Best Banks in Panama for Foreigners and Expats

Panama is the banking center of Latin America, it uses the US dollar, and it has dozens of licensed banks. That does not make it easy for a foreigner to open an account. Panamanian banks run strict compliance checks, most prefer clients with residency or another formal tie to the country, and each bank decides for itself which foreign profiles it will accept.

This guide compares the main banks foreigners use in Panama, explains what they usually ask for, and shows how residency, nationality and account purpose change your chances. It also covers two recent changes most older guides miss: Scotiabank’s Panama business is now Davivienda, and Banistmo has a new owner.

Panama Banks Compared

These are the banks foreigners most often consider. Treat the last column as a starting point, not a promise: acceptance depends on your file, and bank appetite for foreign clients shifts with compliance cycles.

The Main Banks for Foreigners

Banco General

Banco General is one of Panama’s largest private banks and a frequent first choice for foreign residents. It has a broad branch network in Panama City and around the country, full online banking, and the full range of checking, savings, deposit and lending products. Its onboarding is thorough, so arrive with a complete, consistent file.

Best for: Residents who want one full-service bank for everyday life in Panama.

Global Bank

Global Bank is a large Panamanian private bank and the usual alternative when a client wants a second option alongside, or instead of, the biggest banks. It offers personal accounts, cards and lending, and its digital account products are aimed mainly at people who live in Panama.

Best for: Residents who want an established local bank as a primary or backup account.

Banistmo

Banistmo is one of Panama’s major banks. It was owned for years by Bancolombia’s group, and Grupo Financiero BSC has since bought it, keeping the Banistmo brand in Panama. If you are opening a new account, expect onboarding policies to evolve under the new owner.

Best for: Residents who want a large bank with a wide product range.

BAC

BAC operates across Central America, which makes it useful if your life or business crosses borders in the region. Its regional footprint is its main advantage over purely Panamanian banks.

Best for: People who live, travel or do business in more than one Central American country.

Davivienda (formerly Scotiabank Panama)

Scotiabank no longer operates its own retail bank in Panama. Its Panama business became part of Davivienda Group, a Colombian banking group with operations across Central America, and the Panama operation runs under the Davivienda name. If an older guide recommends Scotiabank Panama, read it as Davivienda.

Best for: Former Scotiabank clients and people with ties to Colombia or Central America.

Multibank

Multibank is a mid-sized Panamanian bank with personal and business banking. Mid-sized banks can offer a more personal relationship than the largest banks, which helps when your profile needs explaining.

Best for: Clients who value a closer relationship with their bank.

Banco Nacional de Panamá and Caja de Ahorros

Panama’s two state-owned banks are oriented mainly toward Panamanian citizens and long-term residents. They are rarely the first choice for a newcomer, but they are an option once you have deep local roots.

Best for: Long-term residents and people with strong ties to Panama.

Residents vs Non-Residents

Residency is the single biggest factor in whether a Panamanian bank opens your account. Many banks apply what Panamanians call arraigo: they want to see a residency permit or another formal connection to Panama before they open a personal account. That connection can be residency, a Panamanian company, a property, a local employer, or a lease and utility bills in your name.

Non-residents can still open accounts at some banks, but expect more questions, more documents, and a closer look at why you want a Panamanian account and where your money comes from. A clear, legitimate account purpose, such as owning property, running a Panamanian company or preparing to move, makes a big difference.

If you plan to live in Panama, the smoothest order is usually residency first and bank account second. See Panama residency for the main routes.

What Banks Ask For

Panama’s banking regulator, the Superintendencia de Bancos de Panamá (SBP), requires every bank to build a written profile of each client and to obtain references before opening an account. Each bank turns that into its own checklist, and the banks do not publish their checklists for foreigners, so treat the list below as the typical starting point rather than any one bank’s rules.

• A valid passport, and a Panamanian residency card or cédula if you have one
• A bank reference letter from your current bank, usually recent, stating how long you have been a client
• Personal or professional references, which the SBP rules require banks to obtain
• Proof of address, such as a utility bill or lease
• Proof of income and source of funds, such as bank statements, an employment letter, tax returns or business records
• Proof of your tie to Panama, such as a lease, property title, company documents or residency paperwork
• A clear statement of how you will use the account and what deposits and transfers you expect

Consistency matters as much as completeness. Names, addresses and dates should match across every document, and your stated account use should fit your income and profile. Inconsistencies are the most common reason a file stalls.

Banking in Panama as an American

Panamanian banks report accounts held by US persons to the US under FATCA, so Americans fill out extra tax forms at onboarding, and some banks are more willing than others to take US clients. Once the account is open, you remain responsible for your own US reporting, including FBAR and FATCA filings. See how FATCA affects foreign banks and US persons.

Panama’s international standing is also changing. The EU moved Panama off its list of non-cooperative tax jurisdictions and onto its watch list, which matters most for company and foundation owners. See Panama removed from the EU tax blacklist.

How to Choose

• Start from your status. Residents have the widest choice. Non-residents should focus on banks that will consider their profile instead of applying everywhere.
• Match the bank to your life. A big domestic bank suits everyday life in Panama. A regional bank suits people who move around Central America.
• Think about transfers. If you will move money in and out of Panama regularly, ask about international wire costs and online banking before you choose.
• Plan for two accounts. Many expats keep a Panamanian account for local life and an international account for transfers, so one compliance review never leaves them without access to money.

How the Opening Process Works

1. Choose the bank. Pick a bank that will consider your residency status and nationality, and ask for its current checklist.
2. Prepare the file. Gather the documents above, with apostilles and Spanish translations where the bank asks for them.
3. Attend in person. Most banks interview new foreign clients at a branch before they open an account.
4. Compliance review. The file goes to the bank’s compliance team, which can ask follow-up questions and does not have to explain a refusal.
5. Sign and fund. Once approved, you sign the account documents and make the opening deposit the bank requires.

