Personal Panama Bank Account

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Personal Panama Bank Account:


Set Up Fees:

For introduction and assistance in setting up a Panama Personal Bank Account with our primary correspondent banks in Panama, Panama Offshore Legal Services charges a set up fee of US$700.

For introduction and assistance in setting up Panama Personal Bank Accounts with other Panama banks in Panama, we charge a set up fee of US$1,000. If you know of a particular Panama bank that you would like to set up a Panama personal bank account at, you simply notify us and we can assist you in setting it up.

* Time frames for setting up accounts with Panama banks other than our primary correspondent Panama banks may take longer due to additional documentation that may be required.

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About Panama Banks:

Panamanian Banks are among the most stable banks in the world, being home to the second largest international banking center in the world next to Switzerland. Panama also has the best bank secrecy laws available in the world today.

There are approximately 100 banks in Panama. We have relationships with a variety of local and international banks in Panama through which we assist our clients to open personal Panama bank accounts. However, we mainly assist our clients to open Panama bank accounts through our primary correspondent Panama banks, with whom we have excellent relationships.

All of our clients are handled by the Private Banking Departments of our primary correspondent Panama banks. A bilingual, English and Spanish speaking Private Banking Official is assigned to each account, and our client is provided with that persons contact information for direct communication for executing Panama banking transactions.

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Interest Rates:
The banks in Panama offer very attractive interest rates*. Our primary correspondent Panama banks offer up to 4% annual interest on USD savings accounts, and up to 8% annual interest on USD time deposits (Certificates of Deposit).

*Quoted rates on checking and savings accounts may; change without notice, vary depending on the LIBOR (London InterBank Offering Rate), be subject to minimum deposits and/or minimum balance requirements and/or certain terms for CD’s.

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Online Panama Banking:
Internet access to your Panama bank account is offered through our primary correspondent banks, as well as through most of the other banks in Panama. Panamanian banks use the most up to date online security technology so your banking information is 100% secure and confidential.

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Credit Card:
Our primary correspondent Panamanian banks offer secured credit cards (Visa or MasterCard). Our firm charges a processing fee of US$100 for assisting in setting up of secured credit cards.

Secured credit cards require that the client place a security deposit in an amount equal to 125% of the credit limit chosen for their credit card. The security deposit is frozen in the corporate bank account (or CD/time deposit) until the card is closed, although the funds still earn interest while in the security deposit. As the credit card is used, the Panama bank will automatically debit the entire monthly balance of the credit card charges from the remaining bank account balance at the end of the monthly credit card billing cycle.

Annual fees for credit cards start at US$50 or more according to the type of credit card chosen. Silver, Gold, Platinum, and Airline miles credit cards are available for earning airline flight miles for credit card usage. American Express is also available through certain Panamanian banks.

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Debit Cards:

Debit cards are offered for Panama bank accounts through some of our correspondent banks in Panama. Debit cards have either Visa, MasterCard, or the “Clave” symbol on them, and can be used at any point of sale or ATM that accepts “Plus” or “Interlink” cards (accepted world-wide). The banks annual fees for debit cards are between US$15 and US$20. There are no per transaction fees for ATM cash withdrawals at the banks ATM’s, although there may be fees associated with withdrawals from other ATM’s, or for point of sale transactions, depending on the merchant you purchase from.

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Time Deposits:

Most banks in Panama offer time deposits (certificates of deposits, or “CD’s”), which are referred to as “Plazo Fijo”, in Spanish. Each Panama banks rates vary according to their Panama banking regulations, business practices, etc. Under Panamanian law, the minimum amount for a time deposit at a Panamanian bank is US$10,000. Some of our correspondent Panama banks offer up to 8% annual interest on USD time deposits (Certificates of Deposit).

*Please note that for deposit amounts over US$500,000, we are able to negotiate special deposit rates, depending on the amount and term.

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Panama Bank Saving Accounts:
Savings Accounts are available through our primary correspondent Panama banks. Interest rates vary depending on the deposited amount.

*Quoted rates on checking and savings accounts may; change without notice, vary depending on the LIBOR (London InterBank Offering Rate), be subject to minimum deposits and/or minimum balance requirements and/or certain terms for CD’s.

