If you’re thinking about opening a bank account in Panama to protect your savings, manage income in dollars, or invest long term, this 2026 guide is made for you.

Panama remains one of the most important financial centres in the region, with a consolidated, supervised banking system and extensive experience with local and foreign clients.

Our goal is to explain, step by step, how a bank account in Panama works, what options you have if you’re a foreigner or a non-resident, what requirements banks ask for, and how to integrate an international bank account in Panama into responsible financial planning. Throughout the text you’ll find several calls to action so you can contact us if you want professional support during the entire process.

Why open a bank account in Panama in 2026?

Before choosing a bank or account type, it’s important to understand why so many people have decided to open a bank account in Panama in recent years.

Some of the most common reasons include:

• Use of the US dollar in the Panamanian economy, which reduces currency risk.
  
• A solid and supervised banking system, with decades of experience in international banking.
  
• A strategic location between North and South America, ideal for regional business.
  
• A broad offering of international bank accounts in Panama for different client profiles.
  
• The ability to combine a savings account with fixed-term deposits to improve your savings and investment strategy.
  

For many residents, retirees, entrepreneurs, and investors, having a bank account in Panama is a way to diversify their assets, separate personal and business income, and operate within a financial platform recognised across the region.

If you’re considering this step, our team can support you from the initial planning stage all the way to the successful opening of your account at the bank that best matches your profile and goals.

What types of bank accounts exist in Panama and which one suits you?

When someone asks us about opening a bank account in Panama, the answer is almost never “just one account”. Most of the time, the right approach is to design a small structure with several products that work together.

In general terms, the three sub-services we work on most are:

• Savings bank accounts.
  
• Current accounts and business accounts.
  
• Fixed-term deposits for investment.
  

From there, other products can be added (credit cards, credit lines, private banking), but these three are the core of most banking strategies in Panama.

What is a savings account in Panama and how does it work?

A savings account is usually the first product we open for our clients. It’s the easiest type of account to manage and the one that best fits day-to-day needs for many people moving to Panama or looking for a basic banking relationship.

Some of its most important features include:

• It allows you to deposit and withdraw money with relative ease.
  
• It generally includes a debit card for purchases and ATM withdrawals.
  
• It usually earns interest on the balance, although the rate depends on the bank, the amount, and the term.
  
• It’s the most common option for a first bank account for foreigners in Panama.
  

A savings account is especially useful if you:

• Will live in Panama and want to manage local expenses (rent, groceries, utilities).
  
• Want to receive income, pensions, or fees in US dollars on a regular basis.
  
• Prefer a simple product without a complex business structure.
  

In many cases we recommend starting with a personal savings account and, once the relationship with the bank is established and you feel comfortable with how it works, moving to more advanced products such as fixed-term deposits or company accounts.

How do current accounts and business accounts work in Panama?

When we talk about current accounts and business bank accounts, we’re moving into a more advanced layer of Panama’s banking system, aimed at individuals and businesses that handle higher or more frequent cash flows.

A current account is usually a good fit when:

• You need to issue cheques frequently.
  
• You handle a high volume of payments to suppliers or collaborators.
  
• You require an account to receive and send transfers consistently.
  

A business bank account, on the other hand, is opened in the name of a Panamanian or foreign company operating in the country. It’s especially useful for:

• International trade companies buying and selling goods between countries.
  
• Service providers invoicing clients inside and outside Panama.
  
• Investment vehicles managing properties, projects, or financial portfolios.
  

This type of account usually requires:

• Company documents (articles of incorporation, public registry certificates, operation notice, tax registration).
  
• Identification of shareholders and ultimate beneficial owners.
  
• Documentation proving the source of funds and the nature of the economic activity.
  

For many foreign entrepreneurs and business owners, the combination of a personal savings account + business bank account becomes the core of their financial strategy in Panama. From our firm, we can help you decide which transactions should go through each account and how to document them properly to meet each bank’s requirements.

What are fixed-term deposits in Panama and when should you use them?

