ACE Money Transfer
ACE Money Transfer
01 Sep 2026
Panama is a major financial hub in Latin America, and its banking sector accounts for over 10% of its GDP. With over 80 banks operating in the country and a dollarized economy where the U.S. Dollar and local Balboa are interchangeable at parity, Panama offers a unique environment for foreigners looking to establish financial roots abroad.
But finding the best bank in Panama isn't straightforward. Each institution caters to different client profiles, from digital nomads needing streamlined online banking to high net worth clients seeking private wealth management. This guide breaks down the top five banks in Panama for expats and foreigners, comparing fees, account opening requirements, digital capabilities, and overall reliability.
Panama's banking system is regulated by the Superintendency of Banks, which publishes current banking statistics and regulatory information. Over 40 general-license banks operate in Panama according to this regulatory body, and the regulatory framework aligns with international standards including Basel frameworks.
Here's what we evaluated when selecting the best Panamanian banks for foreigners:
Ease of account opening for non-residents and foreigners
Fee structure and transparency, including monthly maintenance, wire transfers, and ATM fees
Digital banking capabilities and online platform quality
Multi-currency account options and USD handling
Branch and ATM network coverage across Panama
International banking services and global connectivity
Customer service quality and English-speaking staff availability
Reputation and financial stability in the Panamanian market
Credit and lending products available to foreigners
Compliance with international banking standards and FATCA requirements
All banks in Panama must follow strict international banking standards, and compliance with strict KYC and AML regulations is required across the banking sector. Panama has eliminated anonymous accounts since the Panama Papers scandal, and financial institutions must comply with both local and international regulatory requirements.
As of May 2026, the capital adequacy ratio for Panamanian banks is 16.04%, and the liquidity ratio sits at 60%, indicating a well-capitalized system. Notably, Panama has no traditional central bank or lender of last resort, which makes individual bank stability an especially important factor when choosing where to put your money.
Banco General is highly recommended by expats in Panama, and for good reason. Banco General is a Panamanian bank founded in 1955 that offers a range of financial products and services, including consumer banking, business banking, wealth and investment banking, and insurance.
Banco General stands out for its digital banking services, with international transfers available through its Online Banking platform and app. Customers can send money to more than 100 countries in US dollars and foreign currencies. Banks typically offer far higher fees for similar services.
Digital nomads and remote workers who need reliable online banking
Expats making frequent international transfers
Foreigners seeking a full-service banking relationship in Panama
Extensive ATM and branch network throughout Panama, with many branches across provinces
User-friendly online banking platform with English support
Multi-currency accounts including USD and EUR
Flexible account opening requirements for non-residents, though proof of income and a local tie ("vínculo con Panamá") are needed
Strong reputation and financial stability
Yappy is a popular mobile payment platform used in Panama, and it's Banco General's proprietary e-wallet for instant local transfers
The minimum deposit for a Cuenta Corriente Esencial is $50, while the regular checking account requires $300. Initial deposits are often required to activate a bank account, and Banco General is no exception.
Monthly maintenance fees apply if minimum balance requirements aren't met
May require higher initial deposits for certain account types (up to $300 for full-service checking)
English support in the app and customer service may be limited compared to international banks
Banistmo, owned by the Bancolombia group, is one of the most digitally progressive banks in Panama. Expats frequently recommend this institution for its accessible savings accounts and strong internet banking tools.
Backed by Bancolombia, Banistmo provides international banking expertise and stability. It also offers excellent digital banking services despite a smaller branch network. Banistmo offers a user-friendly online banking platform that supports foreign currency accounts and interoperability with local instant transfer networks.
Expats who prioritize online banking over physical branch access
Clients who value international banking standards and practices
Foreigners needing reliable digital payment solutions like Nequi
Strong international banking connections through Bancolombia Group
Advanced mobile and online banking capabilities
Competitive fees for international services
Good customer service with English-speaking staff
Comprehensive business banking solutions
Cuenta Express digital savings account opens with as little as $10
Fewer physical branches compared to some competitors
May have stricter documentation requirements for account opening
Monthly transaction caps of $5,000 on certain digital account types
Debit cards may not be available on foreign currency accounts
Scotiabank Panama's operations have been integrated with Davivienda as of late 2025. The entity now handles retail banking under the Davivienda brand, though the Scotiabank name still carries recognition. International banks in Panama include Scotiabank and HSBC, both bringing global expertise to the local market.
