Open a bank account in Panama as an Italian

The short answer is yes: Can an Italian open a bank account in Panama, even without having a residence. Panama is one of the most open countries in Latin America when it comes to international banking, and its financial institutions have experience working with foreigners. However, each bank establishes its own requirements and internal processes.

Muchos banks in Panama for foreigners allow you to open personal or business accounts by presenting only the Italian passport and complying with the requirements of Know Your Customer (KYC). However, to have a residence or to apply for some type of residence permit in Panama can facilitate and streamline the process.

Do I need to live in Panama to open an account?

You don't need to live in the country permanently. It is possible to open a bank account in Panama without residence, especially if you can prove the source of your funds and you have a clear purpose, such as investing in real estate or setting up a local company.

However, some banks may request a local address (even if it's temporary) or bank references from your country of origin. Each institution has slightly different policies, so it's a good idea to check first.

Types of accounts available for Italians

As an Italian citizen, you can access several options:

• Dollar account: Panama uses the American dollar together with the balboa, which makes it easy to handle money in a stable currency.
• Account in euros or multi-currency: Some banks allow you to handle foreign currency, although this is not the norm.
• Personal or corporate accounts: If you are planning to open a company, you can have an account dedicated to your business activity.

In short, if you are wondering How to open a bank account in Panama as an Italian, the first step is to understand that you can do it, but you must follow a validation process in accordance with the local financial system.

One of the most important aspects of open a bank account in Panama as Italian it is to meet the KYC (Know Your Customer) requirements, or Get to Know Your Customer. This process exists to verify your identity, prevent money laundering and ensure the legal origin of your funds.

Although there may be some variations from bank to bank, KYC requirements for expatriates in Panama usually include the following:

Common documents requested by Panamanian banks

• Current Italian passport: It must be in good condition and valid for at least six months.
• Second identity document: This can be your Italian ID, driver's license or other official photo document.
• Proof of address: This can be a utility bill (water, electricity, telephone) or a rental contract with your name, either in Panama or in Italy.
• Proof of income: Employment contracts, financial statements, Italian tax returns or bank statements.
• Bank reference letter: Issued by a financial institution that you already work with in Italy or in another country.

In addition, some banks may request a personal interview (in person or online) or require physical presence for certain validations.

What if I don't have a residence in Panama yet?

Fortunately, open a bank account in Panama with an Italian passport if possible as a non-resident. The important thing is to prove that your funds have a legitimate origin. It also helps if you have any type of link — such as real estate investment, starting a business or applying for residence permit in Panama in progress.

A growing trend is for traditional banks to work together with Fintech in Panama to speed up identity verification, allowing in some cases the digital validation of documents.

In short, keep in mind that each bank will evaluate your case individually. If you keep all your documents organized from the start, you can make faster progress in opening your account, without setbacks.

Once you have your bank account in Panama, the next logical step is to transfer funds from Italy. For Italian expatriates or investors, this generally involves converting euros to dollars, since most accounts in the country are handled in U.S. currency. Understand how to do these international transfers correctly it can save you time, commissions and tax complications.

Currency and account type: euro vs. dollar in Panama

Panama uses the U.S. dollar as legal tender, although certain transactions in euros are also accepted depending on the bank. Most Italians choose to open a Account in dollars, since it facilitates local investments, purchases and migratory procedures such as residence permit in Panama. It's important to remember that any transfer from Italy is automatically converted to USD based on today's exchange rate.

Common transfer options from Italy

There are several reliable ways to transfer funds from an Italian account to your Panamanian account:

• International Bank Transfer (SWIFT): The most traditional way. It requires the SWIFT/BIC code of the Panamanian bank and the IBAN or local account number. It's secure, although it can involve high commissions or compensation times of up to 3-5 business days.
• SEPA transfers + correspondent accounts: Some Panamanian banks work with correspondent banks in Europe, which reduces costs. Before transferring, check if the bank in Panama has a bridge account in Europe to facilitate this type of transaction.
• Fintechs and remittance apps: Tools such as Wise (formerly TransferWise), Revolut or Remitly allow you to send euros and convert them to dollars with more competitive fees. They are discussed in more detail in the next section.

Tips for optimizing your shipments

When sending euros to Panama, take into account the following:

Compare exchange rates: The official rate may vary from that offered by your bank or an app. It is advisable to check the euro-to-dollar exchange rate before carrying out the operation.

Check limits and requirements: Some platforms may have daily caps, especially if you're not fully verified. You must also have the exact details of the beneficiary in Panama: full name, account number, bank and address.

Declare your transfers if they exceed certain amounts: In Italy, transfers of more than 10,000 euros can result in tax or reporting obligations (depending on your financial situation). Consult an accountant if you have questions about Italian or Panamanian legislation.

In short, sending funds to your bank account in Panama is totally feasible, but it requires planning and cost analysis. In addition, the emergence of fintech platforms has dramatically simplified this process for expatriates in Panama.

