can anybody give me more info about living in Panama

7POSTS

16 years ago

looking to find out about banking sistem and expensives living in Panama.
Im living in US right now.
please let me know guys

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panamadlh Member

1POSTS

16 years ago

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Cy New member

4POSTS

16 years ago

I live in Panama part of the year and if you have specific questions I'll try to help. Expenses - well can be as much as you want, some things like imports can be more than at home but if you shop more local it can be very reasonable. Banking I use HSBC and I would NOT recommend them, sorry but I've had nothing but problems and I am a premier account holder. Many others to chose from but setting up an account is time consuming. You need bank references and personal references but otherwise they have ATM, online etc like at home.
Just ask I'll try to help.
Are you looking to buy or rent?
Do you have any ideas about where, Panama has the beach, the city the mountains and inbetween - lots to chose from

panamacoastproperty Member

16POSTS

16 years ago

Well, we hope the best with your trip.
Panama is one of the least expensive countries to live in out of the Central American countries.
If you shop locally, you will find inexpensive goods, but if you need special items you will spend enormous amounts, like you would in the US or Europe.
As for the banking system here, the banking system is huge here - there are tons of international banking opportunities. If you are looking for a local bank to use while you are here, HSBC and the Banco de Panama are the two main ones. Do you research on those and you should be fine.
ATMs are available in all cities, but in the smaller towns and villages, there are no banks and no ATMs, so everything is done with the US dollar and the balboa coins.
if you have any further questions, please feel free to ask or compare advice.

36510 Active member

26POSTS

15 years ago

Cy wrote:
Banking I use HSBC and I would NOT recommend them, sorry but I've had nothing but problems and I am a premier account holder.

Would you be prepared to share some more information on what kind of problems you experienced?

Flavioapanama Active member

27POSTS

15 years ago

So far I have been using Banco General, Banco Nacional, Global Bank, HSBC.

The best? Banco General.
Worse? HSBC

Flavio
sognandolestero.com

36510 Active member

26POSTS

15 years ago

Well, but why are you unhappy with HSBC? Is it because of high fees, because you cannot buy certain equity, poor service, problems when ich comes to foreign withholding taxes, poor advice...?

Flavioapanama Active member

27POSTS

15 years ago

36510 wrote:
Well, but why are you unhappy with HSBC? Is it because of high fees, because you cannot buy certain equity, poor service, problems when ich comes to foreign withholding taxes, poor advice...?

Easy: very, very, very poor customer service. For the rest no problem. There are almost no fee in banking in Panama. As Premiere you get almost everything free in HSBH, the problem still how!

mktimken New member

8POSTS

15 years ago

#10

I always hear about buying property! What about renting. We plan to rent for at least a year.
Karen

invader609 Active member

44POSTS

14 years ago

#11

Banking here is a nightmare with all the banks. Just to get an account you need to give up way too much personal info. This info is being sold to the IRS to keep track of who has offshore accounts. The best way is to use a Credit Union as they don't belong to the banking association and don't ask all those silly questions. The drawback is most don't have ATM or checking. You need to go to the CU to draw cash but most business only deal in cash anyway.

Also, The staff at the banks here could care less about you. They have no clue as to their job and can't make any decisions on their own. This includes most "managers" too. So customer service is not in Panama. You'll find that true in most business' as well.

Good luck with the banking nightmare here. If I were you knowing what I know after almost 6 years here....pick another country!!!

panamaluxuryrealty New member

4POSTS

14 years ago

#12

mktimken wrote:
I always hear about buying property! What about renting. We plan to rent for at least a year.
Karen

Renting is a very good option here in Panama, if you´re still interested I can help you with that I work a real estate company here in Panama and we have lots of properties that might find your needs.

Regarding the banks definitely HSBC is the worse but Banco General is one of the best, and there is one HUGE THING you need to learn from Panama, it all depends on who you speak with. There is a lot of people working in the service area that dont care about you or any of their clients, which is sad but weel hopefully it will improve in the future.