Types of banks in Panama for foreigners

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Foreigners arriving in Panama can open an account in different banking options. Each case has its advantages and disadvantages, so the choice will depend on your needs. Here we tell you more about the best banks in Panama for foreigners :

1. International banks
If your goal is to manage accounts in multiple currencies kenya phone number library or make international transactions easily, then one of the international banks in Panama should be the right choice for you. These large institutions have branches all over the world and provide services to both locals and foreigners, so you should have no problem opening an account. The only thing to consider is that in these cases the requirements may be stricter and the initial deposit amounts are usually higher.

Some examples of international banks in Panama are Scotiabank Panama (subsidiary of the Canadian bank Scotiabank); HSBC Panama (subsidiary of HSBC Holdings) and Citibank Panama (subsidiary of Citigroup).

2. Local banks
These types of banks are Panamanian financial institutions regulated by the Superintendency of Banks of Panama . Although they are mainly focused on the local market, many of them provide services to foreign clients, including the option of having accounts in various currencies, offshore accounts (outside the country) and receiving financial advice.

Within this group we find the National Bank of Panama (the largest in the country), Banco General (one of the most recognized private banks in the country) and Banitsmo (today part of the Bancolombia group).