How to open a bank account in Panama in 2025

Panama has a robust banking system, internationally recognized and attractive to both locals and foreigners. If you are considering opening a bank account in Panama if you are not a resident, it's key to understand what types of accounts are available and which one best fits your goals.

1. Personal account

This is the most common option for foreigners who want to receive payments, manage savings or simply have international banking access.

Las personal accounts in Panama they can be in US dollars or balboa (local currency paired with the dollar), which makes it very easy to manage global transactions without worrying about exchange rate volatility.

Typical benefits:

• Access to debit and credit cards.
• Modern online banking in Spanish/English.
• International transfers with competitive rates.

2. Corporate or business account

If you have or plan to form a foreign or Panamanian company, you can open a corporate account in Panama. These accounts are designed to handle vendor payments, sales revenue, or even investment transactions.

This option is ideal for:

• Companies registered in Panama (such as S.A. or SRL).
• Startups or multinationals that want to operate in Latin America.
• Investors who plan to establish investment vehicles

Some banks also allow you to open accounts in the name of a foreign company, although in this case the requirements are usually stricter.

3. Savings account

Una savings account for foreigners is an alternative if your main objective is to protect your capital, generate interest or diversify your funds outside your country of origin. These accounts can be used by individuals or companies.

In short, whatever your situation - residential, business or wealth - there is a bank account option in Panama that fits your objectives. The next step is to understand what requirements you must meet to open it in 2025.

As part of efforts to strengthen transparency and comply with international regulations, Requirements to open a bank account in Panama as a foreigner in 2025 have been updated. Despite that, the process is still accessible if you have the right documents.

Required basic documents

All Panamanian banks regulated by the Superintendency of Banks of Panama require minimum documentation that every natural or legal person must submit. The following is the essential list for personal and corporate accounts:

For personal account in 2025:

• Current passport (copy and original).
• Second identity document (such as license or ID from your country).
• Proof of address (utility bill or rental agreement).
• International bank reference (preferably in English or Spanish).
• Complementary business or bank reference (if applicable).
• Evidence of the source of funds (employment contracts, income statements, etc.).

For corporate account:

• Copy of the company's Social Pact.
• Certificate of legal existence or good standing.
• Power of attorney (if applicable)
• Identity documents of shareholders and signatories.
• Banking and business references.
• Proof of legitimate business operations or activities.
• Evidence of income
• Revenue projection in relation to the first year of operations.

Is it mandatory to reside in Panama to open an account?

Not necessarily. Many banks allow you to open accounts at Non-Resident Foreigners, although they usually require a virtual or face-to-face interview, as well as more documentation to comply with policies of Know Your Customer (KYC).

What if I want to open the account from abroad?

Although some banks still require a physical presence, several years ago several banks have modernized their processes, allowing remote opening or assisted opening by lawyers with legal power. This makes it easier for foreign investors and businessmen to start the process without having to travel immediately.

Practical tip:

Working with local legal counsel or a specialized firm can make the process more streamlined, since they know the specific requirements of each bank and can facilitate the validation of your documents before notaries or Panamanian bodies.

With this clear information about the documents needed to open an account in Panama, you'll be well prepared for the next step: choosing which bank is most suitable for your particular case, depending on your financial or business goals.

The Panamanian banking system is one of the most robust and consolidated in Latin America. Panama is home to more than 40 banks with a local and international presence, and although many are accessible to foreigners, not all of them offer the same flexibility or ease in requirements. That's why choosing the right bank can make a big difference in your experience when Open a bank account in Panama As a non-resident.

Some banks are more used to working with Expats, International Investors And Foreign entrepreneurs, which means more streamlined processes, support in several languages and options adapted to your needs.

The most recommended banks for foreigners in 2025

The following banks are known for their experience serving non-residents and for facilitating the opening of both personal and corporate accounts:

• Banistmo: Subsidiary of the Bancolombia Group. It offers accounts for foreigners and digital procedures for individuals and legal entities with regional support.
• General Bank: One of the strongest banks in the country. It requires face-to-face procedures and extensive documentation, but it offers excellent reputation, security and customer service for personal and corporate accounts.
• Multibank: Very accessible to international investors and entrepreneurs. It accepts requests from abroad through a legal representative, with assistance in English and Spanish.
• Allied Bank: Ideal for those looking for a personal Panama account for daily use or to manage income from abroad. It offers a robust app and a simple system for international transfers.
• Credicorp Bank: With options for openings from abroad and an emphasis on corporate banking, it's a solid choice for foreign companies or real estate investors.

Key factors when comparing banks in Panama

Before choosing your bank to open an account in Panama, consider the following elements:

Ease of the process: Some banks allow you to start the procedure from abroad, while others require physical presence and formal interviews.

