TOP-8 Best Banks in Panama

Banking in Panama can be a great experience, especially for a foreigner. However, it is important to know the right financial institution when selecting the right bank.

Unlike other countries, Panama does not have a conventional central bank. Rather, the monitory policies within the countries are handled by the National Bank of Panama (BNP) in conjunction with the National Banking Commission. Nonetheless, the state has several banks in operation now. In no particular order, here are the best banks in Panama.

National Bank of Panama
Caja De Ahorros
Banesco SA
Citibank Panama
Scotiabank of Panama
Multibank Inc
Credicorp
Banistmo

National Bank of Panama

The National Bank of Panama, also known as Banco Nacional de Panama (BNP), is the biggest banking institution in the country. This bank is owned by the Panamanian Government and it holds a combined deposit of over $10 billion. The National Bank of Panama offers banking services to both residences and foreigners. However, a foreigner has to deposit a minimum of $5,000 to operate a bank account. Nonetheless, this bank is considered the strongest and most stable in the country.

BNP together with the National Banking Commission provides both nonmonetary and monetary regulatory policies that a typical central bank gives in any country.

Caja De Ahorros

Created in 1934, Caja De Ahorros is another bank that is owned by the Panamanian Government. This bank offers both citizens and foreigners a wide range of banking services, which include savings account, current account, domiciliary accounts, investment accounts, and much more. However, unlike BNP, Caja De Ahorros does not have a high minimum balance for foreigners. With just $100, a foreigner can operate an account with the bank. In addition, the bank handles more than $5 billion worth of transactions every year.

Banesco SA

Banesco SA is owned by a Venezuelan financial institution named Banesco CA. Banesco SA is one of the biggest banks in Panama and it has more than 20 branches across the country. Many foreigners prefer to bank with Banesco SA as its requirement for opening an account are few. A $10,000 deposit, a valid ID, references, and proof of income are all the documents an individual needs to open an account with the bank.

Citibank Panama

Citibank Panama is another bank that many foreigners like to bank with especially, Americans. In addition, the parent company, Citigroup, has been instrumental in the progress of the country since the creation of the country’s famous canal. Citibank Panama provides a wide range of banking services for both locals and foreigners.

Opening a bank account with Citibank in Panama is extra easy for Americans that already have an existing account with Citibank in America because they will not need to fill out new reference forms.

Scotiabank of Panama

Scotiabank of Panama is another big bank that is owned by a foreign parent financial institution from Canada. This bank offers its clients a wide range of banking services through more than 20 branches all around Panama. Just like with Citibank Panama, Canadians that own a bank with Scotiabank in Canada can easily open a Scotiabank of Panama.

Multibank Inc

Multibank Inc is considered one of the biggest banks in Panama. It has over 20 branches with functional ATMs within the country. Like other financial institutions in the country, Multibank Inc is a very stable bank. It has a combined asset value of over $4 billion, which makes it an ideal financial institution for saving money without fear.

Multibank Inc, unlike other banks, offers its clients a lower opening balance that lets different categories of people maintain an account with the bank. As for foreigners, they require a deposit of $1,500 to open a bank account within Panama.

Credicorp

Credicorp was established in 1995. Since its creation, it has slowly risen to become the biggest bank in Panama. Likewise, this bank has developed policies that make it suitable for use by foreign clients. Credicorp has a modest number of branches that is a little over 10. Nonetheless, many foreigners, especially Americans have opened accounts with the bank due to the abundance of branches within the capital city of the country. In addition, Credicorp has an excellent website that provides clients and potential clients extensive information about banking with the financial institution. The residents of Panama can open an account with $150. Foreigners can open an account with $1,500 as the opening balance.

Banistmo

Banistmo is an excellent commercial bank that offers its clients a wide range of banking services in Panama. This bank was established in 1984. Initially, the bank operated as a subsidiary of the bank HSBC Panama. However, in 2013, the bank was purchased and its name was changed to what it is at the moment. Banistmo has over 40 branches and about 300 ATMs within Panama. The residents of the country can open an account with just $50. Foreigners, on the other hand, required $3,000 to open an account.

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