If one bank declines, the reason is often the bank’s current appetite for your profile rather than a problem with you, so a well-prepared file can still succeed elsewhere. Business accounts for a Panamanian company or foundation are a separate process; see Panama corporate banking.

Alternatives While You Wait

Account opening in Panama can take a while. While you wait, or as a backup, multi-currency accounts such as Wise are useful for receiving and moving money internationally, and US-based brokerage or checking accounts with low foreign ATM fees help Americans with cash access. If you need a business account, see Panama corporate banking, and if you hold crypto, see Panama crypto bank accounts.

Need Help Opening the Account?

Our Panama Bank Account service matches your profile to a bank that will consider it, prepares a consistent file, and coordinates the opening. If you are blocked as a non-resident, pair it with Panama residency.

Banks in Panama: Full List

Panama’s banking regulator, the Superintendencia de Bancos de Panamá (SBP), licenses three kinds of bank. General-license banks can serve customers inside Panama, so these are the banks you can open a local account with. International-license banks may only do business outside Panama. Panama also has two state-owned banks, Banco Nacional de Panamá and Caja de Ahorros.

These are the 40 general-license banks on the SBP’s published register:

• Atlas Bank (Panamá), S.A.
• BAC International Bank, Inc.
• Banco Aliado S.A.
• Banco Azteca (Panamá), S.A.
• BBP Bank S.A.
• Banco Davivienda (Panamá) S.A.
• Banco Delta, S.A.
• Banco de Bogotá, S.A.
• BANISI, S.A.
• Banco Ficohsa (Panamá), S.A.
• Banco General, S.A.
• Banco Internacional de Costa Rica, S.A. (BICSA)
• Banco Lafise Panamá S.A.
• Banco Latinoamericano de Comercio Exterior, S.A. (BLADEX)
• Banco La Hipotecaria, S.A.
• Bancolombia S.A.
• Pacific Bank, S.A.
• Banco Pichincha Panamá, S.A.
• Prival Bank, S.A.
• Banesco S.A.
• Bank of China Limited
• BCT Bank International, S.A.
• BI-BANK, S.A.
• Canal Bank S.A.
• Capital Bank Inc.
• Citibank, N.A. Panama Branch
• Credicorp Bank, S.A.
• Global Bank Corporation
• Banistmo S.A.
• KEB Hana Bank
• Mega International Commercial Bank Co. Ltd.
• Mercantil Banco, S.A.
• Metrobank, S.A.
• MMG Bank Corporation
• Multibank Inc.
• St. Georges Bank & Company, Inc.
• The Bank of Nova Scotia (Scotiabank)
• Towerbank International, Inc.
• Unibank, S.A.
• Industrial and Commercial Bank of China Limited

Source: SBP register of general-license banks. The register still lists The Bank of Nova Scotia, while Scotiabank’s Panama retail business is now part of Davivienda (see above). Not every bank on the list opens personal accounts for foreigners; many focus on corporate, trade or private banking. For banks that serve only clients outside Panama, see the international-license register.

Frequently Asked Questions

Are there American banks in Panama?

Citibank, N.A. operates a Panama branch that holds a general license from Panama’s banking regulator. Most foreigners, Americans included, bank with Panamanian or regional banks such as Banco General, Global Bank, BAC or Banistmo. Wherever you bank, Panamanian banks report US persons’ accounts under FATCA.

What is the best bank in Panama for foreigners?

There is no single best bank for every foreigner. Banco General, Global Bank, Banistmo and BAC are the usual starting points for residents. The right one depends on your residency status, nationality, income and what you need the account for, and the bank’s compliance team makes the final call.

Can I open a bank account in Panama without residency?

Sometimes, but it is harder. Many Panamanian banks look for arraigo, meaning a residency permit or another formal tie to Panama, before they open a personal account. Non-residents with a clear reason for the account and a well-documented source of funds have the best chance.

What happened to Scotiabank in Panama?

Scotiabank’s Panama business became part of Davivienda Group, and the Panama operation runs under the Davivienda name. Former Scotiabank clients should follow Davivienda’s instructions on accounts and cards.

Who owns Banistmo now?

Grupo Financiero BSC bought Banistmo from Grupo Cibest, the parent of Bancolombia. The buyer is keeping the Banistmo name in Panama.

Can Americans open a bank account in Panama?

Yes. Panamanian banks report accounts held by US persons under FATCA, so Americans should expect extra tax forms during onboarding and should keep up with their own FBAR and FATCA reporting. Some banks are more willing to take US clients than others.

What currency are Panama bank accounts in?

US dollars. Panama uses the US dollar as legal tender alongside its own balboa coins, so local accounts hold and move dollars.

How many banks are there in Panama?

Panama’s International Banking Center includes two state-owned banks and around forty banks with a general license, which can serve local clients, plus banks with international licenses that serve clients outside Panama. The exact count changes as banks enter, merge or leave.

Sources

• Superintendencia de Bancos de Panamá — register of general-license banks
• Superintendencia de Bancos de Panamá — Acuerdo 12-2005 (customer due diligence)
• Superintendencia de Bancos de Panamá — Acuerdo 13-2018 (amends Acuerdo 10-2015 on preventing misuse of banking services)
• La Prensa — Panamá y el requisito de arraigo para abrir cuentas bancarias
• La Prensa — El mapa financiero tras la venta de Banistmo
• Latham & Watkins — Davivienda integration of Scotiabank operations in Colombia, Costa Rica and Panama
• Finanzas Digital — Panama banking report (composition of the International Banking Center)

Related: Panama Bank Account · Panama Residency · Panama bank account guide · Best offshore banks for expats