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Comparisons

Tower Bank vs Banco General: which one for an expat

The two banks most expats open first in Panama. Side by side: account opening conditions, real fees, mobile app, customer service, reliability.

Updated : May 2026

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Comparison table

ServiceScorePriceAction
Tower BankWinnerLocal bank historically expat-oriented. Account opening possible with passport + Panamanian attorney letter even before getting the visa.
4.40 USDSee offer ↗
Banco GeneralPanama's largest bank. Ultra-dense ATM network, excellent mobile app. Stricter KYC for foreigners — typically requires the provisional cédula.
4.10 USDSee offer ↗

Detailed cards

Recommended

Tower Bank

4.4

Local bank historically expat-oriented. Account opening possible with passport + Panamanian attorney letter even before getting the visa.

Pros

  • Account opening possible BEFORE getting the cédula
  • English and French at branches (Costa del Este HQ)
  • Visa debit + credit card for non-residents with collateral
  • Decent mobile app (not revolutionary)
  • Native USD accounts

Cons

  • Limited ATM network (~30 Tower ATMs in Panama)
  • Minimum balance of 5,000 USD required for most accounts
  • No mortgage product
  • Account opening lead time 2-3 weeks
Monthly fee
0 USD si solde > 5 000
Transfer fee
15-25 USD min
Open offer ↗

Banco General

4.1

Panama's largest bank. Ultra-dense ATM network, excellent mobile app. Stricter KYC for foreigners — typically requires the provisional cédula.

Pros

  • Densest ATM network in Panama (250+ ATMs)
  • Best mobile app in the Panamanian market
  • Resident mortgage available (6.5-7.5% rate)
  • Low minimum balance (300 USD for checking)
  • Financial solidity (most capitalized in PA)

Cons

  • Limited English at branches (except Costa del Este and MultiPlaza)
  • Typically requires the provisional cédula to open
  • Stricter KYC (3-6 appointments before validation)
  • Not ideal while waiting for the visa
Monthly fee
0 USD si solde > 300
Transfer fee
15 USD min
Open offer ↗

Our pick

Tower Bank

Tower Bank wins for a new expat: opens accounts for non-residents pending visa, English/French at branches, decent app. Banco General becomes better once you have the provisional cédula thanks to its ATM network.

See offer →

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Frequently asked questions

Tower Bank or Banco General: which to start with?

Tower Bank to start (opens to non-residents with attorney file, English/French). Banco General once you have the provisional cédula (densest ATM network, best app). Most expats end up with both — Tower for international ops, BG for Panamanian daily life.

What minimum balance for Tower Bank vs Banco General?

Tower Bank: $5,000 for most accounts (sometimes $1,000 by profile). Banco General: $300 for standard checking, $100 for savings.

Is the Banco General app really the best?

Yes, unanimously rated the best Panamanian app: instant ACH transfers, QR payment, virtual cards, overdraft management, bill payment (services, internet, electricity). Tower Bank has a decent app but less polished.

Does Banco General do mortgages for expats?

Yes — Banco General is the reference for expat resident mortgages (with provisional or permanent cédula). 6.5-7.5% rate in 2026 on 15-20 years, 20-30% down payment. Application possible with provisional cédula (no need to wait for permanent). Tower Bank doesn't do mortgages.

Can you have a Tower Bank credit card as a foreigner?

Yes — Tower Bank accepts to issue a Visa credit card for non-residents with collateral (amount equal to card limit, blocked on savings account). A path often used by expats before visa to have a Panamanian credit card.

Reader reviews

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