Bank accounts in Panama.

International bank account opening

Panama's banking system is the result of a delicate and careful planning undertaken by the Department of Planning and economic policy.

On July 8, 1941 the Law 101 was created, which regulates the banking in Panama.

All banks within the territory of Panama are under the direct supervision of the Superintendence of Banks, who strengthens and promotes conditions conducive to the development of Panama as an international financial center.

Panamanian banks offer their clients the following services:

• Current Accounts

These are current deposits that can be used at any time at will and request of the owner of the account. Services offered by the bank and which come and welcome customers due to the trust, comfort, safety and control is given to the funds placed under the custody of the bank.

The current account represents deposits from customers whose sums are payable upon request, using money orders or checks without notice.

Checking accounts can be opened by both natural and legal persons and are classified as personal and business, the duration is indefinite and the contractual relationship between the bank and the customer can be terminated by decision of either party.

• Savings Accounts

In the interest savings accounts varies depending on the amount deposited. The maximum interest rate that banks may pay on deposits, the Banking Commission states that this rate will be 5.5% annual mortgage banks and 4.5% for non-mortgage.

• Checking accounts

Is the account that allows customers to keep funds on deposit and draw on them at any time by check, which is paid to presentation at the Bank's branches and at different merchants nationwide.

For foreigners are required to be older and copy of passport of origin.

For legal entities: Notice of operation, minutes of board of directors, bank and business references, social compact, single rate, credit reference of the signatories.

If you are interested in, please contact ASG Legal S.A.