Banco Nacional de Panamá: opening an account as a foreigner

Opening an account as a foreigner checked on 27 Oct 2026

Documents required:

• Foreigners: must visit a branch to learn the requirements and documents (not detailed on its website).

Is residency required?

Its fee schedule covers accounts for foreign residents or work-permit holders; foreigners with a cédula E open as nationals.

Online or at a branch?

Yes, at a branch.

Bank reference letter

Ask the bank (not published on its website)

Minimum opening deposit

B/. 5,000 for foreign residents or work-permit holders; B/. 0 with a cédula E

Mortgage: what it costs checked on 27 Oct 2026

Down payment (Panamanians and residents)

New home without the preferential law: up to 95 % financing (5 % down), maximum B/.1,000,000. Resale home: up to 90 % (10 % down). With the preferential law: up to 98 %. Beach or country home: 80 %.

Down payment (foreigners)

Its website does not publish requirements or conditions for foreigners: ask the bank.

Reference rate

New home without the preferential law from 7.00 %; resale 7.50 %; beach or country 8.00 % + FECI.

Preferential rate

Yes: new homes up to B/.120,000, 1.00 % to 2.50 %, up to 98 %. Normally only new homes up to B/.120,000 for Panamanians or permanent residents (see below).

Maximum term

Up to 30 years (beach or country: 25).

Age

Ask the bank (not published)

Maximum loan-to-value

95 % new; 90 % resale; 98 % with preferential law.

Debt-to-income

Ask the bank (not published)

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

Loan minute B/.375 (up to B/.149,999.99) or B/.475 (from B/.150,000) + ITBMS; appraisal B/.222.50 + 1.15 per thousand for properties from B/.120,000.01 to 300,000; early payoff 2 % of balance in the first 5 years.

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: Banco Nacional – Préstamo hipotecario (27 oct 2026) · Banco Nacional – Tabla de tarifas, cargos y comisiones (minutas vig. 16 may 2025; otros cargos vig. 5 ene 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

NAPAPAPA (verified on the official website)

US intermediary bank

• JP Morgan Chase Bank, N.A. · SWIFT CHASUS33 · ABA 021000021
• Citibank N.A. · SWIFT CITIUS33 · ABA 021000089
• Bank of America Merrill Lynch · SWIFT BOFAUS3M · ABA 026009593
• The Bank of New York Mellon · SWIFT IRVTUS3N

What to give the sender

Correspondent bank with Banco Nacional's account there, beneficiary bank Banco Nacional de Panamá (SWIFT NAPAPAPA) and, as final beneficiary, your name and account number. You need an account with the bank and must accept the applicable charges.

Fee to receive

B/. 35.00 + ITBMS tax (B/. 37.45) per incoming transfer (individuals and businesses).

Sending money abroad

How

At a branch with the international transfer form (a savings or checking account is required); its fee schedule also lists an online and mobile banking fee in force since 15 Oct 2026.

Published fee

0.14 % of the amount (SWIFT message included), minimum B/. 60.00, maximum B/. 450.00 + ITBMS tax (B/. 64.20 to B/. 481.50). Correspondent charge: B/. 25.00 on every channel (since 1 Sep 2026); beneficiary or intermediary bank charges may apply.

Limits

Ask the bank (not published on its website)

Timing

Ask the bank (not published on its website)

Documents required

International transfer form; other documents: ask the bank.

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.

Receives US dollars and euros; sends dollars, euros and some other currencies. Exchange rate: ask the bank.

Fee table in force since 2 Jan 2026 (updated 1 Oct 2025); correspondent charge and online fee updated on 20 Jul 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 Nacional – Transferencias internacionales 2025 (PDF) · Banco Nacional – Tasas, cargos y comisiones

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