Banks in Panama

Panamanian Banks are some of the most stable banks you would ever come across; Panama is home to the second largest international banking center in the world next to Switzerland. It also has the best bank secrecy laws available in the world today. There are approximately 150 international banks in Panama.

Interest Rates

The banks in Panama offer very attractive interest rates. You may avail of up to 6.5% annual interest on USD savings accounts, and up to 8.5% annual interest on USD time deposits (Certificates of Deposit). Quoted rates on checking and savings accounts are subject to changes without notice, variations depending on the LIBOR (London InterBank Offering Rate), and require minimum deposits and balance accounts and/or certain terms for CDs.

Online Banking

Internet access to bank accounts is offered by most of the other banks in Panama. Panamanian banks use the most up to date online security technology as a result of which, banking information is 100% secure and confidential.

Credit Cards

The primary correspondent banks offer secured credit cards (Visa or MasterCard). Secured credit cards require that the client place a security deposit in an amount equal to 150% 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 bank will automatically debit the entire monthly balance of the credit card charges from the remaining corporate bank account balance at the end of the monthly credit card billing cycle.

Annual fees for credit cards start at $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 banks.

Debit Cards

Debit cards are offered for corporate bank accounts through one of the correspondent banks in Panama. Debit cards have 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 is $15.

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 bank's rate varies according to their banking regulations, business practices, etc. Under Panamanian law, the minimum amount for a time deposit at a Panamanian bank is $10,000.  

Savings Accounts

All Panamanian banks offer Savings Accounts with interest rates varying 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.

Checking Accounts

Panamanian Banks proffer 2 kinds of Checking Accounts. They are,

A. International Checking:

This account is useful for those who need an offshore bank account with internationally accepted USD checking facilities. The cheques from this account are accepted around the globe.

· Minimum Initial Deposit: $5000.

· Interest Rate: no interest is paid on checking

· Minimum Balance Requirement: $5000.

· Monthly fee if balance falls below $5000: $25.

· Returned Check Fee: $40.

· Bounced Check Fee: $50.

· Account statements may be sent by email or post mail.

· Checkbook with 50 checks: $5.

· Certified International Bank Check: $10.

B. Local Checking:

This account is useful for those who wish to operate an actual business within Panama, and need an account for making USD payments to any local person or business in Panama. However, the checks from this account are only valid for deposit or compensation locally within the Republic of Panama.

· Minimum Initial Deposit: $1000.

· Interest Rate: No interest is paid on this account.

· Minimum Balance Requirement: $1000.

· Monthly fee if balance falls below $1000:$10.

· Returned Check Fee: $35.

· Account statements may be sent by email or post mail.

· Checkbook with 50 checks: $5.

· Certified Local Check Fee: $2.

· Certified International Check: $5 to $25 depending on amount.

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)

('$' signifies US Dollars)

Acceptable deposits include USD cash, USD Checks (personal or bank certified checks) and wire transfers. Money orders, travelers checks, double endorsed checks, foreign items/thrift withdrawal orders, returned checks, and checks referring to more than one account number won't be accepted.

Requirements for Corporate Accounts

The requirements for ownign a corporate account are as mentioned in the next page.