General Fees for Banking in Panama
The banking fees in Panama varies greatly. In some banks the service can be free while in others cost over $120.
This is one good reason to diversify in Panama and use the bank with the lowest fee for certain transactions.
- Incoming international wire: $15-$70. Some banks charge 0.0625 - 0.1 % of the amount with a minimum charge. The sending bank may also charge.
- Outgoing international wire: $50-$120. The receiving bank and intermediate bank may also charge for their services.
- Account statement withholding: Normally $5 for each checking account. If you have a PO Box they will send it for free.
- Depositing foreign check in USD from USA: Normally free with a 15 business day holding period.
- Depositing foreign check in USD from Other Countries: $0-$120. Some banks have to send non-US checks for collection.
- Minimum balance fee: Normally $5. Between $500-$1,000 has to be maintained in checking accounts.
- Incoming local wire (ACH): Free
- Outgoing local wire (ACH): $1
- Depositing local check: Free with a 2-3 day holding period. Cashiers checks normally also have this holding period.
- Get check drawn on US bank: This is the cheapest way to send money (smaller amounts) to countries accepting USD checks. The bank will give you
a check drawn on their US account for about $10.
- Sending local check to other countries: DO NOT SEND LOCAL CHECKS FROM PANAMA. Most banks will not honor the collection.