Why this exists — In 2025 I opened a Tower Bank account, a Wise multi-currency card, and walked three readers through the same process. Here’s what I saw, no illusions.
Who can open an account in Panama?
Panama doesn’t reserve account opening for residents. Several banks accept non-residents, but only with a clean file:
- foreign address proof (bill < 3 months old);
- a bank reference letter from your home bank;
- proof of stable income;
- apostilled passport copy;
- in-person interview — usually required by Tower Bank.
If you’re starting out, open Wise first (multi-currency account, 0 USD, 30 minutes online), then add a Panamanian account once on the ground.
Tower Bank vs Banco General — the expat default
Tower Bank
The most expat-friendly. Onboarding partly in English/French, USD accounts, Tower Visa debit, decent web app. Initial deposit ~1,000 USD, 2–3 weeks lead time with a complete file.
Note: Tower Bank almost always requires a Panamanian attorney for non-residents. Budget 300–600 USD for the power of attorney and KYC support.
Banco General
The most-used bank in Panama, densest ATM network. KYC is stricter for foreigners: possible refusal without a residency visa, 2,000 USD initial deposit, limited English outside Panama City branches.
Banco General has one edge: once you have the Friendly Nations Visa, the account easily upgrades into a savings + term-deposit setup — useful for visas that require a fixed deposit.
My pick — Tower Bank for opening flexibility, Wise alongside for international transfers. Banco General only after the visa.
What documents really work
The official list shifts; here’s the one that works in practice in 2026:
- Valid passport (6+ months remaining).
- Bank reference letter (English or Spanish).
- Proof of stable income.
- Foreign address proof.
- Hague apostille on official documents.
- Certified Spanish translation.
- Panama entry stamp under 30 days old (if non-resident).
Apostille blocks half of all files. Start it 2 months before departure.
Hidden fees nobody mentions
- Attorney fees: 300–600 USD for Tower Bank, up to 1,200 USD for Banco General.
- Account opening: Tower Bank ~50 USD, Banco General free but with a frozen term deposit.
- Debit cards: 25–35 USD/year.
- Inbound international transfers: 15–30 USD depending on amount.
- Inactivity: 5–15 USD/month after 6 quiet months.
This is exactly why Wise alongside makes sense: no inactivity fee, no transfer surprise, real interbank rate.
Wise: what it is and isn’t
Wise (formerly TransferWise) is not a Panamanian bank. It’s an EME regulated in Belgium and the UK that gives you a BE/UK IBAN + a US-based USD account. For Panama daily life, you use it for:
- receiving an international salary;
- paying with the Wise debit card (accepted everywhere);
- sending money to Tower Bank or Banco General with no hidden fee.
For a mortgage, a Panamanian credit card or a term deposit, you’ll need a local bank.
The “ahorros vs corriente” trap
Panamanian banks strictly distinguish savings (ahorros) from current (corriente) accounts. For day-to-day life ask for corriente: debit cards, online payments, unlimited transfers. Ahorros often caps monthly withdrawals and doesn’t ship a debit card.
The sequence that works
- 2 months before moving: open a Wise account online. Free, instant, USD account ready for advance bookings.
- On arrival in Panama: book a meeting with an attorney (200–400 USD for the opening pack). Bring all documents.
- First branch: Tower Bank or Banistmo, both more accessible.
- After 3 months and visa approval: open Banco General for the ATM network.
Useful next reads: Friendly Nations Visa in 2026, Bringing your dog to Panama, Paris → Panama City flights.
For the full procedure with templates and checklists, see the Panama Relocation Toolkit ($39).
💡 Want the dedicated banking memo with Tower Bank vs Banco General vs Banistmo comparison + KYC interview scripts + verified lawyer letter template? The Banking Panama Pack ($24, 28 pages PDF) includes: 5 serious banks compared, KYC interview scripts, attorney reference template, Wise+Revolut+Western Union comparison, and the dormant SA trick to unlock a business account in 30 days.