Rules For You!
The general rule about opening bank accounts in Panama is to never give up and be persistent.
Make sure the bank understand that you are an important customer and make sure to have your paper work straightened out.
The following ground-rules will make the process much simpler:
For unexperienced people it can take months, if not years to simply open a bank accounts.
- Order bank reference letters in masses, from all your current banks, addressed to 6-8 different banks in Panama.
Make sure to order these to a postal box in, preferably in your own country and courier them in bulk later on.
- Get reference letters from 2-3 people, Panamanians, living in Panama and make sure to copy their identifications.
- Appeal all account opening denials, ask the bank to be flexible, ask to see a manager.
- When possible, always apply for an account, bringing an existing customer. This puts more pressure on the bank.
- Open as many accounts as you can directly, checking, savings and time deposit.
- Always carry two or more original identification, such as passport and drivers license.
- Make sure to keep electricity, cable, water and other bills in your name. You will need proof of address in most cases.