Banesco Panamá: opening an account as a foreigner

Opening an account as a foreigner checked on 27 Oct 2026

Documents required:

• International account (non-residents): copies of your valid passport and national ID
• Proof of address (utility bill or lease)
• Proof of income (for example, an employment letter)
• Bank or commercial references
• Temporary foreign residents (local account): passport plus immigration card

Is residency required?

Not for the international account, which is for non-resident foreigners.

Online or at a branch?

The international account application starts online on its website.

Bank reference letter

Yes: bank or commercial references.

Minimum opening deposit

$1,000 opening deposit and $1,000 average balance (international account)

Mortgage: what it costs checked on 27 Oct 2026

Down payment (Panamanians and residents)

Down payment for a main home: not published (ask). Vacation home: 20 % down (8.50 % rate) or 30 % (8.25 %).

Down payment (foreigners)

Its published requirements are "for Panamanians or residents" (Panamanian ID, permanent residency card or cédula E) and its form applies to people living in Panama. Conditions for non-residents: not published.

Reference rate

New home over B/.120,000.01 or resale: 7.75 %; vacation 8.25–8.50 %; investment 8.75 %.

Preferential rate

It offers preferential-law homes (fees published); the preferential rate is not in its fee schedule: ask. Normally only new homes up to B/.120,000 for Panamanians or permanent residents (see below).

Maximum term

Up to 30 years.

Age

Minimum age 21; maximum: ask the bank.

Maximum loan-to-value

Ask the bank (not published)

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

Notary and legal services B/.373.04; closing fee B/.300 (new non-preferential home), 0.30 % (resale) or 0.50 % (second or vacation home); handling B/.8 a month; early payoff 5 % down to 1 % in the first 5 years; Registry fees per tariff. + 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).

* Our assumption: the bank does not publish the down-payment percentage.

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: Banesco – Préstamo hipotecario (27 oct 2026) · Banesco – Cargos y comisiones (Hipotecas) (sin fecha visible; consultado 27 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

BANSPAPAXXX (verified on the official website)

US intermediary bank

• Citibank N.A. · SWIFT CITIUS33XXX · ABA 021000089
• Standard Chartered N.A. · SWIFT SCBLUS33XXX · ABA 026002561
• Banesco USA (Coral Gables) · SWIFT BBUBUS33XXX · ABA 067015779
• JPMorgan Chase Bank, N.A. · SWIFT CHASUS33XXX · ABA 021000021
• Deutsche Bank Trust Company Americas · SWIFT BKTRUS33XXX · ABA 021001033

What to give the sender

Intermediary bank (receiving at Banesco Panama always requires one), beneficiary bank Banesco (Panamá), S.A. (SWIFT BANSPAPAXXX), its address, your valid 12-digit account number and your name.Bank address: Ave. Aquilino De La Guardia y Calle 47, Torre Banesco, Panamá.

Fee to receive

Local US-dollar accounts: B/. 20.00 per incoming transfer (international accounts: B/. 15.00), plus 7 % ITBMS tax and a $23.00 to $35.00 correspondent cost depending on the amount.

Sending money abroad

How

Digital or mobile banking, under the international transfer option (activated beforehand).

Published fee

Digital banking: 0.1 % of the amount, minimum B/. 50.00, maximum B/. 100.00. Without digital banking: 0.15 %, minimum B/. 60.00, maximum B/. 300.00. SWIFT fee: B/. 25.00 (local accounts). Plus 7 % ITBMS tax and a $20.00 to $49.50 correspondent cost depending on the amount.

Limits

Ask the bank (not published on its website)

Timing

Ask the bank (not published on its website)

Documents required

Every request must include the invoice, contract or document proving its purpose; if the transaction is outside your transaction profile, you must explain it to your account officer with supporting documents.

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 offers euro accounts (€10,000 opening deposit) with their own EUR fees and publishes euro intermediary banks. Exchange rate: ask the bank.

Local and international fee schedules published on its website (no update date shown). Fees change: confirm them with the bank before transferring. Intermediary banks and the sending bank may charge separately.

Sources (checked on 27 Oct 2026): Banesco – Transferencias internacionales · Banesco – Tarifario local · Banesco – Tarifario internacional

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