Banistmo: opening an account as a foreigner

Opening an account as a foreigner checked on 27 Oct 2026

Documents required:

• Requirements for foreigners at a branch: ask the bank (not published on its website).

Is residency required?

Ask the bank (not published on its website)

Online or at a branch?

The digital Cuenta Express can only be opened with a Panamanian ID; if you are not yet a client, the Intercuenta is requested at a branch.

Bank reference letter

Ask the bank (not published on its website)

Mortgage: what it costs checked on 27 Oct 2026

Down payment (Panamanians and residents)

Its calculator asks for a minimum down payment of 5 % on a new main home and 30 % on second homes or investment properties.

Down payment (foreigners)

Non-residents: it only publishes mortgages for second homes or investment (from 8.25 % + FECI) and vacation homes (from 8.50 % + FECI); for that type of home its calculator asks for 30 % down. Closing fee for non-residents: 0.25 % + ITBMS. Resident foreigners: requirements not published (ask).

Reference rate

Residents: non-preferential from 7 % (the fee schedule notes "+ FECI"); second and vacation homes from 8 % + FECI. Non-residents: from 8.25 % + FECI.

Preferential rate

Yes, from 1.47 % per its fee schedule (in force since May 2026). Normally only new homes up to B/.120,000 for Panamanians or permanent residents (see below).

Maximum term

From 5 to 35 years according to its calculator.

Age

Ask the bank (not published)

Maximum loan-to-value

95 % on a new main home; 70 % on second homes/investment (per its calculator's down payments).

Debt-to-income

Ask the bank (not published)

Required insurance

Group life and fire insurance included in the monthly payment (or assigned policies).

This bank's fees

Handling fee USD 8 + ITBMS; legal costs depend on the transaction, cadastral value, notary and lawyers; preferential-law certificate USD 40; extra payments or early payoff within 5 years: 2 %.

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: Banistmo – Tarifas de préstamos hipotecarios (PDF) (vigente desde mayo 2026) · Banistmo – Calculadora de hipotecas (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

MIDLPAPA (verified on the official website)

US intermediary bank

• JPMorgan Chase Bank N.A. · SWIFT CHASUS33 · ABA 021000021
• Citibank N.A. · SWIFT CITIUS33 · ABA 021000089
• Bank of America · SWIFT BOFAUS3M · ABA 026009593
• The Bank of New York Mellon · SWIFT IRVTUS3N · ABA 021000018
• Deutsche Bank Trust Company Americas · SWIFT BKTRUS33 · ABA 021001033

What to give the sender

Intermediary bank (field 56) with Banistmo's account there, beneficiary bank Banistmo S.A. (SWIFT MIDLPAPA), your full name and your 10-digit account number, including the leading 0.Bank address: Torre Banistmo, Calle 50, Panamá.

Fee to receive

USD 37.50 per incoming transfer, plus 7 % ITBMS tax.

Sending money abroad

How

Online banking (Personas), Banistmo App or a branch.

Published fee

Online banking or app: USD 50.00 each. Branch: 0.14 % of the amount, minimum USD 75.00, maximum USD 500.00. Correspondent service charge: USD 20.00. Plus 7 % ITBMS tax.

Limits

Ask the bank (not published on its website)

Timing

Ask the bank (not published on its website)

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.

It publishes instructions to receive USD, EUR, GBP, CAD, CHF, JPY and GTQ. Exchange rate or conversion charge: ask the bank.

Deposit account fee schedule (international transfers in force since 1 Jul 2023, updated Dec 2023); transfer instructions from June 2025. Fees change: confirm them with the bank before transferring. Intermediary banks and the sending bank may charge separately.

Sources (checked on 27 Oct 2026): Banistmo – Instrucciones para transferencias internacionales (PDF) · Banistmo – Tarifas de cuentas de depósitos (PDF) · Banistmo – Transferencia internacional

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