Online Panama Banking:
Internet access to your Panama bank account is offered through our primary correspondent banks, as well as through most of the other banks in Panama. Panamanian banks use the most up to date online security technology so your banking information is 100% secure and confidential.
Our primary correspondent Panamanian banks offer secured credit cards (Visa or MasterCard). Our company charges a processing fee of US$100 for assisting in setting up of secured credit cards. Secured credit cards require that the client place a security deposit in an amount equal to 125% of the credit limit chosen for their credit card. The security deposit is frozen in the corporate bank account (or CD/time deposit) until the card is closed, although the funds still earn interest while in the security deposit. As the credit card is used, the Panama bank will automatically debit the entire monthly balance of the credit card charges from the remaining bank account balance at the end of the monthly credit card billing cycle.
Annual fees for credit cards start at US$50 or more according to the type of credit card chosen. Silver, Gold, Platinum, and Airline miles credit cards are available for earning airline flight miles for credit card usage. American Express is also available through certain Panamanian banks.
Documentation Requirements: (Banker-Documents)
For set up of Panama Personal Bank Accounts, we require that the client provide us with the following documentation:
A. Photocopy of passport for each signatory. The photocopy of passport should be Notarized, and must include the photo of the person, the personal details (passport number, etc.), the signature, and the most recent entry/exit stamps (if any). The photocopy should be clear and legible.
B. Two (2) Financial Reference Letters. The financial reference letters can be from any banks, brokerage firms, or credit unions. The letter should be on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in.
C. Two (2) Professional or Commercial Reference Letters. These reference letters can be from your attorneys, accountants, financial consultants, or any company(s) that you have a business relationship with. The letters should be on the professionals (or company’s) letterhead and should include the signature of the professional (or company representative), plus their contact information (address, telephone, email, etc.). There is no specific format that the reference letters must be written in.
D. Signed Panama Personal Bank Account Applications. You must sign the original Panama bank account applications.
* Documentation requirements are subject to change without notice.
** Banks other than our primary correspondent Panama bank may require other documentation.