Opening a bank account in Panama

I believe there are just three local banks, Banco General, Global Bank, and Banco Nacional, the government bank.

My experience is with two of these, Banco Nacional and Banco General. To open a passbook style bank account, you need TWO letters of recommendation from two other banks that you have existing accounts with, your passport, visa, three letters of recommendation from people you have known in Panama for (I think) more than a year. I got letter's from our local representante, and a couple of friends.

Banco Nacional is your connection with the government. When you buy property, a car, pay some students entrance fees, etc., you need to pay the government fees at Banco Nacional.

That's about all I can tell you - it might answer some of your questions. All banks have websites, so you might visit them to get more info.

oops, I forgot to add a recommendation. Since Banco Nacional is the center of all government banking, it is convenient to use their services. However, (!), the lines are always very, very long to the tellers and assistance desks. Banco General and Global Bank both seem to be very professional, very stable, and the waits aren't as long. Banco Nacional has been trying to get a contract to computerize their system more extensively, but still haven't found the system they are happy with. Maybe when they get their computer system updated, they will not be a place where you will spend the afternoon waiting in line. You'll meet lots of nice people that way, though.

Hi
There are more local banks than three. Last one I would use is Banco Nacional. Service slow, always long lines and not online banking. Employers not professional.
Banco General my preferred but Global very good too.
Most banks are good so better choose one that is near where you will live.

Flavioapanama,

Which other banks are local? I know there was one that was a spin off from a Banco Nacional officer, but they came and disappeared from Las Tablas anyway.

holadebeto wrote:

Flavioapanama,

Which other banks are local? I know there was one that was a spin off from a Banco Nacional officer, but they came and disappeared from Las Tablas anyway.

Caja de Ahorros
MULTIBANK INC.
MERCANTIL BANK
CREDICORP BANK
BANCO UNIVERSAL S.A

Just to name few comes to me.