American banks in Panama: branches and more

Planning a trip to Panama or considering making it your new home? If so, you may be wondering if there are any familiar American banks in Panama that you can use.

The short answer is that Citibank and JP Morgan Chase have a presence in Panama, but they don't offer regular banking services to individual customers. So, while they have branches, you won't be able to just walk in and use the ATM the way you would back home.

Instead, you'll likely need to open an account with a local Panamanian bank or consider alternatives. Here’s what to know.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

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Which US banks have branches in Panama?

Two US banks operate in Panama: Citibank and JP Morgan Chase.

Both have physical locations in the country, but their services are limited to corporate and institutional clients rather than everyday consumers.

Simply put, you can't walk into these branches and open a checking account, apply for a credit line, or handle other typical personal banking transactions.

These locations focus on business banking, wealth management for high-net-worth clients, and institutional financial services.

Here are their branch locations and contact information:

Since these American banks don't provide consumer banking services in Panama, you'll need to explore other options for your personal banking needs. Local Panamanian banks or international money transfer services will be your best bet.

Wise: a low-cost, flexible international bank alternative

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.

Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.

This way to easy
international payments

*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://payout-surge.live/ for details.

Can Americans open a bank account in Panama?

Yes, Americans can open a Panama bank account. However, if you're just visiting and don't have legal residency in the country, it can be quite complicated.

Most banks won't open an account for a foreigner without a temporary or permanent Panama resident status. Banks are much more willing to work with Americans who already live in Panama and have all their legal paperwork in order.

Regardless, you'll need to visit the bank in person to open an account. Requirements vary between banks and can change over time, so it's worth calling ahead.

Back in 2003, the US passed FATCA laws requiring American banks to report on their citizens' overseas accounts. Many Panamanian banks initially stopped serving US customers because they felt that this violated Panama's banking privacy laws.³

However, Panama and the US worked out these issues. Now, most banks will open accounts for Americans, but US citizens will need to complete a W-9 form, and the bank will report your account activity to the US government.³

Which bank in Panama is best for Americans?

Panama has two state-owned banks and more than 50 private banks.³

Most expats end up banking with private institutions because the two government banks, Banco Nacional and Caja de Ahorros, typically require foreigners to have permanent residency and a cedula (Panama ID card) before opening accounts.

Popular private banks for Americans in Panama include:

• Banco General
• Banistmo
• Global Bank
• Multibank
• BAC Credomatic

These banks typically offer both checking and savings accounts, but it can be a little challenging to get a credit line if you're new to the country.

Panama also has a few foreign banks, many from other Latin American countries, which can provide additional options depending on what you need.

Are banks in Panama safe?

Yes, banks in Panama are generally very safe. The country has a stable political and economic system, and banking is well regulated.

The main authority that oversees banking is the Superintendency of Banks of Panama. This agency licenses banks, monitors their operations, prevents money laundering, and overall keeps everyone safe.

All banks must also follow strict international banking standards.

You may have heard about the Panama Papers scandal in 2016 that involved leaked documents showing how wealthy individuals used shell companies to hide money. This brought some negative attention to Panama's financial system, but it's not something that impacts regular consumers' safety.

Since 2016, Panama has made many big banking reforms, including eliminating anonymous accounts, to make the system even more transparent and secure.

Tips on banking in Panama

Banking in Panama isn't all that different from banking in the US, but there are still a few things to consider:

• Learn basic Spanish banking terms: Many bank employees speak English, but knowing terms like "cuenta corriente" (checking account), "cuenta de ahorros" (savings account), and "transferencia" (transfer) will help

• Bring multiple forms of ID: Always carry your passport and any residency documents, as banks may ask for different identification at different times

• Understand your currency options: Panama's official currency, the balboa, is pegged 1:1 to the USD, so you can use both USD and PAB interchangeably throughout the country

As a US citizen, you'll also need to report your foreign bank accounts to the IRS if they exceed 10,000 USD. This threshold applies to the combined maximum value of all your foreign accounts during the tax year, not just your Panama accounts.⁴

While there are no US banks in Panama offering consumer services, plenty of Panamanian banks welcome American expats.

Opening an account can be hard if you're not living in Panama as a resident, but it becomes much more straightforward once you have legal residency and the proper documentation.

Despite Panama's reputation as a tax haven, the country has a secure and well regulated banking system that many Americans use for their banking needs.

If you often send money between the US and Panama and want to avoid the lengthy process of opening a bank account in Panama, Wise is a great alternative.

*Eligibility is subject to verification of customers' identity.

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Sources

1. Citibank - Panama
2. J.P. Morgan - J.P. Morgan in Panama
3. Expatra - Banking in Panama for Expats
4. IRS - Report of Foreign Bank and Financial Accounts (FBAR)