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Banking in Panama

Best banks in Panama for expats & digital nomads

Opening a bank account is one of the first things you do after moving to Panama. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.

How to open a bank account in Panama

Both residents and non-residents can open accounts, but most local banks prefer clients with legal residency (or an in-progress residency application) and enforce strict anti-money-laundering checks. Expect to provide a passport plus a second ID, one or two bank reference letters, proof of address, proof of income/source of funds, and a minimum deposit that varies by bank; some banks (e.g. Banistmo, Towerbank) allow remote or video onboarding, often with help from a Panamanian attorney.

Top banks in Panama

Banco General

traditional
largest branch/ATM network for residents

Panama's biggest private bank with the Yappy wallet; tends to require legal residency or a strong economic tie to Panama.

Banistmo

traditional
newcomers and bilingual/online service

Subsidiary of Colombia's Bancolombia; widely cited as one of the easier banks for foreigners and offers video-KYC onboarding for some applicants.

BAC Credomatic

traditional
regional banking across Central America

Large regional group with English-language apps; good if you also bank elsewhere in Central America.

Global Bank

traditional
local SME and middle-class households

Mid-size Panamanian bank with a usable app; more oriented to residents than to non-resident onboarding.

Multibank (MB)

traditional
retail and expat clients wanting bilingual service

Active retail bank; now majority-owned by Bank of China. Non-residents may face higher minimum deposits.

Banco Nacional de Panamá

traditional
state bank for domestic banking

Government-owned bank; important domestically but generally less flexible for non-residents and limited English support.

Towerbank

digital
digital-friendly and non-resident onboarding

Licensed Panamanian bank with app-based onboarding (Ikigii) and remote/virtual account opening for foreigners; also crypto-friendly.

International accounts & neobanks

Payoneer

Available in Panama for freelancers and businesses to receive international payments; not a local Panamanian bank account.

Wise

Panama is not on Wise's list of countries where you can hold a balance, so Panama residents generally cannot open a Wise account; it is mainly used from abroad to send USD to Panama.

Availability changes; confirm on each provider's site.

Next steps in Panama

See the full Panama tax, cost and visa profile, or compare Panama with other destinations. Not sure where to go yet? Take the finder quiz.