InsidePanamaComparisons
Which account to open when relocating to Panama? Honest comparison of the 12 options tested by expats — Wise, Tower Bank, Banco General, BAC Credomatic, Banistmo, Scotiabank, Citibank, Multibank, Global Bank, Capital Bank, Mercantile and Banesco. Side-by-side verdict below, with non-resident opening conditions and the real fee grid.
Updated : July 2026
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| Service | Score | Price | Action |
|---|---|---|---|
 WiseWinnerInterbank rate, UK/EU/US IBAN, transfers to Panamanian banks among the lowest cost on the market. | 4.7 | 0 USD | See offer ↗ |
Tower BankLocal bank historically geared toward expats. Opens accounts for non-residents before the cédula. | 4.4 | 0 USD | See offer ↗ |
Banco GeneralLargest bank in the country. ATMs everywhere, top-rated mobile app, resident mortgage available. | 4.3 | 0 USD | See offer ↗ |
BAC CredomaticRegional bank (Costa Rica, Panama, Guatemala). Very good app, accessible credit cards, points program. | 4.2 | 0 USD | See offer ↗ |
Citibank PanamáHigh-end international bank. Citi Private Bank and Citi International Personal Banking for wealth > 200,000 USD. | 4.1 | 0 USD | See offer ↗ |
BanistmoBancolombia subsidiary, 2nd bank in the country. Good web app, strong business profile. | 4.0 | 0 USD | See offer ↗ |
Scotiabank PanamáScotia subsidiary (Canada), solid track record in Panama. Good ATM network, decent mobile app. Standard resident profile. | 4.0 | 0 USD | See offer ↗ |
MultibankMid-sized commercial bank, open to non-residents with a solid file. Business-friendly profile. | 3.9 | 0 USD | See offer ↗ |
Global BankFully local Panamanian commercial bank. Good profile for established residents looking to diversify. | 3.8 | 0 USD | See offer ↗ |
Mercantile Bank (MB Capital)Small private bank focused on wealth and corporate. High-end expat profile. | 3.7 | 0 USD | See offer ↗ |
Banesco PanamáSubsidiary of the Banesco group (Venezuela/Spain). Good LATAM penetration, decent app, retail expat profile. | 3.7 | 0 USD | See offer ↗ |
Capital BankMid-sized commercial bank. SME and independent expat profile. | 3.6 | 0 USD | See offer ↗ |
Wise
4.7
Interbank rate, UK/EU/US IBAN, transfers to Panamanian banks among the lowest cost on the market.
Pros
Cons
Tower Bank
4.4
Local bank historically geared toward expats. Opens accounts for non-residents before the cédula.
Pros
Cons
Banco General
4.3
Largest bank in the country. ATMs everywhere, top-rated mobile app, resident mortgage available.
Pros
Cons
BAC Credomatic
4.2
Regional bank (Costa Rica, Panama, Guatemala). Very good app, accessible credit cards, points program.
Pros
Cons
Citibank Panamá
4.1
High-end international bank. Citi Private Bank and Citi International Personal Banking for wealth > 200,000 USD.
Pros
Cons
Banistmo
4.0
Bancolombia subsidiary, 2nd bank in the country. Good web app, strong business profile.
Pros
Cons
Scotiabank Panamá
4.0
Scotia subsidiary (Canada), solid track record in Panama. Good ATM network, decent mobile app. Standard resident profile.
Pros
Cons
Multibank
3.9
Mid-sized commercial bank, open to non-residents with a solid file. Business-friendly profile.
Pros
Cons
Global Bank
3.8
Fully local Panamanian commercial bank. Good profile for established residents looking to diversify.
Pros
Cons
Mercantile Bank (MB Capital)
3.7
Small private bank focused on wealth and corporate. High-end expat profile.
Pros
Cons
Banesco Panamá
3.7
Subsidiary of the Banesco group (Venezuela/Spain). Good LATAM penetration, decent app, retail expat profile.
Pros
Cons
Capital Bank
3.6
Mid-sized commercial bank. SME and independent expat profile.
Pros
Cons
Our pick
Winning combo for French/European expats: Wise at interbank rate for EUR income, Tower Bank for daily USD life in Panama. Banco General joins after the provisional cédula.
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Yes — Tower Bank, Multibank and Capital Bank accept opening for non-residents with passport + Panamanian attorney reference letter + initial deposit (typically $1,000-5,000). Lead time 2-3 weeks. Banco General, Banistmo, Scotiabank and Banesco typically require the provisional cédula; Citibank mainly targets established wealth through its private bank.
Banco General: $300. Banistmo: $500. Tower Bank: $5,000 for most accounts (sometimes $1,000 based on profile). Multibank and Global Bank: $1,000. Wise requires no deposit.
For non-residents, yes in nearly every case — a reference letter from a Panamanian attorney is required by local banks (Tower, Multibank, Banistmo). Budget $200-500 for this letter. Wise needs no attorney.
No Panamanian bank directly receives SEPA. Incoming transfers go through SWIFT in USD with $15-25 fees from the receiving bank. To send EUR → PA, the Wise → Panamanian bank combo is the cheapest (~0.4% vs 1-2% via a European bank).
Banco General is unanimously rated the Panamanian market's best app (QR payments, instant ACH transfers, virtual cards). BAC Credomatic and Banistmo follow. Tower Bank's app is decent but less polished.
Tested one of these? Share your take — it helps the next reader.