Banco General: opening an account as a foreigner

Opening an account as a foreigner checked on 27 Oct 2026

Documents required:

• Valid passport or permanent-resident ID card issued by the Electoral Tribunal (cédula E)
• A document showing your ties to Panama (only if you do not have a cédula E)
• Proof of income; if your savings will stay under $5,000, a sworn income statement provided by the bank is enough

Is residency required?

Residency is not required: with a passport you must show a tie to Panama.

Online or at a branch?

Fully digital opening in the app requires a Panamanian ID or cédula E; without one, you open the account at a branch.

Bank reference letter

Not listed in the requirements currently published on its website: ask the bank.

Mortgage: what it costs checked on 27 Oct 2026

Down payment (Panamanians and residents)

It does not finance 100 %. The minimum down payment depends on the type of home (new, resale, vacation), price and your repayment capacity; the exact percentage is not published. The down payment goes to the developer.

Down payment (foreigners)

Foreigners: same down-payment rules (percentage not published), but they ask for a passport showing entry/exit stamps, a valid immigration card and two bank reference letters from your country. Without permanent residency you pay FECI (an extra 1 % a year) even on your main home. Mortgages for non-residents without an immigration card: not published.

Reference rate

The rate is not published on its website (its calculator applies it internally): ask the bank.

Preferential rate

Yes: brand-new home, main residence, price up to $120,000; all owners must be borrowers. Normally only new homes up to B/.120,000 for Panamanians or permanent residents (see below).

Maximum term

Up to 30 years, depending on the borrower's age.

Age

The term depends on age; maximum age: ask the bank.

Maximum loan-to-value

Under 100 % (maximum not published).

Debt-to-income

The payment can be up to 30 % of salary (private sector) or 35 % (public sector).

Required insurance

Life and fire insurance are mandatory; you can assign policies you already hold.

This bank's fees

Handling fee and legal costs per quote (amounts not published on the page). Once paid off, releasing the mortgage through the bank costs $450 (or you can do it yourself).

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).

With no published rate or down payment we cannot estimate the payment.

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: Banco General – Préstamo hipotecario (requisitos y preguntas frecuentes) (act. 5 oct 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

BAGEPAPA (verified on the official website)

US intermediary bank

• Citibank, N.A. – New York · SWIFT CITIUS33 · ABA 021000089
• JPMorgan Chase Bank, N.A. – New York · SWIFT CHASUS33 · ABA 021000021
• Wells Fargo Bank, N.A. – New York · SWIFT PNBPUS3NNYC

What to give the sender

Full details of one of the intermediary banks, the beneficiary bank "Banco General, S.A. – Panama" (SWIFT BAGEPAPA), your exact name as account holder and your account number.

Fee to receive

US$37.45 per incoming transfer (7 % ITBMS tax included). Correspondent bank charges may also apply.

Sending money abroad

How

Online banking and the app ("International" menu, available every day) or at a branch.

Published fee

Online/app: 1 % of the amount, minimum US$26.75, maximum US$64.20 (SWIFT included). Branch: 1 %, minimum US$64.20, maximum US$214.00. Correspondent charge: US$0 up to $999.99; US$16.05 from $1,000 to $4,999.99; US$26.75 from $5,000 to $24,999.99; US$32.10 from $25,000.

Limits

Ask the bank (not published on its website)

Timing

Ask the bank (not published on its website)

Documents required

The bank may request documents supporting the origin and destination of the funds and the relationship between sender and recipient before crediting the transfer.

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.

It also receives MXN, CAD, CHF, EUR, GBP and JPY through intermediary banks abroad (per-currency instructions on its website). Foreign-currency conversion charge: up to 3.00 % of the amount.

Transfer fee schedule updated on 28 August 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): Banco General – Transferencias internacionales · Banco General – Tasas, comisiones y recargos

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