Opening a Bank Account During Your Tour

Effective November 2020, you are no longer able to open a bank account during a Panama Relocation Tour. Unfortunately, the banks in Panama have changed their policies and will no longer open accounts for visitors.

The topic of banking and which banks we recommend will still be covered during your tour. To open a bank account you must have:

• Your temporary residency visa card OR a letter from an attorney stating you have hired them and are in the process of applying for residency.
• Proof you already live in Panama or plan to move to Panama within the next 6 months. For example, this could be a lease agreement or proof you have secured temporary housing.

Once you meet these requirements and are ready to open a bank account, you have two options:

• Ask your immigration attorney for assistance with opening a bank account. This is a service they normally provide for an additional fee.
• Work directly with one of the banks we'll recommend during your tour. The process is more complex than you might be used to but it's not too difficult. We'll share details about what is required during your tour.

Although this change isn't ideal it shouldn't be a cause for concern. In most cases, you do not need a bank account in Panama until after you have moved to Panama.

As a visitor, you can easily get by using debit & credit cards from your home country. Visa and MasterCard are widely accepted. ATMs are widely available and they dispense US dollars which are accepted everywhere in Panama.

Make sure to contact your bank and credit card companies to inform them of the dates you'll be in Panama. You should also ask them if there will be any fees for using your card internationally.