Opening a regular savings account in Panama for foreigners

Panama has become the top destination for expats worldwide, and one of the reasons is its US dollar-based economy. Today we’ll tell you how personal savings bank accounts have made this possible and how you can open one today.

Opening a personal savings bank account is not mandatory for all foreigners in Panama, but it is possible that for your immigration processes you will need to open some type of bank account, whether it be a savings, checking or fixed term account.

Any foreigner with modest income can open a savings account in Panama; there are banks that allow openings with minimum amounts from as little as USD 10, facilitating access for people of diverse profiles.

Of course, the process involves strict compliance requirements and formal procedures that, if not met, will cause you to waste days visiting the same bank over and over again, but with the right preparation it is entirely feasible to quickly open a savings account in Panama as a foreigner.

Below are the requirements, process steps, estimated times, and key tips for achieving it successfully.

Requirements to open a savings account in Panama

1. Source of funds:

• Last tax return (sufficient)
• Last 6 months of account statement – ​​additional support
• Letter of Employment (with verifiable information) or contracts – additional support

2. Bank reference letter from a bank used in your country.
3. Address
4. Proof of address (lease agreement or utility bill)
5. Contact phone number
6. Passport
7. Proof of address
8. Second identification from your country
9. Residence permit or letter from a lawyer

Banks require a series of documents to open a savings account in Panama as a foreigner, ensuring the applicant’s identity, solvency, and transparency.

Several Panamanian banks also require that the client be of legal age (18 years old) and, if they have legal residence in Panama, present their Migration Card (resident identification document) or valid work permit.

In fact, most banks require foreigners to have legal immigration status in Panama (i.e., temporary or permanent residency); if the applicant does not have such an immigration card, they will generally not be allowed to open the account. This internal policy aims to comply with customer identification regulations and poses an obstacle for those who wish to open an account as non-residents.

However, all is not lost for non-residents: some banks (usually those accustomed to international clients) do allow foreigners without residency to open accounts, provided that the lawful origin of the funds is clearly justified and additional documents requested by the bank are submitted.

In these special cases, the institution will more rigorously evaluate the client’s profile and typically require higher initial deposit amounts and minimum account balances. For example, some institutions require an opening deposit ranging from USD 3,000 to USD 10,000 depending on the risk profile.

Another important requirement is the applicant’s physical presence. Almost all banks require that the account opening be done in person by the client or their legal representative to verify identity and original signatures.

This means that, in most cases, the foreigner will need to travel to Panama at least once to complete the process. However,some exceptionsThey allow flexibility on this point: certain banks with an international focus allow you to start and even complete the opening from abroad if they have offices or correspondents in other countries.

Similarly, there are banks in Panama (or specialized law firms) that accept and manage the opening of savings accounts assisted by a legal representative through a power of attorney, although the client may eventually have to comply with in-person verification or authentication of documents at the embassy/notary office as the case may be.

It is essential to consult the bank in advance about its policies for non-resident foreigners: some require strict residency and physical presence, while others offer more flexible options.

Step-by-step savings account opening process

Once you have the required documentation and meet the basic conditions, the process for opening a savings account in Panama follows a series of ordered steps. The typical step-by-step process for a foreign applicant is described below:

1. Preparation of documentation:The first step is to gather all the documents listed in the requirements. It is crucial that they are up-to-date, in good condition, and, if necessary, officially translated into Spanish (by a certified public translator) and properly apostilled or legalized.This includes obtaining reference letters, apostilled passport copies, and any other required supporting documents in advance. Meticulous preparation of your document folder will prevent delays later.(Advice:Before traveling, check with the bank if it requires any specific additional documentation, so you can bring everything you need.
2. Bank selection and account type:Not all Panamanian banks have the same policies toward foreigners, so it’s advisable to research and choose the bank that best suits your profile and needs. Some banks offer faster processes for non-residents, while others have stricter requirements (for example, they may require large amounts or formal interviews).We have years of experience supporting hundreds of expats in Panama by helping them open savings accounts in Panama, and we have a list of the best banks we work with that make it easier to get a personal savings bank account.
3. Application and submission to the bank:Once you’ve chosen a bank, you should begin the formal application process. This usually involves scheduling an appointment at the branch (by phone or online form) and then attending in person on the agreed-upon date, when we will accompany you. At this appointment, you and the lawyer (and any joint account holders, if it’s a joint account) will need to submit all the collected documents and complete the account opening forms provided by the bank.Keep in mind that at this stage the bank may charge an opening fee (some deduct it from the initial deposit) and will inform you of the minimum amount to deposit to open the account.
4. Due diligence (compliance) interview:As part of the process, the bank will typically schedule an interview with a compliance officer or your assigned account manager. This brief meeting (which may take place during the same document submission visit or at a separate appointment) aims to get to know you better and understand the source of your funds. You will be asked questions about your economic activity, your occupation, why you want to open an account in Panama, the origin of the money you plan to deposit, the average number of transactions you expect to handle, and so on.
   
5. Internal review and approval:After submitting the complete application and passing the interview, the bank will proceed to evaluate the opening internally.

6. Initial deposit and account activation:Once approval is received, the final step is to make the minimum opening deposit required by the bank to activate the account.

By following these steps and requirements, a foreigner can open a savings account in Panama without major problems. This process is designed to adhere to international standards of financial transparency, so it may seem demanding in terms of documentation; however, with good prior preparation, it can be completed in a couple of days, giving you time to enjoy this beautiful country.

Recommended banks for foreigners in Panama

The Panamanian banking system comprises over 40 banks with both local and international presence. However, not all offer the same flexibility or business acumen when it comes to non-resident clients. Some banks, especially larger or international ones, are accustomed to working with expatriates and foreign investors, resulting in more streamlined processes, bilingual staff, and requirements tailored to global clients.

If you want to expedite these processes and open your bank account as quickly and affordably as possible, contact our lawyers today!