BAC (BAC Credomatic): opening an account as a foreigner

Opening an account as a foreigner checked on 27 Oct 2026

Documents required:

• Valid passport
• Valid immigration card or work permit
• Water, electricity or phone bill
• Proof of income
• Personal reference or APC credit history

Is residency required?

Yes: a valid immigration card or work permit is required.

Online or at a branch?

It offers a digital account through the app (ID document and selfie); opening with a passport: ask the bank.

Bank reference letter

Asks for a personal reference or APC history (no bank letter in the published requirements).

Mortgage: what it costs checked on 27 Oct 2026

Down payment (Panamanians and residents)

Regular rate: down payment between 10 % and 20 % depending on the home price (it finances 80–90 %). With the preferential rate: down payment from 2 % (it finances 95–98 %).

Down payment (foreigners)

Resident foreigners: same published conditions, adding a valid passport, immigration card and work permit. Non-residents: not published (ask).

Reference rate

Regular mortgage from 6.50 % to 8.00 % (variable). 1 % FECI if it is not your main home.

Preferential rate

Yes: homes from $50,000.01 to $120,000, 1.50 % to 3.50 % per its fee schedule (the product page says "from 3.00 %"). Normally only new homes up to B/.120,000 for Panamanians or permanent residents (see below).

Maximum term

Up to 30 years.

Age

Over 21; maximum age: ask the bank.

Maximum loan-to-value

80–90 % (regular), 95–98 % (preferential).

Debt-to-income

Ask the bank. It requires household income from $1,500 (Panamá and Panamá Oeste) and one year of job stability.

Required insurance

Borrower life insurance and fire insurance on the home, assigned to the bank. The cost depends on age, loan amount and insurer: ask for it in writing before signing.

This bank's fees

Closing fee B/.150 (regular purchase, refinance or second home); handling B/.10 a month (regular); appraisal $1.25 per $1,000 of value + travel; mortgage and title registration fee B/.3 per B/.1,000; extra payments 2 % and early payoff 3 % in the first 5 years. Amounts + 7 % ITBMS.

ESTIMATED example: $200,000 home

Illustrative only, not a quote. Principal and interest at the lowest published rate; excludes insurance, fees, FECI (unless stated) and taxes. The bank sets the rate and down payment based on your profile. At $200,000 the preferential rate does not apply (cap $120,000).

What applies at every bank

• Preferential rate (Law 468 of 2025): Law 468 of 24 April 2025 replaced Law 3 of 1985 on preferential interest. The subsidy only applies to a brand-new home that will be your main residence, priced up to B/.120,000 (land and improvements included), for Panamanians or foreigners with permanent residency, once, and only if you have no other home registered in the Public Registry. In Panamá and Panamá Oeste the State subsidises the rate by up to 5.0 points for 8 years (homes up to B/.50,000), 4.5 points for 7 years (B/.50,000.01–80,000) and 4.0 points for 5 years (B/.80,000.01–120,000), never more than 85 % of the bank's rate. Loans that already had the Law 3 subsidy keep it.
• FECI: a 1 % annual surcharge on loans over $5,000. Main-home mortgages do not pay it; second, vacation and investment homes do, and (according to Banco General) so do foreigners without permanent residency.
• ITBI: Property transfer tax (ITBI): 2 % of the higher of the price and the updated cadastral value; by law the seller pays it. Since Law 546 of 31 August 2026, on the first sale of a brand-new home (within 2 years of the occupancy permit) the first B/.120,000 is exempt; between B/.120,000 and 200,000 the excess pays a 0.50 % to 1.80 % scale, and above B/.200,000 the excess pays the general rate.
• The buyer usually also pays the appraisal, legal and notary costs, Public Registry registration and, depending on the bank, a closing fee and a monthly handling fee. Each bank publishes its amounts in its fee schedule (this bank's are below).
• General information, not insurance advice: banks require borrower life insurance and fire insurance on the home, assigned to the loan. You can use the bank's group policy or, if the bank allows it, assign your own. We do not recommend insurers; compare and ask for the terms in writing.

Work out the payment for a specific property: every listing for sale has a calculator → · Compare all 10 banks

Sources: BAC Panamá – Préstamo hipotecario (condiciones y requisitos) (27 oct 2026) · BAC Panamá – Tarifas de préstamos (PDF) (act. 24 jul 2026) · Gaceta Oficial 30264-A – Ley 468 de 2025 (interés preferencial) (24 abr 2025) · Asamblea Nacional – En vigencia Ley de Interés Preferencial (28 abr 2025) · DGI – Instructivo Formulario 106 (ITBI, incl. Ley 546 de 2026) (v4 2026) · DGI – Formulario 106, transferencia de bienes inmuebles (27 oct 2026)

Where it says "ask the bank", the bank does not publish that information. Rates and requirements change: confirm them with the bank before deciding. TuHogar en Panamá is not a bank, insurance broker or financial adviser.

International transfers checked on 27 Oct 2026

Receiving money from abroad

SWIFT/BIC code

BCINPAPAXXX (verified on the official website)

US intermediary bank

Ask the bank (not published on its website)

What to give the sender

Your account number, full name, address and the SWIFT code of BAC International Bank (BCINPAPAXXX). BAC Panama does not publish a US intermediary bank: ask the bank if the sending bank requires one.

Fee to receive

B/. 37.50 per incoming transfer, plus 7 % ITBMS tax (Jul 2026 fee schedule). The transfer must be over $40 to cover fees.

Sending money abroad

How

Online banking (after creating a template with the beneficiary's details) or manually.

Published fee

Online: 1 %, minimum B/. 40.00, maximum B/. 100.00. Manual: 1 %, minimum B/. 100.00, maximum B/. 500.00. Sending in a foreign currency: fixed B/. 30.00 third-party charge. Plus 7 % ITBMS tax.

Limits

Ask the bank (not published on its website)

Timing

Receiving: 48 hours to 5 business days depending on the sending bank (its help centre also says 24 to 72 hours). Sending: ask the bank.

Documents required

Ask the bank (not published on its website)

Currencies

Accounts in Panama are in US dollars (USD). If someone sends you euros or another currency, it gets converted either by the sending bank or by the Panamanian bank, at its own exchange rate. Ask beforehand which one will do it.

Transfers in USD or EUR according to its help centre. Exchange rate: ask the bank.

International transfer fee schedule updated on 15 July 2026. Fees change: confirm them with the bank before transferring. Intermediary banks and the sending bank may charge separately.

Sources (checked on 27 Oct 2026): BAC – Recibir transferencias internacionales (Panamá) · BAC – Hacer transferencias internacionales (Panamá) · BAC Panamá – Tarifario de transferencias internacionales (jul 2026, PDF)

ACH, international (SWIFT) transfers and Wise: the differences →