🏦 Expats
Opening an account is one of the first things you need to rent, pay utilities or buy a home. Here is what each bank publishes on its official website about foreigners: documents, whether residency is required, online banking and mortgages, plus its branches in our guide's areas.
Panama's largest private bank, with the widest branch and ATM network in the country.
Residency: Residency is not required: with a passport you must show a tie to Panama.
Mortgage: Does not finance 100 %: a down payment is required depending on price and use of the home (exact percentage: ask the bank). Foreigners: passport, valid immigration card and two bank reference letters from their home country.
16 branches or ATMs in our areas
Grupo Bancolombia's bank in Panama (formerly HSBC Panama), with branches in the main shopping centers.
Residency: Ask the bank (not published on its website)
Mortgage: Non-residents: rate from 8.25 % + FECI (second home or investment) and 8.50 % + FECI (vacation home), 0.25 % closing fee. Its calculator asks for a minimum 30 % down payment on investment or second homes (5 % on a new main home).
6 branches or ATMs in our areas
Central American regional bank. In 2026 it absorbed Multibank: Multibank's branches and online banking moved to BAC.
Residency: Yes: a valid immigration card or work permit is required.
Mortgage: Percentage: ask the bank. Foreigners must add a valid passport, immigration card and work permit.
5 branches or ATMs in our areas
Panamanian private bank headquartered in Santa María Business District, with branches in the main residential areas.
Residency: 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.
Mortgage: Ask the bank (not published on its website)
7 branches or ATMs in our areas
Panamanian state bank, with a specific mortgage for non-resident foreigners and an English-language service for overseas clients.
Residency: The regular account does not require residency, but it does require a lease in your name. For non-residents with foreign income it offers International Banking (Caja Patrimonial).
Mortgage: Mortgage for non-resident foreigners: up to 70 %; you must open a savings account with 5 % of the property value. Not available for second homes.
8 branches or ATMs in our areas
The country's oldest state bank (1904), present in every province.
Residency: Its fee schedule covers accounts for foreign residents or work-permit holders; foreigners with a cédula E open as nationals.
Mortgage: Ask the bank (not published on its website)
4 branches or ATMs in our areas
Bank with an international savings account designed for non-resident foreigners, which you can apply for online.
Residency: Not for the international account, which is for non-resident foreigners.
Mortgage: Ask the bank (not published on its website)
2 branches or ATMs in our areas
Grupo Promerica bank, headquartered on Calle 50, with a branch in Altos de Panamá.
Residency: 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.
Mortgage: Ask the bank (not published on its website)
2 branches or ATMs in our areas
Panamanian private bank with an English website and branches in Costa del Este and Albrook Mall.
Residency: For the local account, yes (immigration document); the International Online Account is for non-residents of the listed countries.
Mortgage: Ask the bank (not published on its website)
3 branches or ATMs in our areas
Panamanian subsidiary of Colombia's Davivienda, in Panama since 1966.
Residency: Not listed as a requirement: the immigration card is one of the second-ID options.
Mortgage: Percentage: ask the bank (depends on property value and the client's activity). Foreigners: passport and proof of income; 1 year of job stability.
1 branch or ATM in our areas
Data taken from each bank's official website (checked on 27 Oct 2026). Where a fact is not published, we say "ask the bank". In 2026 Multibank was merged into BAC.
Down payment, lowest published rate and maximum term to buy a home without the preferential rate. Down payments for foreigners are often different: this is what each bank publishes. "Ask" = the bank does not publish it.
