Banks in Panama – Complete 2026 Guide

Understanding how the banks in Panama work will help you settle in faster if you’re trying to live and work in the country long term. Panama is one of the largest and most important international banking centers in Latin America, mainly due to its dollarized economy and strategic location. The country has over 54 license banks for international, private and offshore banking to both foreigners and locals.  

In this post, we will explore some of the top banks in Panama and shed more light on how the system works, particularly for foreign nationals living in the country.  

Banks in Panama – Key Takeaways

Panama has over 54 licensed banks, including around 40 general license banks, 13 international license banks, and 2 state-owned banks, all regulated by the Superintendency of Banks of Panama (SBP). 

The best banks in Panama for foreigners are Banistmo, Banco General, Global Bank, and BAC International Bank, each offering English-speaking services, online banking, and varying levels of flexibility for foreign account holders. 

To open a bank account in Panama, you need a valid passport, a second ID, a bank reference letter, proof of income, and proof of address. Having Panamanian residency through routes like the Qualified Investor Visa or Friendly Nations Visa simplifies the process significantly. 

Panama’s banking system is dollarized, meaning all accounts operate in US dollars, which eliminates currency risk for American and international investors. 

Here are the top 8 banks in Panama to help you pick the best one for your needs.  

1. Banco General (BGFG) 

This is the largest, private and locally-owned bank in Panama. It has the highest market capitalization and is widely used by both locals and foreigners due to its solid reputation and extensive network. With over 76 branches, 619 ATMs, and more than 2 million customers, it has the widest service network of any private bank in Panama. However, its account opening process is strict for non-residents. 

2. Banco Nacional de Panamá (Banconal)  

This is a major government-owned bank in Panama. It acts as a financial agent for the government and has an ‘AAA(pan)’ rating. This bank functions as the country’s quasi-central bank, holding reserve deposits for other Panamanian banks. Foreigners need permanent residency to open an account here. 

3. Banistmo 

This is a major regional bank and a part of Grupo Bancolombia. It is one of the largest banks in central America and serves a wide range of corporate and retail clients. Banistmo is regarded as one of the most expat-friendly banks in the country, with flexible requirements for foreign account holders. Its online and mobile banking platforms are also well used in Panama.  

4. BAC International Bank 

BAC International is a prominent regional bank that handles a large volume of credit card transactions and ranks highly in international finance publications. It is the largest financial group in Central America, serving over 5 million customers across six countries. This bank is a strong choice for expats who need multi-currency accounts, cross-border transfers, and a well-developed digital banking platform. 

5. Caja de Ahorros 

This is a state-owned savings bank with a great reputation and strong market presence in Panama. It is the country’s leading institution in mortgage lending and holds over one million deposit accounts, more than any other bank in Panama. The initial deposit requirements for foreigners can be as low as $100, making it one of the more accessible state-owned options, even though its main focus is the domestic market. 

6. Global Bank 

Global bank is a major Panamanian bank founded in 1994. It operates 47 branches, 10 loan centres, and over 156 ATMs nationwide, and holds a BBB- international rating from both S&P and Fitch. This bank offers personalized financial services for both local and international clients.  

7. Multibank Panama (Grupo Aval)  

This is a key player in Panama’s banking sector. It is the third-largest private bank in Panama by assets, loans, and deposits, holding around $5 billion in assets and holds weight in construction, agricultural, mortgage and offers corporate banking services, especially for medium-sized business lending.  

8. Banco Davivienda (Formerly Scotiabank Panama) 

A leading international bank with a significant local presence, often preferred for international banking needs. It operates across Colombia, Costa Rica, El Salvador, Honduras, Panama, and Miami, and is a well-capitalized option for foreigners who need access to regional Latin American banking. 

To open a bank account in Panama, you need to personally visit the bank and show your valid passport, a second form of ID, a bank reference letter, residence permit, proof of income (tax returns/bank statements), and a utility bill for address verification. Opening a bank account without Panamanian residency is possible, however the process may be significantly more difficult, and the account may have some restrictions. While some banks allow remote opening, particularly for high-net-worth individuals, most require in-person, and having Panamanian residency, whether from the Qualified Investor Visa, Friendly Nations Visa or other routes simplifies the process.  

Here is the step-by-step guide to opening a bank account in Panama:  

Step 1: Choose the right bank  

Research which banks accept foreign clients and match your needs. Not all banks in Panama serve non-residents, and each has different requirements, fees, and minimum deposit thresholds. 

Step 2: Gather your documents 

Most banks require the following:  

• a valid passport 
• a second form of ID (such as a driving licence or national ID card) 
• a bank reference letter from your current bank 
• proof of income (such as tax returns, employment letters, or bank statements) 
• proof of address (a recent utility bill or rental agreement) 
• proof of Panamanian residency. 

Step 3: Schedule an appointment 

Most Panamanian banks require a pre-booked appointment rather than walk-ins. Contact the bank in advance to confirm their specific requirements and book a meeting. 

Step 4: Attend the compliance interview 

At the bank, you will meet with a banker or compliance officer who will review your documents, verify your identity, and ask about the purpose of the account and the source of your funds. This is a standard part of Panama’s KYC (Know Your Customer) and anti-money laundering procedures. 

Step 5: Submit your application and wait for approval 

After the interview, the bank’s compliance department will review your application. Approval typically takes two to four weeks for personal accounts, though it can take longer for non-residents or corporate accounts. 

Step 6: Make your initial deposit 

Once approved, you will need to make a minimum initial deposit to activate your account. This varies by bank and residency status and is usually between $100 and $5,000. Non-residents have to make higher initial deposits.  

Step 7: Receive your account access 

After your deposit is processed, you will receive your account number, debit card, and online banking credentials. 

Some of the best banks in Panama for foreign nationals are Banco General, Banistmo, and Global Bank. These banks have strong international reputations and English-speaking services. They also offer online banking and other services designed for expats in Panama. For those moving to Panama from the U.S.,banks such as Citibank and JPMorgan Chase also operate in Panama. However, their services are mainly restricted to corporate and institutional clients.