Panama is widely known as a great jurisdiction for banking that offers a high level of customer confidentiality. Its legislation manages to efficiently combine ultimate privacy for bank account holders and compliance with all international directives on the transparency of financial operations. A personal bank account abroad is a must nowadays as it provides basic diversification opportunities. Who knows what may happen in your country, considering all the current conflicts in the world? And if your home account is suddenly blocked for some reason, you will easily switch to your foreign one. In short – welcome to Panama, and we will help you open a bank account remotely!
If you want to find out more about the opportunity, you can read a more detailed article on remote account opening in Panama. We write about international banking, business, asset protection, tax optimization, investment, and much more. You can schedule an online meeting with our expert at no cost to discuss your situation and find the best solution. And if you need our support in any matter, from opening an account to company setup (or even obtaining a Panamanian passport), we will be happy to provide the relevant service to you at a reasonable fee.
A Personal Bank Account in Panama
We will help you open an account with a Panamanian bank remotely. The bank we are promoting here gives this opportunity on the condition that you make an initial deposit of USD 500 which will be considered a registration fee.
Here are the amounts required to make your account in Panama fully functional:
- You will need to make a deposit of 50,000 US dollars to activate the account
- A security balance of 100,000 US dollars has to be maintained at all times
A free online banking platform will enable you to manage your funds in your account at any time from any place in the world. Let’s look at the operations you will be able to perform:
- Take advantage of different products and consultations with employees
- Receive reports about the transactions you make
- Make payments locally and internationally
- Transfer money internally (between your accounts)
- Pay utility bills, mortgage amounts, top up your cards, and so on
You will be able to open a multicurrency current account that combines US dollars and euros. In this case, the initial deposit amounts to 3,000 US dollars.
Types of Accounts
Non-residents will have the possibility to open one of the following types of accounts:
- Regular account. The account can be managed remotely, and interest accrues at the end of the month. You can order a Clave Debit Card to make settlements more easily.
- Premium account. The interest rate is higher, so your capital will increase at a faster pace. If you want to set up this type of account, you will need to make an initial deposit of at least 3,000 US dollars. You will receive interest if your deposit ranges between 3,000 and 20,000 US dollars.
- Ahorro Educativo Inteligente account. This kind of account is used to accumulate funds that will be used to pay for your children’s education in the future. The bank will provide life insurance to you as a bonus! The interest you earn on this account starts from 4.5% and gradually increases to reach 7%.
- RYA account. People open this account to make savings for their older years, and the bank will also provide life insurance as a gift. Similarly to the previous account, the interest rate grows along with the amount (that you can increase on a monthly basis): it starts at 4% and gradually reaches 7%.
Fixed-Term Deposits and Cards
If you intend to make a fixed-term deposit with a bank in Panama, you should be prepared to deposit at least 10,000 US dollars for no less than 30 days.
If you want to receive a credit card, it will be provided to you on the condition that you have 125% of the credit amount in your bank account. If this is convenient for you, you can choose one of several credit cards offered by the bank that imply different services and interest rates. Let’s take a brief look at each product.
Visa Classic
- You need to be aged between 21 and 65 to obtain it.
- The interest on the outstanding amount is charged at 1.54%.
- Bonuses can be accumulated to pay for airfare.
- A 36-month loan is available to the cardholder.
- You get a 75,000-dollar life insurance against travel accidents.
- The annual maintenance fee is 45 US dollars.
Visa Gold
- The range of services is wider as compared to Visa Classic, and you will have more attention from the bank managers.
- The interest on the outstanding amount is charged at 1.41.
- You get 150,000-dollar life insurance (plus 750-dollar baggage insurance).
- If you buy a car in the USA or Canada, your car insurance will be covered.
- Extended concierge services, including booking hotel rooms and air tickets.
- The annual maintenance fee is 65 US dollars.
Visa Cash Back
- You will get partial reimbursement for your purchases (1-2%).
- 24/7 remote customer support.
- You get a 500,000-dollar life insurance against travel accidents.
Visa Platinum
- An elite card whose holder can apply for a loan of a minimum 10,000 US dollars.
- The annual maintenance fee is 115 US dollars.
- Extended concierge services, including booking hotel rooms and air tickets.
- Medical insurance
- Free access to VIP areas at the airports
- Insurance against baggage loss, fraud, hijacks, etc.
Account Opening: Procedure
Follow the steps below to set the ball rolling:
- Get in touch with us using the above link and tell us you want to open a personal bank account in Panama.
- Pay for our services using any convenient method, from PayPal to Bitcoin.
- Collect the package of application documents for the account holder, authorized persons, and account signers.
Send the documents to us, and you will get access to your account with a Panama bank in no time!
Do not hesitate to click on the above link to explore our portal or book a session with our specialists who will support you all along the way!