Documentary requirements: Most will request a valid passport, bank references and information about the origin of the funds. Not all banks accept customers without clear immigration status, so check this beforehand.

Maintenance cost and fees: Evaluate fees for account management, international transfers, or additional services.

Support and digitization: The ability to manage your account online and receive care in your language can make daily operations much easier.

Choose the Best Bank in Panama for Non-Residents depends largely on your profile, financial objectives and type of desired account (personal or corporate). If you are looking for a Panama corporate account from abroad, for example, you could choose banks with more flexible legal management and experience in offshore businesses.

Opening a bank account in Panama as a foreigner is not only possible, but also highly advantageous. Thanks to your sophisticated banking system and its tradition as an international financial center, Panama offers unique opportunities for those seeking stability, diversification or financial protection from abroad.

Key benefits for foreigners and non-residents

These are some of the main benefits of opening an account in Panama if you don't reside in the country:

• Economic and monetary stability: Panama uses the U.S. dollar as legal tender, offering predictability and confidence for international investors.
• Capital Protection: The Panamanian banking system protects assets outside the country of origin, a common strategy between businessmen and high-net-worth individuals.
• Ease of operating internationally: The accounts allow for fast international transfers, access to online banking, and the use of globally recognized debit and credit cards.
• Financial Privacy: Although Panama complies with international transparency standards, it still offers discretion at the banking level compared to other jurisdictions.
• Access to diversified banking products: From savings and investment accounts to lines of credit and insurance, Panama offers multiple products to foreigners with an approving profile.

Opportunity for investors and entrepreneurs

Panama is particularly attractive for those looking to open a corporate account. Foreign companies can set up accounts to manage regional or international operations, facilitating payments to suppliers, collections and direct capitalization.

In addition, many banks offer specialized business support—including credit instruments, corporate cards, and financing for local projects or real estate.

Ideal for expatriates or people in the process of residing

Even before formalizing their immigration status, many expatriates choose to open a personal account in Panama to receive remittances, pay for local services or initiate investment procedures.

Many banks allow you to start the process with a passport, personal references and proof of income, giving you flexibility during the transition to the country.

In short, having a bank account in Panama can provide you with significant advantages if you want to diversify your portfolio, protect your capital or simply set up a financial footing in a stable and regionally well-connected economy.

Now that you know the best banks and the benefits, the next important step is to know How to open your bank account in Panama step by step in a practical way and without common errors.

Once you are clear about the types of accounts you can apply for, the requirements and the ideal bank, it's time to take the next step: opening your bank account in Panama. Although the process may vary slightly between banks, most follow a standard structure that you can easily follow if you are a foreigner and have the necessary documentation.

1. Prepare the complete documentation

The first essential step is to bring together all the documents required to open an account in Panama. This includes personal identification, bank references, proof of income or economic activity, and proof of address. If you plan to open a corporate account in Panama, you will need company documents such as the Social Pact, public registration certificate and activity statements.

Tip: Make sure that all documents are up to date, officially translated (if they are in another language) and apostilled if requested from abroad.

2. Select your bank and account type

Compare options between best Panamanian banks for non-residents according to your profile: are you an investor looking for stability? , an entrepreneur who needs ease to make international transfers? , or an expat looking for a simple personal account? Many banks allow you to choose between accounts in American dollars or balboas, although most international accounts are managed in USD.

3. Request an appointment at the bank

Most banks in Panama require the applicant to present themselves in person. Some allow you to start the process online from abroad, but you may eventually have to come in person to verify your identity and sign documents. If you're out of the country, check with your bank if they work with intermediaries or local legal representatives.

4. Interview with the Compliance Officer

As part of the due diligence process (compliance), it's common to have a brief interview with a bank officer. This step helps the bank understand the source of the funds, the customer's activity and prevent financial risks. It's important to be clear, transparent and consistent with the information you present.

5. Document review and approval

Once the application has been submitted and all the papers have been submitted, the bank will pass your file to an internal evaluation process, which can take between 5 and 15 business days depending on the entity. In some cases, they may request additional documentation before approving the opening.

6. Account activation and online access

Upon approval, you'll be able to make your first deposit (most banks require a minimum opening requirement) and activate your account. You will then receive your online banking access information, debit cards (if applicable) and you can start operating normally within the Panamanian banking system.

In short, the step by step would be:

1. Prepare all documents to open your account in Panama.
2. Choose the right bank and account type.
3. Request an appointment (in person or remote depending on options).
4. Conduct the interview with the compliance officer.
5. Wait for the bank's evaluation and response.
6. Deposit the minimum amount and activate the account.

This process is designed to meet international standards of transparency and financial control, but it's still very accessible if you properly meet the requirements. With good preparation, you can open your bank account in Panama in less than three weeks.