A short article on what you need to open a bank account in Panama. Now keep in mind that there are only a few banks in Panama in which foreigners are allowed to open an account . I have found that Multibank has offered the best services of the 2 banks that I now hold accounts with. They have branches throughout Panama including one in Coronado. I say short article , because the steps are quite easy. I have helped a few clients over the last year who have had their money in their account within 24 hours. Below are all of the requirements to obtain a bank account in Panama.
Copy of valid Panamanian personal identity card (resident visa) and/or passport.
Second piece of identification (drivers license)
Fully completed application form provided by Multibank. (that means every square and line must be filled in with something)
Opening amount and minimum monthly average of $1000
Proof of income: work certificate, pension statement or tax return
2 BANK LETTERS OF REFERENCE (from a bank where you have been a client for 3 years or more)
If you are opening a joint account you will need 4 letters of references or 2 letters of reference from joint accounts that would indicate both names. The reference letter does need to include a contact email from your bank as Multibank does verify validity. The letter simply needs to state that you have been a client of said bank for _ years and that your account is in good standing.