St. Georges Bank: opening an account as a foreigner

Opening an account as a foreigner checked on 27 Oct 2026

Documents required:

• Passport and immigration card
• Proof of source of funds
• Utility bill (water, electricity or phone)
• Bank reference letter, or a personal one if you have no APC credit history

Is residency required?

Yes: an immigration card is required. The app's Cuenta Inicia is only for Panamanians or residents with a cédula E who are in Panama.

Online or at a branch?

At a branch (opening forms); it also has an online contact form.

Bank reference letter

Yes, bank or personal.

Minimum opening deposit

$50 (personal savings account)

Mortgage: what it costs checked on 27 Oct 2026

Down payment (Panamanians and residents)

It finances up to 90 % of the property value (10 % down).

Down payment (foreigners)

Its rate table says the rates are for citizens and/or residents of Panama; conditions for non-resident foreigners: ask the bank.

Reference rate

Mortgages from 7.00 %.

Preferential rate

Ask the bank Normally only new homes up to B/.120,000 for Panamanians or permanent residents (see below).

Maximum term

Up to 25 years.

Age

Retirees: maximum age to apply 65.

Maximum loan-to-value

Up to 90 %.

Debt-to-income

Ask the bank. Minimum salary or income $1,500; 2 years of job stability (3 years of activity if self-employed).

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

An updated appraisal is required; fees and closing costs: ask the bank.

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: St. Georges Bank – Préstamos hipotecarios (27 oct 2026) · St. Georges Bank – Tasas de interés v31 (PDF) (rev. 12 ago 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

STGBPAPA (verified on the official website)

US intermediary bank

• Bank of America · SWIFT BOFAUS3MXXX
• Standard Chartered · SWIFT SCBLUS33XXX
• JPMorgan Chase · SWIFT CHASUS33XXX
• Terrabank, N.A. · SWIFT TBNAUS33

What to give the sender

Correspondent bank (BIC) with St. Georges Bank's account there, beneficiary bank St. Georges Bank (SWIFT STGBPAPA), your name and your account number. The correspondents' ABA numbers are not published: ask the bank.

Fee to receive

$33.00 per incoming transfer; an extra $20.00 if it comes from a high-risk country.

Sending money abroad

How

Online banking or the branch network (manual only in authorised cases).

Published fee

Online banking: $29.00 up to $9,999.99; $30.00 from $10,000 to $24,999.99; $45.00 from $25,000 to $99,999.99. Manual (authorised cases): $44.00 / $50.00 / $60.00. From $100,000: 0.0625 %, minimum $100.00, maximum $500.00. Plus a $16.00 SWIFT cost. 7 % ITBMS tax per the fee schedule.

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.

Sends and receives payments in any currency via SWIFT, according to its website. Exchange rate: ask the bank.

Banking products fee schedule version 50, rev. 26 Aug 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): St. Georges Bank – Bancos corresponsales · St. Georges Bank – Transferencias internacionales · St. Georges Bank – Tarifario de productos bancarios v50 (PDF)

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