Technological advances have completely transformed the way Italian citizens manage their money from abroad. Thanks to the appearance of fintech platforms, you no longer need to rely exclusively on the traditional banking system to operate your account or send funds from Europe to Latin America. Not only do these tools streamline the process, but they offer better exchange rates, lower fees, and access from anywhere in the world.

What is a fintech?

The term 'fintech' combines' finance 'and 'technology'. It refers to companies that offer innovative financial solutions using digital platforms. These can include mobile apps, web platforms, or even digital wallets. For those who want open a bank account in Panama or moving your money from Italy, many of these tools are especially useful.

Recommended Fintech for Italians in Panama

Among the most used solutions for international transfers and fund management between Italy and Panama, the following stand out:

• Wise: One of the best platforms for sending money from Europe to Latin America. It supports euros and dollars, with excellent exchange rates and transparency in commissions. Ideal for those who want to send regular amounts to a Account in dollars in Panama.
• Revolut: Although it is more focused on European residents, it allows you to open multi-currency accounts and make international payments. It also serves as a bridge when you decide to open a local bank account.
• Payoneer: Very useful for Italian freelancers or entrepreneurs who receive payments in different currencies. It allows you to access virtual accounts in USD that you can then transfer to Panama.
• Western Union and Remitly: Fast and available alternatives even in rural areas. Useful for one-time shipments, although commissions may be higher than on digital platforms.

Can I operate a Panamanian account from Italy using fintech?

In many cases, yes. Once you have your active account in Panama, you can associate it with apps like Wise or Revolut to receive transfers in dollars. Some Panamanian banks even allow access via secure mobile apps from abroad, as long as you have completed the requirements of KYC in Panama.

Fintechs also allow you to automate recurring payments, control balances in multiple currencies and maintain tax traceability if you need it for your returns in Italy.

In addition, many fintechs offer identity verification options and digital invoices, which can help your compliance processes if you plan to request a residence permit in Panama or prove the source of your funds.

When choosing which platform to use, consider factors such as:

• Security and operating licenses in Europe or Latin America.
• Compatibility with Panamanian banks.
• Cost per transaction and applied exchange rate.
• Interface available in Italian (useful if you are still adapting to Spanish).

In short, fintechs have become key tools for any Italian in Panama, either as an initial solution before opening a bank account or as a practical complement to managing your finances from abroad.

Below, we'll explore some concrete tips that can help you establish yourself as expat in Panama in a simpler way.

Once you decide to move or establish yourself financially as expat in Panama, it is key to have a clear strategy not only for Open a bank account, but also to adapt to the financial and legal life of the country. Here are some practical tips to help you integrate more securely and efficiently.

1. Prioritize keeping your documentation up to date

In addition to the Italian passport, it will be very useful to have a copy of your residence permit in Panama (temporary or permanent). Although not all banks require it, it is recommended to have it to access a wider variety of financial products, such as credit cards or investment accounts.

If you don't have a residence yet, you can start with a basic account for non-residents, although these tend to have greater restrictions.

2. Choose a bank aligned with your profile

As an Italian, you can choose Accounts in dollars —the most used currency in the Panamanian financial system— or by banks that provide specific solutions for Europeans. Some offer bilingual managers, legal advice and connections with banks in Europe.

Investigate what are the best banks in Panama for foreigners 2025; important factors to consider include:

• Opening requirements based on your immigration status
• Easy to perform international transfers
• Secure online access and support in English or Spanish
• Reputation in compliance with KYC standards in Panama

3. Familiarize yourself with the Panamanian tax system

Although Panama does not tax foreign income if it is not generated within the country, it is important that you know how to declare your bank movements if you withdraw or enter large sums of money. You should also keep clear records when submitting banking documentation to avoid delays due to KYC regulations.

4. Lean on fintech solutions

An excellent alternative for managing your money in the first few months is to use fintech platforms in Panama, such as international transfer apps (e.g. Wise, Revolut or Western Union digital) or exchange gateways for euro to dollar in Panama. They are agile tools to avoid high bank charges and that also reduce the waiting time to obtain a traditional account.

Additional tip:

Before moving, open an account with a fintech that accepts multi-currency deposits and allows you to send funds to your future bank account in Panama. This will make the transition smoother and will allow you to cover initial expenses such as rent, services or deposits without having an active local bank account yet.

5. Consider Professional Counseling

Navigate local regulations, identify appropriate banks and comply with KYC requirements for expatriates in Panama it can be complex if you do everything on your own. Having specialized legal support simplifies the process and allows you to avoid common mistakes that delay your financial integration.

In short, to be a Italian in Panama with a solid financial structure it's totally possible, as long as you make informed decisions and have the right support. Panama is a country open to foreign investment and its banks are familiar with European clients, which works in your favor when it comes to structuring your financial future.