Credicorp Bank: opening an account as a foreigner

Opening an account as a foreigner checked on 27 Oct 2026

Documents required:

• Foreign resident: passport, immigration card, work permit or residence card
• International Online Account (non-residents of 16 Latin American countries): valid passport, through the Swapllet app

Is residency required?

For the local account, yes (immigration document); the International Online Account is for non-residents of the listed countries.

Online or at a branch?

Online application for individuals (you upload the signed forms) or at a branch.

Bank reference letter

Ask the bank (not published on its website)

Minimum opening deposit

$100 in Panama City (regular savings account)

Mortgage: what it costs checked on 27 Oct 2026

Down payment (Panamanians and residents)

Financing percentage not published: ask the bank.

Down payment (foreigners)

Its online application accepts a passport, but it does not publish conditions for foreigners: ask the bank.

Reference rate

Purchase at market rate from 6.75 % to 8.75 %; country home from 7.25 % + FECI; investment 7.50–9.50 % + FECI.

Preferential rate

Yes, from 2.50 % to 5.00 %, up to 30 years. Normally only new homes up to B/.120,000 for Panamanians or permanent residents (see below).

Maximum term

Up to 30 years (country home 25; investment 15).

Age

Ask the bank (not published)

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

Processing $125–200 + ITBMS; legal services $75–200 + ITBMS; handling $16.50–23.40 a month + ITBMS; appraisal per the appraiser; notary and Registry per tariff; 1 % closing fee only on country homes, construction and investment.

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: Credicorp Bank – Tarifario de préstamos (PDF) (act. 28 sep 2026) · Credicorp Bank – Compra tu vivienda (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

CRLDPAPA (verified on the official website)

US intermediary bank

• Citibank, NA – New York · SWIFT CITIUS33 · ABA 021000089
• Bank of America
• JP Morgan
• Wells Fargo

What to give the sender

Full details of the intermediary bank (each has its own instruction sheet on the bank's website), beneficiary bank Credicorp Bank (SWIFT CRLDPAPA), your name and account number.Bank address: Calle 50, Edif. Plaza Credicorp Bank, Panamá.

Fee to receive

$32.10 when received in USD (€32.10 in EUR). Correspondent bank charge: $16.05.

Sending money abroad

How

International transfer form in online banking, or at a branch.

Published fee

Online: up to $25,000, 0.25 % + ITBMS (min. $53.50); $25,000.01 to $100,000, 0.10 % + ITBMS (min. $69.55); over $100,000, 0.07 % + ITBMS (min. $80.25, max. $214.00). Branch: same percentages with minimums of $74.90 / $90.95 / $101.65 and a $267.50 maximum. Other currencies: $80.25.

Limits

Ask the bank (not published on its website)

Timing

Ask the bank (not published on its website)

Documents required

To receive: the bank asks you to confirm the origin of the funds and you must provide supporting documents before it is approved and credited.

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 EUR, JPY and CAD intermediaries; euro transfers have their own fees. Exchange rate: ask the bank.

Other services fee schedule updated on 4 December 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): Credicorp Bank – Transferencias internacionales · Credicorp Bank – Instrucciones USD vía Citibank (PDF) · Credicorp Bank – Tarifario de otros servicios (dic 2025, PDF)

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