Which Bank is Right for Me?

A lot of expats worry about which bank they should go with. There are currently 40 banks in Panama licensed to work with the general public, i.e. you. Your lawyer is most likely going to recommend a bank that’s easy for foreigners to get an account with. If your visa requires a bank account, then that makes sense. Banesco will give an account to anyone with a pulse - they’re basically the Panamanian equivalent to Wells Fargo. If you’re here on an investment visa then maybe a more accommodating establishment like Unibank is a better fit (surprisingly, not every bank wants to deal with the regulatory headaches involved with handling large sums of foreign money). But, if, like most expats, you’re here on a pensionado visa and just want to choose the best bank for daily banking, then, well, it’s Banco General.

Panamanian banks are like American banks. They’re all pretty much the same. Just like in the States, the banking sector is heavily regulated. What sets them apart from each other is their services, especially their customer service. I’ve personally had accounts with ScotiaBank, Banistmo, and Banco General. They’re all fine, but Banco General offers more services, such as Yappy, PayPal, and easier international transfers. Their customer service is also top notch. So why do so many lawyers and expats discourage people from banking with Banco General? It’s because getting an account with them is not easy and a lot of expats are turned away for not having their ducks in a row. See, you’ll need your benefits letter and your tax paperwork from at least one of the last two years. You’ll also need your cédula. Not the yellow card from immigration, but the card with the big blue “E” on it that you got from the Electoral Tribunal. You don’t need it need it, but the chances of you getting a Banco General account drop to around zero unless you’ve got a rental contract and light, water, and trash bills in your name. Lawyers don’t want to spend three hours at a bank just to walk away with an unhappy client.

So, yeah, unless you’ve got an unusual situation, we usually recommend that our clients wait until they’ve got their cédula to open a bank account and to go with Banco General. But, like I said, they’re all pretty much the same and, if your heart is really set on Banisi, by all means go for it. Remember that Jenny’s always here to help you out when you need her.