Fixed-term deposits are one of the preferred products for people seeking stable returns. In the context of an international bank account in Panama, a fixed-term deposit can serve several important purposes:

• Offer a fixed interest rate for a defined period, known in advance.
  
• Act as security for secured credit cards or other credit lines.
  
• Form part of the structure required for certain investment-based residency programmes, depending on current regulations.
  

Simply put, a fixed-term deposit works like this:

• You deposit a sum of money at the bank for an agreed period (for example 6, 12, 24, or 36 months).
  
• The bank offers you a set interest rate, which remains the same throughout the term.
  
• If you withdraw before maturity, a penalty applies, which may reduce or even eliminate the expected return.
  

For foreigners, fixed-term deposits have two major advantages:

• They improve your relationship with the bank, showing commitment and stability.
  
• They help build a medium- and long-term savings cushion in a jurisdiction outside your home country.
  

If you want to design a more sophisticated investment strategy using Panama’s banking system, fixed-term deposits will very likely be a central part of that plan.

What do banks require to open an account if you are a foreigner?

One of the first questions we receive is: “What documents do I need to open a bank account in Panama as a foreigner?”

Although each bank has its own internal policy and forms, they generally request:

Identity documents

• Valid passport, usually the main document.
  
• A second ID (driver’s licence or national ID from your country of origin).
  
• If you already have immigration status in Panama, immigration card, foreign ID, or resident ID.
  

Proof of address

• Utility bill (electricity, water, internet).
  
• Rental agreement or long-stay accommodation contract.
  
• For non-residents, some banks accept an overseas address, while others require an address in Panama.
  

Bank or commercial references

• One or two bank reference letters from institutions where you have held active accounts.
  
• In some cases, reference letters from a lawyer, certified public accountant, or employer.
  

Proof of income and source of funds

• Recent tax returns.
  
• Employment, service, or rental contracts.
  
• Bank statements from the last six months.
• A document proving you receive a monthly pension or retirement income (for those applying as Retiree/Pensioner).
  
• Invoices and contracts if you are a business owner or self-employed.
  

This documentation is requested both for a personal savings account and for an international business bank account, although for a company you must also provide all corporate documents.

If you want to minimise the risk of rejection, it’s strongly recommended to prepare this document folder in advance. Our team can review each item, suggest improvements, and anticipate the questions the bank will ask during the review process.

What is the step-by-step process to open a bank account in Panama?

Another very common question is: “What is the exact process to open a bank account in Panama?” Although every case is unique, in practice it usually looks like this:

• Define the main purpose of the account
  Is it to live in Panama? Manage international payments? Operate a company or an investment project? The purpose determines the best account type and bank.
  
• Choose the account type
  This can be a personal savings account, a current account, a business account, one or more fixed-term deposits, or a combination of these.
  
• Select the right bank
  We compare banks with strong local presence, banks with a more international focus, and institutions with proven experience serving foreigners and non-residents.
  
• Prepare all documentation
  Passports, second IDs, bank references, contracts, statements, tax returns, and (if applicable) company documents are collected and organised.
  
• Complete forms and attend the bank interview
  The bank will ask you to fill out forms about your occupation, tax residence countries, source of funds, and expected monthly transaction volume.
  
• Pass the compliance review (due diligence)
  The bank verifies the information against internal databases, international lists, and its risk policies. It may request clarifications or additional documents.
  
• Receive approval and open the account
  Once approved, the bank assigns the account number, activates online banking access, and issues the debit card or related products. From that point, you can operate your bank account in Panama.
  

In some cases, part of the process can be started remotely, especially if you work with a local firm that coordinates with the bank. However, you should consider the possibility of an in-person visit to sign documents and complete biometric checks if required by the institution.

If you would like us to support you at every stage, from the initial evaluation to the final approval, you can contact us for a detailed consultation based on your case.

How to choose the right bank for your bank account in Panama?

One of the most important decisions is not only the type of account, but also where to open it. That’s why many people ask: “Which bank is best for me in Panama?”

