Why we wrote this — We just lived it. Panamanian SA opened end of March at Kraemer & Kraemer (the timeline is here), provisional cédula received early May 2026, Banco General personal account finalised mid-May. Here are the details — useful if you’re following the same path.
Why a personal Banco General account AFTER the cédula
During the Friendly Nations Visa wait (4-8 months), we had:
- A Banco General SA account, opened April 2026 thanks to the SA + Kraemer letter + solid business KYC (details).
- A multi-currency Wise (EU/UK/US) for European income.
- A Tower Bank personal account (backup, opened with attorney letter before the cédula).
Once the provisional cédula lands (early May 2026), opening a personal Banco General becomes logical for:
- Densest ATM network in Panama (250+) — useful daily
- Best mobile app in the Panamanian market — QR payments, instant ACH, virtual cards
- Resident mortgage accessible (to buy in 12-24 months if we want)
- Banking credibility: BG is the most capitalised in Panama, solid file for future credit
Important: we keep all the other accounts. Wise for EUR-USD, Tower Bank as backup, BG SA for activity, BG personal for daily life.
Banco General KYC — much deeper than expected
Banco General is among Panama’s most-scrutinised banks (size + international exposure). KYC for expats is serious. Here’s what we had to provide.
Documents (1-2 week prep)
- Original provisional cédula + 2 colour copies.
- Passport (ID page + Panama entry stamps).
- Proof of address: registered lease at the Public Registry + EDEMET (electricity) bill in our name at the Bella Vista flat.
- 2 personal references: our attorney Kraemer (banking reference) + a French client of the older sister (employer/business reference).
- Proof of economic activity: SA articles + RUC + last 60 days of Banco General SA statements (showing existing inflow).
- Proof of fund origin: last 6 statements from our French account (Société Générale) + last French tax assessment.
- FATCA form: declaring no US citizenship.
- CRS form (Common Reporting Standard): declaring French tax residency (kept for 2026, transition planned 2027-2028).
- Passport-sized photo (BG takes one on-site).
Total: ~10 documents per sister. 3-5 day prep, plus collecting French statements (1-2 weeks).
The appointment — 90 minutes at Costa del Este branch
May 13, 2026, 10:00 AM, Banco General Costa del Este Town Center. Booked 1 week ahead via the BG app.
Maria, our account officer: Spanish + fluent English. No French. We switch to English for technical questions.
Round 1 (30 min): physical document verification. Cédula photocopies. Passport photo on-site. Maria scans everything.
Round 2 (45 min): KYC interview. Specific questions:
- Where do main funds come from? (Independent editorial revenue + European clients)
- Estimated monthly inflow? (~$3,000-5,000)
- Other active foreign accounts? (yes: SocGen FR, Wise, Tower Bank PA)
- Politically Exposed Persons (PEP)? (no)
- US ties / US tax residency? (no)
- Risk activities: crypto, gaming, online betting? (no — we specify income is in EUR/USD via Wise)
Round 3 (15 min): product selection. We picked:
- Cuenta corriente (checking): $500 initial deposit, checkbook included
- Cuenta de ahorros (savings): $200 initial, 0.1% rate
- Visa debit card: issued on-site, delivered in 7 days
- BG Móvil app activated same day
No credit card yet — BG typically requires 6 months personal account history before unsecured credit.
The 5-day wait
From May 13 to 18, file goes through internal review. We’re called twice to:
- Confirm address: a bank employee calls our landlord at the lease phone number.
- Confirm reference: Kraemer & Kraemer receives an email asking to confirm we’re firm clients (they reply in 1 day).
May 18 at 2 PM: SMS “Tu cuenta está activa”. App works. Debit card delivered to the flat May 23 (10 days after appointment).
Real fees recap — May 2026
| Item | Cost |
|---|---|
| Initial deposit checking | $500 (recoverable) |
| Initial deposit savings | $200 (recoverable) |
| Visa Classic debit card | $0 (included) |
| 25-cheque book | $0 (included) |
| Monthly maintenance (balance > $300) | $0 |
| ACH transfer Panama → Panama (other banks) | $0 |
| Incoming international SWIFT | $15-25 by amount |
| Outgoing international SWIFT | $35-55 by amount |
| Banco General ATM withdrawal | $0 |
| Other PA bank ATM | $1-3 |
| Foreign ATM (EU, US) | $4-7 + 2% FX |
Estimated net first-year cost: ~$150 in SWIFT fees (3-5 EUR → USD wires/year when Wise rate is less favourable). Rest is free with > $300 balance.
BG Móvil — features that change daily life
After 3 weeks of use, what works very well:
- QR payment (Yappy): everywhere — restaurants, taxis, markets. Scan = instant payment, no cash, no card terminal.
- Instant ACH: transfer to Tower Bank, BAC, Banistmo, Multibank in 30 seconds, free. Game-changer for paying rent (our landlord is at Banistmo).
- Virtual card: unlimited generation for testing subscriptions or risky one-shots.
- Bill payment: EDEMET (electricity), IDAAN (water), Tigo (internet), Cwp (mobile) — all paid in-app.
What’s less good:
- FX conversion: app shows USD and EUR balances but FX rate has 1-1.5% markup vs Wise. For EUR → USD, we still go through Wise + SWIFT.
- English statements: available but translation occasionally clunky; Spanish is the source language.
If you replicate this path
We’d repeat:
- Wait for the cédula before requesting the personal account — faster and less risky than passport-only.
- Prepare 6 months of French statements ahead. BG actually verifies the fund source.
- Book Costa del Este Town Center — most expat-friendly team, fluent English, easy parking.
- Give Kraemer & Kraemer as reference — BG knows them, speeds up KYC.
We wouldn’t repeat:
- Underestimating KYC. Prepare like a job interview: know your numbers, activity, flows. No vagueness.
- Asking for a credit card on day 1. BG systematically refuses before 6 months history.
If you’re prepping this path and have a precise question, write us: hello@insidepanama.com.