Part of a global banking network with a strong presence across the Americas, the Scotiabank-Davivienda entity offers specialized services for international clients and business operations. Scotiabank Panama offers accounts in various currencies, making it attractive for foreigners managing funds in multiple denominations.
Canadians and North Americans seeking familiar banking services from their home country
International businesses requiring global banking connectivity
High-net-worth individuals needing wealth management services
Global banking network facilitating international transactions
Multi-currency account management capabilities, handling different currencies for cross-border needs
Investment and wealth management services
Strong compliance with international banking regulations
Savings accounts with a $100 minimum opening deposit for both nationals and foreigners
Higher minimum balance requirements for some account types
May have higher fees compared to local banks
Brand transition from Scotiabank to Davivienda may cause temporary confusion
Additional documents may be requested at the bank's discretion
Global Bank is a modern Panamanian bank focused on digital services and streamlined processes. It has carved out a niche as the go-to option for tech-savvy expats who want efficient daily transactions without excessive paperwork.
Global Bank focuses on dollar accounts and international transactions with a modern digital-first approach. Its Global TAP product features digital KYC through facial verification, making the process faster than what other banks offer.
Tech-savvy expats who prefer digital banking solutions
Clients prioritizing speed in international transfers
Residents with a cédula E seeking streamlined account opening processes
Fast and secure digital banking platform with Kuara for instant local transfers
Global Bank offers corporate and investment banking alongside wealth management and international banking services.
Up to 5 free ATM withdrawals at other banks' ATMs per month
Visa debit card with no annual fees
Competitive cost structure for digital services
Global Bank provides specialised business solutions, including factoring and tailored financing options.
Smaller branch network compared to established banks
Requires residency (cédula E) for the Global TAP digital account - non-residents without a cédula are limited
$5,000 monthly cap on balance and transactions for basic digital accounts
Limited foreign currency support beyond USD
HSBC Panama provides international banking services for individuals and businesses, leveraging its globe-spanning network. As one of the world's largest financial institutions, it brings a level of security and international connectivity that few foreign banks can match in the Panamanian market.
With a global banking network spanning over 60 countries across the world, HSBC offers specialized international banking and investment services. Private banks in Panama cater to high-net-worth individuals, and HSBC fits squarely in that category.
International businesses with global operations
High net worth clients requiring comprehensive wealth management
Expats who already have HSBC relationships in other countries
Extensive global banking network and international expertise
Advanced treasury and cash management services
Multi-currency accounts and foreign exchange services
Strong compliance with international banking standards
Comprehensive business and commercial banking solutions, including credit line and mortgage products
Higher minimum balance requirements and fees
May be overkill for simple personal banking needs
Less clarity on account opening without residency
Fewer branch locations and ATM convenience for basic services in Panama City and beyond
| Bank | Best For | Minimum Deposit | Digital Platform | International Transfers |
|---|---|---|---|---|
| Banco General | Overall expat banking | $50–$300 | Excellent (Yappy) | Low fees (~$18) |
| Banistmo | Digital-first banking | $10–varies | Strong (Nequi) | Competitive |
| Scotiabank Panama | North American expats | $100 | Good | Global network |
| Global Bank | Tech-savvy users | Low/none (TAP) | Excellent (Kuara) | ~0.27% commission |
| HSBC Panama | High-net-worth & businesses | Higher | Standard | Premium services |
Generally speaking, minimum opening deposits in Panamanian banks can range from $50 to $1,500 depending on the account type and institution.
Your residency status is the single biggest factor affecting which banks will open accounts for you. Foreigners with permanent residency and a cédula E have access to nearly every product, including digital-only accounts at Global Bank and low-cost savings at Banistmo.
Without residency, your options narrow. Most banks require multiple forms of ID for account opening, including a valid passport, proof of income, and sometimes a bank reference letter from your home country. Foreigners need to visit the bank in person to open an account - there's no fully remote option for non-residents.
Bank account approval times vary by bank and individual circumstances, as applications may involve document verification and compliance checks. Processing times are not guaranteed.
Panama follows a territorial tax system, under which income generated outside Panama is generally not subject to Panamanian income tax, subject to applicable rules and exceptions.
