Panama provides reliable banking and remote services to open checking or corporate accounts. The country also uses the US Dollar as the official currency, eliminating foreign exchange controls. Each bank in Panama has its own processes and regulations that may require specific forms of documentation and personal information. In order to discover the provided services and other remote banking options, here are some frequently asked questions about banking in Panama:
Do I Need Legal Assistance to Bank in Panama?
You don’t need the services of an attorney or a law firm to open a Panama bank account. The process involves approaching your chosen bank to apply independently for a personal or corporate bank account. Attorneys offer professional guidance and simplify the process because they know the local banking regulations, procedures, and requirements. This familiarity and experience make attorneys the right individuals to navigate any complexities that may arise. Attorneys also help with follow-up once you comply with due diligence and legal requirements.
Can I Open a Panama Bank Account Remotely?
The current regulations for banking in Panama may require personal interviews, information verifications, and form signing. If you’re not able to travel to Panama, work with a law firm specializing in remote account opening. Law firms can refer you to banks that accept email applications and virtual meetings instead of in-person meetups. The firms also help with documentation and compliance requirements, but you must coordinate directly with the bank.
How Long Does It Take To Open An Account?
Each bank in Panama has a unique process, but most applications are processed within a couple of weeks up to a month. If you’re traveling to Panama for the account opening, give yourself a couple of days for an interview and bank signatures. Once you fill out the application forms and provide all necessary supporting documents, the bank sends them to the compliance department. The department then analyzes the information and verifies that everything is correct. If your application is in order, your new bank account is approved for opening. You can follow up on the approval process via email or phone once your application is submitted.
Which Panamanian Bank Should I Choose?
Panama has many banks that allow you to open various personal and corporate accounts. Outline your needs and compare them with the services each bank provides. Check if the bank offers multi-currency account options. Review the account opening requirements and use professional services to refer you to leading banks. Most banks require standard corporate documents and signed account opening forms. Make sure to have documents such as passports, official IDs, accurate bank statements, active personal bank references, and reachable commercial references.
Start Banking in Panama Today
Once you know the requirements and procedures, opening a bank account in Panama is a simple process. Working with a law firm further simplifies the process by guiding you through the application, verification, and compliance requirements. Speak to an experienced law firm today to learn more about banking in Panama and its services.
