Opening a Bank Account in Panama

Karyn Saunders

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.

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  • 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.


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