There is no single answer, but there are objective criteria worth analysing:

1. Regulation and reputation

• The bank should be properly licensed and supervised by the competent authority.
  
• A solid track record in Panama and internationally.
  
• No recent reputational issues.
  

2. Experience with foreign clients

• Banks used to working with foreigners, temporary residents, and non-residents tend to have clearer processes and fewer surprises.
  
• Some institutions have more flexible policies for certain nationalities or professional profiles.
  

3. Digital banking quality

• A stable, user-friendly online platform.
  
• A functional mobile app, ideally with language options.
  
• Fast local payment tools (transfers between accounts, merchant payments, etc.).
  

4. Costs and fees

• Account maintenance fees.
  
• International transfer costs.
  
• Fees for card usage, ATM withdrawals at other banks, or cheque handling.
  

5. Products available for your profile

• Availability of savings accounts with reasonable conditions.
  
• The possibility of opening current accounts without excessive minimum balance requirements.
  
• Offerings of fixed-term deposits across different terms and, in some cases, different currencies.
  
• Additional services (loans, cards, private banking, etc.) when you need them.
  

Our job is precisely to match your profile (nationality, economic activity, amounts to be managed, tax residence) with each bank’s real policies—so we can recommend not “the most popular bank”, but the one most likely to approve your account under good conditions.

What should you know about risks, limits, and regulatory compliance in Panama?

Panama’s banking system offers many opportunities, but it also has strict compliance and anti-money laundering rules that you should understand.

Key points include:

• In Panama, there is no state-backed deposit insurance like in some countries, so peace of mind comes from supervision, the bank’s solvency, and your own diversification strategy.
  
• Banks are legally required to report suspicious transactions and may temporarily freeze funds if they detect inconsistencies between your stated profile and actual account activity.
  
• If you are a citizen or tax resident of a country with strict rules, you must declare foreign accounts and, in some cases, report balances and transactions above certain thresholds.
  
• Opening an international bank account in Panama does not remove your tax obligations in your country of origin or tax residence.
  

That’s why we insist a bank account in Panama should be part of comprehensive financial and tax planning, not seen as a tool to hide assets. Working alongside legal and tax advisers significantly reduces risk.

If you wish, we can coordinate with your overseas tax adviser to choose the most robust and transparent structure, compatible with the rules of all jurisdictions involved.

What mistakes should you avoid when opening a bank account in Panama?

Many issues can be avoided with calm planning. Common mistakes include:

Underestimating the compliance process
Submitting incomplete or unclear documents often leads to delays, additional requests, and sometimes rejection.

Choosing a bank only for its fixed-deposit interest rate
A slightly higher rate doesn’t compensate for poor service, weak online banking, or a bank that doesn’t understand foreign client profiles.

Making large transactions without prior notice
Very large transfers or sudden changes in account behaviour can trigger internal alerts and lead to preventive freezes.

Not coordinating with a tax adviser
Opening an international bank account in Panama without considering reporting obligations can create problems with your home country’s tax authority.

Relying on outdated information
Requirements, minimum balances, and risk policies change over time; what worked years ago may not be valid today.

Working with a team that understands Panamanian banking practice and the reality of foreign clients improves your chances of success and reduces surprises.

How to combine a savings account, a current account, and fixed-term deposits in one strategy?

Not everyone needs every banking product, but our experience shows that, in many cases, the ideal combination includes:

• A personal savings account for daily spending, emergencies, and reserve funds.
  
• A current account or business account when there are commercial or professional activities in Panama.
  
• One or more fixed-term deposits for the portion of capital you don’t need short term.
  

This structure helps you:

• Clearly separate personal expenses and business cash flows.
  
• Maintain immediate liquidity in your savings account.
  
• Build medium- and long-term savings through fixed-term deposits.
  
• Show the bank a stable relationship, which can make it easier to access other products later on.
  

In a detailed consultation, we can help you define how much to allocate to each “block” based on your income level, risk tolerance, and how long you plan to stay in Panama.