacks from the first step.

Open a bank account in Panama it's not just an administrative process: it's a strategic decision that can affect your personal finances or the success of your company. Although the requirements and processes are not overly complex, a misstep can cause delays, rejections, or even the freezing of funds. That's why having certain legal knowledge—or appropriate advisory—can make all the difference.

Check the requirements before choosing a bank

Each institution has its own compliance policy, and updated requirements for bank accounts in Panama 2025 may vary depending on the applicant's profile. Before submitting your application, check if the bank accepts:

• Customers without permanent residence in Panama
• Newly established or foreign companies
• Applicants from abroad

This pre-validation can save you time and money by avoiding banks that are not compatible with your legal or immigration status.

Organize all your documentation in advance

One of the most common mistakes is submitting incomplete or poorly legalized documents. Make sure you have the following:

1. Personal documents with notarized and apostilled copies (passport, second identification, etc.)
2. Proof of income or sources of funds
3. Updated bank references
4. Your company documents if the account is a business one

If you are managing the opening of a bank account in Panama from abroad, keep in mind that many documents must be authenticated and officially translated. This is where a specialized lawyer can help you comply with no margin for error.

Request legal advice if you have complex structures

If you enter the Panamanian financial system with a Offshore, a foreign company or you are applying for permanent residence, banks will evaluate your structure in more detail. In cases like these, it is advisable to rely on legal services in Panama with experience in corporate banking and foreign investment.

Not only can a lawyer help you present your case correctly, but they will also be able to advise you on:

• Los best banks for foreigners in Panama According to your profile
• What bank account type is more suitable (savings, current account, company account, etc.)
• How to comply with due diligence and washing prevention standards

Review the bank's fees and conditions

With the help of professional advice, you can identify banks with lower transfer costs, lower balances or service in your language. You can also receive guidance to negotiate certain services if you will maintain significant movements or if you are opening corporate accounts.

Avoid common mistakes that can slow you down

Even with the best intentions, it's easy to fall into mistakes that slow down the process. Some of the most common are:

• Attempting to open an account without legal advice as a foreigner without residence
• Failure to prepare legalized documentation correctly
• Choosing a bank whose customer profile doesn't match yours
• Do not anticipate the recurring bank costs or requirements of minimum balance

Avoiding these problems from the start helps make your experience smoother and more predictable, and allows you to focus on what really matters: your plans in Panama.

In short, although it is possible open a bank account in Panama independently, having advice helps you to optimize the process, reduce unnecessary costs and ensure compliance at the legal and banking levels.