| Bank | Down payment Panamanians/residents | Down payment foreigners | Rate from | Max term |
|---|---|---|---|---|
| Banco General | Ask the bank | Ask (+1 % FECI without permanent residency) | Ask the bank | 30 years |
| Banistmo | 5 % (new main home) | 30 % non-residents (second home/investment) | 7 % (residents) · 8.25 % + FECI (non-residents) | 35 years |
| BAC (BAC Credomatic) | 10–20 % | 10–20 % with immigration card and work permit; non-residents: ask | 6.50 % | 30 years |
| Global Bank | 10 % ($120k–300k) · 30 % (> $300k) | Ask the bank | 6.75 % | 30 years |
| Caja de Ahorros | 5 % (3 % with preferential law) | 30 % non-residents (+ account with 5 %) | 7.25 % | 30 years (20 non-residents) |
| Banco Nacional de Panamá | 5 % new · 10 % resale | Ask the bank | 7.00 % | 30 years |
| Banesco Panamá | Ask the bank | Residents: ask · non-residents: not published | 7.75 % | 30 years |
| St. Georges Bank | 10 % | Ask the bank | 7.00 % | 25 years |
| Credicorp Bank | Ask the bank | Ask the bank | 6.75 % | 30 years |
| Davivienda Panamá | Ask the bank | Ask the bank | Ask the bank | 30 years |
Banks in guide order, with no recommendation of one over another. Data from each bank's official website or fee schedule (source and date on each bank's page). Rates are nominal "from" rates: the bank decides based on your profile. They exclude insurance, fees and FECI unless stated.
Based on what each bank publishes (27 Oct 2026): Caja de Ahorros and Banco Nacional finance up to 95 % of a new home without the preferential rate (5 % down); Banistmo asks for 5 % on a new main home; Global Bank, St. Georges Bank and BAC ask from 10 % (BAC up to 20 % depending on price; Global Bank 30 % above $300,000). Banco General, Banesco, Credicorp and Davivienda do not publish the percentage.
Two of the 10 banks publish it: Caja de Ahorros has a mortgage for non-resident foreigners (up to 70 %, 20 years, savings account with 5 % of the value) and Banistmo publishes non-resident rates for second homes or investment (from 8.25 % + FECI, 30 % down in its calculator). The others ask for an immigration card or do not publish conditions: check with each bank.
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.
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. 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.
Work out the payment for a specific home: every listing for sale has a calculator →
Sources: 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)
ACH is Panama's local network (Telered): it moves money between accounts at Panamanian banks from online or mobile banking. ACH Directo processes transfers between member banks and ACH Xpress credits them instantly, 24/7, up to $5,000.00 per transaction according to Telered (each bank may set a lower limit). To send or receive money from another country you use an international transfer (wire) over the SWIFT network: it needs the bank's SWIFT code, sometimes a US intermediary bank with its ABA number, and each bank charges a fee published in its fee schedule.
For receiving, yes: Wise says US dollars (USD) can be sent from abroad to local bank accounts in Panama, and the recipient does not need a Wise account. To hold a balance in a Wise account you must live in a country on its list, and Panama is not on it (checked on 27 Oct 2026). Check the terms on wise.com before using it.
Accounts in Panama are in US dollars, so the currency gets converted, either by the sending bank or by your bank in Panama, at its own exchange rate and sometimes with a fee. For example, Banco General publishes a foreign-currency conversion charge of up to 3 %. Ask your bank before receiving another currency.
| Bank | SWIFT/BIC | Fees and details to receive |
|---|---|---|
| Banco General | BAGEPAPA | See international transfers |
| Banistmo | MIDLPAPA | See international transfers |
| BAC (BAC Credomatic) | BCINPAPAXXX | See international transfers |
| Global Bank | GLBLPAPA | See international transfers |
| Caja de Ahorros | CAHRPAPA | See international transfers |
| Banco Nacional de Panamá | NAPAPAPA | See international transfers |
| Banesco Panamá | BANSPAPAXXX | See international transfers |
| St. Georges Bank | STGBPAPA | See international transfers |
| Credicorp Bank | CRLDPAPA | See international transfers |
| Davivienda Panamá | CAFEPAPA | See international transfers |
Banks listed in guide order, with no recommendation of one over another. SWIFT codes verified on each bank's official website (checked on 27 Oct 2026).
Sources: Telered – ACH Directo (preguntas frecuentes) · Telered – ACH Xpress · Wise – Enviar dinero a Panamá · Wise – Dónde hay que vivir para tener saldo en Wise · Banco General – Tasas, comisiones y recargos (cargo por conversión)
Asked for an immigration card or cédula E? Residency guide for foreigners · ID card and cédula E · Residency options on Trámites Visa Panamá →