Laws and regulations may change. Please verify with a local professional.
Consider what you actually need from your bank:
Personal vs. business banking: Banco General and Banistmo offer comprehensive business banking solutions. If you just need a personal account for living expenses, Global Bank's TAP account keeps things simple.
Digital banking vs. branch access: If you value internet banking and rarely visit branches, Banistmo or Global Bank are ideal. If you prefer in-person service with many branches, Banco General wins.
International transfer frequency: Expats who regularly move money between Panama and abroad should compare wire transfer fees carefully. Banco General's $18 transfers and Global Bank's percentage-based fees serve different transfer sizes. State-owned banks like Banco Nacional de Panama exist but tend to focus more on community development and local services than on expat-friendly international banking.
Fees vary significantly across Panamanian banks. Here's what to watch for:
Monthly maintenance: Most banks charge fees if your balance drops below the minimum. Keep $300+ to avoid charges at Banco General.
Wire transfers: Outgoing international transfers range from $18 (Banco General) to percentage-based models (Global Bank at ~0.27%). Incoming wires cost $10–$40 depending on completeness of information.
ATM and card fees: Global Bank offers free ATM withdrawals at its own machines and up to 5 free at other banks. Foreign ATM withdrawals typically cost $8+. Debit cards at most institutions carry minimal or no annual fees, though some premium accounts may include them. Rates and fees may vary.
Currency conversion: Withdrawing in non-dollar currencies typically incurs a 3% conversion fee across most banks.
Offshore banking in Panama also carries specific fee structures, so if you're exploring that route for investments or funds management, consult directly with the institution.
Choose Banco General if you want the most reliable overall banking experience with low fees, extensive loans and credit products, and the best bank reputation in the country
Choose Banistmo if you prioritize advanced digital banking with international backing and want to open accounts with minimal deposits```````````````
Choose Scotiabank Panama if you're from North America and want familiar global banking services with access to markets and investments across the Americas
Choose Global Bank if you need fast digital transactions, modern banking technology, and are a resident with a cédula E
Choose HSBC Panama if you have complex international banking needs, require private banking services, or manage funds across the globe
International transfers to Panama provide a way to send funds to recipients and bank accounts in the country. ACE Money Transfer offers a digital channel for initiating the transaction, while the recipient’s bank or financial institution handles the funds once they are received.
Exchange rates fluctuate, and the rate applicable to your transfer can differ from rates shown at another time. Check the current rate atacemoneytransfer.combefore sending.
ACE Money Transfer provides international transfer services to Panama through its digital platform and applicable payment infrastructure. The exchange rate and applicable fees are presented before confirmation, with rates and charges subject to market conditions, service terms, and relevant regulatory requirements.
Transfer completion times differ according to the payment method, receiving institution, and local processing procedures. Any charges applied by the recipient’s bank are determined by that institution and remain outside ACE Money Transfer’s control. Check acemoneytransfer.com for current rates and fees.
The best bank in Panama depends entirely on your individual circumstances. Your residency status, transfer habits, banking preferences, and the subject of whether you need simple savings or complex wealth management all play a role.
For most expats, Banco General offers a strong all-around option with its combination of banking services, digital capabilities, branch coverage, and established presence in Panama. Panama does not have a conventional deposit-insurance system for private banks, although state-owned banks benefit from an explicit government guarantee.
Panama's banking sector continues to grow, with increasing digital innovation and regulatory modernization. Before you visit any bank to open a bank account in Panama, gather all required documents - passport, proof of income, reference letters, and proof of address. Confirm current requirements directly with your chosen institution, as policies evolve. With the right preparation, you'll have your account open and funded within a week.
Disclaimer: This article is intended for general informational and educational purposes only and should not be construed as legal, regulatory, tax, business, or financial advice. While reasonable efforts have been made to ensure that all facts, figures, and data are accurate and valid as of the date of publication, no warranty or guarantee is given as to the ongoing completeness, accuracy, or currency of the information.
The content is based on information available at the time of publication. Regulations, government policies, market conditions, and service offerings may change over time and vary across jurisdictions and providers. As a result, some information may no longer be current or applicable. Readers should independently verify all information and consult qualified professional advisors before making any financial, legal, or business decisions.
