# Open Bank Account

> Opening a bank account in Panama requires physical presence, bank references, proof of income, and minimum deposit of $1,000-10,000. Process stricter since 2018 but possible with proper documentation.

[Canonical page](https://investpanama.biz/en/guides/open-bank-account)

Panama is the largest international banking center in Latin America, with over 80 banks operating in the country. The dollarized economy eliminates currency risk, and the banking system represents over 10% of GDP. Since 2018, compliance requirements are stricter, but with proper documentation, both residents and non-residents can open accounts.

## Steps

1. **Choose Account Type** — Personal vs. corporate. Checking vs. savings. Local vs. offshore (international license).
2. **Gather Documents** — Passport, bank references (2), proof of income/employment, proof of address, source of funds declaration.
3. **In-Person Visit** — Most banks require physical presence to open account. Some allow remote opening with apostilled documents.
4. **Initial Deposit** — Typically $1,000-$10,000 depending on bank. Some premium banks require $25,000+.
5. **Activation** — Approval process takes 1-4 weeks. You'll receive debit card and online banking access.

## Resources

- [GlobalBanks - Panama Guide](https://globalbanks.com/panama/)
- [Living in Panama - Banks](https://livinginpanama.com/living-in-panama/open-bank-account-panama/)

_Banking requirements change frequently. Contact your chosen bank directly for updated information._