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Panama Bank Checking Accounts:

Through our primary correspondent bank, there are two types of Panama bank Checking Accounts available:

A. International Checking: This account is useful for those who need an offshore bank account with internationally accepted USD checking facilities. The checks from this Panama bank checking account are accepted around the globe.

- Minimum Initial Deposit: US$5000.
- Interest Rate: no interest is paid on checking
- Minimum Balance Requirement: US$5000.
- Monthly fee if balance falls below US$5000: US$25.
- Returned Check Fee: US$40.
- Bounced Check Fee: US$50.
- Account statements may be sent by email or post mail.
- Checkbook with 50 checks: US$5.
- Certified International Bank Check: US$10.

B. Local Checking: The Panama bank checking account is useful for those who need an account for making USD payments to any local person or business in Panama. However, the checks from this Panama bank checking account are only valid for deposit or compensation locally within the Republic of Panama.

- Minimum Initial Deposit: US$1000.
- Interest Rate: No interest is paid on this account.
- Minimum Balance Requirement: US$1000.
- Monthly fee if balance falls below US$1000: US$10.
- Returned Check Fee: US$35.
- Account statements may be sent by email or post mail.
- Checkbook with 50 checks: US$5.
- Certified Local Check Fee: US$2.
- Certified International Check: US$5 to US$25 depending on amount.

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Miscellaneous Fees (In US$):

Certified Local Check Fee: $2.00
Certified International Check Fee: $5.00 – $25 (depends on amount)
Wire Transfer In Fee: $5.00 – $50 (depends on amount)
Wire Transfer Out Fees: $30 – $100 (depends on amount)

*Fees are subject to change without prior notice. We do not guarantee the accuracy of the above published fees.

** Acceptable deposits are USD cash, USD Checks (personal or bank certified checks), or wire transfers. Unacceptable deposits are money orders, travelers checks, double endorsed checks, foreign items/thrift withdrawal orders, returned checks, and checks referring to more than one account number.


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Documentation Requirements: (Banker-Documents)

For set up of Panama Personal Bank Accounts, we require that the client provide us with the following documentation:

A. Photocopy of passport for each signatory. The photocopy of passport should be Notarized, and must include the photo of the person, the personal details (passport number, etc.), the signature, and the most recent entry/exit stamps (if any). The photocopy should be clear and legible.

B. Two (2) Financial Reference Letters. The financial reference letters can be from any banks, brokerage firms, or credit unions. The letter should be on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in.

Example of Financial Reference Letter

C. Two (2) Professional or Commercial Reference Letters. These reference letters can be from your attorneys, accountants, financial consultants, or any company(s) that you have a business relationship with. The letters should be on the professionals (or company’s) letterhead and should include the signature of the professional (or company representative), plus their contact information (address, telephone, email, etc.). There is no specific format that the reference letters must be written in.

Example of Professional /Commercial Reference Letter

D. Signed Panama Personal Bank Account Applications. You must sign the original Panama bank account applications.

* Documentation requirements are subject to change without notice.
** Banks other than our primary correspondent Panama bank may require other documentation.

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Set Up Procedures:

Below we have included Panama bank account set up procedures for our primary correspondent Panama bank (Please note that set up procedures may be different if dealing with other banks):
A. Submit an Online Application - Click on “Order Now“, and complete an online application, then hit “submit”.

B. Submit Payment - Payment can be made by Bank Wire Transfer, Western Union Money Transfer, USD Check, or USD International Money Order.

C. Interview - Once we receive payment, we will coordinate and schedule the interview. Please, take notice you need to come to Panama for a personal interview with the selected bank, and all account applications will be completed and signed during the interview.

D. Account is Set Up - When we receive the due diligence documentation, the Panama bank account applications will be completed and forwarded to the bank. The Panama bank account number will generally be provided within 20 to 30 business days from the date the documents are submitted to the bank.

E. Begin Using Account - Once we receive notice from the bank that the account number has been issued, the bank officer will send you the complete account protocol for making deposits, executing wire transfers, contact information of the Panama bank, etc.


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