Panama’s economy is supported by the Panama Canal, yet the country is also an international banking hub, where many international banks provide companies and businesses and individuals with multiple financial services.
At the moment there are 50 banks operating in Panama, plus 13 with international operation licenses. This provides any potential customer with enough diversity and options to find the right one for them.
Panama’s financial advantage and its banking district in the heart of Panama City is like nothing else in the Latin America region. The country’s geography has made it the business hub that it is now, something that hasn’t changed since the colonial days when foreigners began to move their interests through here.
Citibank and Scotia Bank might be the top names that come to mind to North American citizens or expats, as well as J.P. Morgan and Deutsche Bank. Local Banks such as Credicorp and Banco General dominate the local market and provide many services to foreign capitals, and those who know the Latin American region will also find well-known institutions such as Colombia’s Banistmo, Guatemala’s BI Bank or Ecuador’s Pichincha.
All of these banks have English speaking personnel and cover both private and business banking, considering both your business and personal needs.
Most local banks have locations throughout the country and its major cities. International banks are mostly located in Panama’s banking district in the Bella Vista, Obarrio and Marbella neighborhoods, or along the Vía España or Calle 50 avenues.
If you are planning to invest or relocating to Panama, first ask if your local bank has a subsidiary here. Then ask your Panamanian contact, either a lawyer or realtor, which they suggest for you and your needs. And if none of these options are available to you, then a thorough online search will do the trick, as most banks in Panama have an English-speaking site.
By the way, international banking laws are firmly upheld here, and any corrupt or illegal dealings are not permitted.
So, as Panama has many options for foreigners and expats in real estate and many other industries, it does so as well in banking and finance.
Banking in Panama is Safe and Efficient
At the moment there are 50 banks operating in Panama, plus 13 with international operation licenses. This provides any potential customer with enough diversity and options to find the right one for them.
Luego pregunte a su contacto panameño, ya sea un abogado o agente de bienes raíces, que sugieren para usted y sus necesidades.
