Global Bank: opening an account as a foreigner

Opening an account as a foreigner checked on 27 Oct 2026

Documents required:

• Savings account: ID document, proof of income and a $50 opening deposit
• Foreigners (per its Banca Select requirements): passport, immigration card, bank reference letter and personal reference letters

Is residency required?

Its requirements for foreigners ask for an immigration card; the digital Global TAP account is only for Panamanians or foreigners with a cédula E living in Panama.

Online or at a branch?

Online application form and an officer contacts you within 48 business hours; the Online Account is not available to foreign clients.

Bank reference letter

Yes: bank reference letter (Banca Select).

Minimum opening deposit

$50 (savings account)

Mortgage: what it costs checked on 27 Oct 2026

Down payment (Panamanians and residents)

It finances up to 90 % on houses or apartments from $120,001 to $300,000 (10 % down) and up to 70 % above $300,001 (30 % down). Vacation or second homes: up to 60 %.

Down payment (foreigners)

Its website says those parameters apply to local salaried or retired clients: conditions for foreigners, ask the bank.

Reference rate

Non-preferential from 6.75 % to 9.00 %; other products 7.50–9.50 %.

Preferential rate

Yes, from 1.00 % to 3.25 % per its fee schedule. Normally only new homes up to B/.120,000 for Panamanians or permanent residents (see below).

Maximum term

Up to 30 years.

Age

Ask the bank (not published)

Maximum loan-to-value

90 % ($120,001–300,000); 70 % (over $300,001).

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

It advertises no closing fee and a free appraisal (restrictions apply). Handling $8 to $30 + ITBMS; deed legal fees $200 + ITBMS; loan minute $100 + ITBMS; notary and Public Registry per tariff; early payoff 2 % of balance.

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: Global Bank – Compra de vivienda (27 oct 2026) · Global Bank – Tarifario de productos bancarios (PDF) (act. ago 2026, vigente sep 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

GLBLPAPA (verified on the official website)

US intermediary bank

• Citibank New York · SWIFT CITIUS33 · ABA 021000089
• JPMorgan Chase Bank, N.A. New York · SWIFT CHASUS33XXX · ABA 021000021
• BAC Florida Bank, Miami · SWIFT BFLBUS3MXXX · ABA 067009044

What to give the sender

Correspondent bank with Global Bank Corporation's account there (SWIFT GLBLPAPA) and, "for final credit", your account number and name.

Fee to receive

$37.45 per transfer credited to your account; $10.70 surcharge if it arrives with incomplete details.

Sending money abroad

How

Online banking, US dollars only (by completing the International Transfer Request); other currencies at a branch. You must be a client with a savings or checking account.

Published fee

Under $100,000: 0.15 %, minimum $32.10. Over $100,000: 0.067 %, minimum $160.50, maximum $668.75. SWIFT message: $21.40.

Limits

Minimum amount to send: $250.00. Maximum: ask the bank.

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 correspondents to receive EUR, GBP, CHF, CAD, AUD and JPY. Exchange rate: ask the bank.

2026 bank fees: last updated August 2026, in force from September 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): Global Bank – Transferencias internacionales · Global Bank – Tarifas bancarias 2026 (PDF)

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