ATM question

@expatslu

Have I got this right?

You want to withdraw more than $5000 from an ATM?

@expatslu

Don’t really know how to answer your questions without more details. It’s extremely difficult to open a bank account unless you’re a resident. The other expats I have spoken with say they can only withdraw $250 at a time from ATMs there. Not sure if that is everywhere.

$250 per withdrawal is the limit for any non-Panamanian ATM card. And you will be charged $7.20 per withdrawal. Most ATMs only allow two consecutive withdrawals, then you have to find another ATM, preferably with another bank.

I do not have a bank account here in Panama yet, but I have not heard that there is a $5000 minimum! There are some visa types that require bank deposits as well. Maybe that is the reason you are being told that's the minimum.

If you do need to have that much cash to open the account, you should probably consider bringing it with you. You are allowed up to $10k without having to declare it.

what you said is 100% accurate. Thank you.

@ddmcghee

Yeah that's what the lawyer said, but I'll be arriving from Mexico, so would have to convert to pesos to buy back dollars! Seems a bit of  a waste to me

Yes its to do with the visa, and I will ask again if I can't just transfer to the new account like you would in most other places.

I guess they must have a lot of US based customers who can just bring it with them, I'm not.....

@SimCityAT

I don't want to, lawyer is saying I need cash to open bank account, so how else do i get it, other than ATM?

OTC with big fees maybe?

@SimCityAT I don't want to, lawyer is saying I need cash to open bank account, so how else do i get it, other than ATM? OTC with big fees maybe? - @expatslu

What are you talking about? "I don't want to?"

I asked a question in post #2 to clarify what you meant.

Have you asked about a bank transfer? Jeeeez