We can help you open a bank account during your Panama Relocation Tour. There are only a few banks who will open an account for a foreigner who does not have a residency Visa. Most of those banks take 4-5 days to open an account after a two hour interview. Panama has a rule that all banks need to know who their customers are.
Luckily, we have worked out an arrangement with Multibank.com.pa in Boquete to open an account for our tour clients in about an hour if you provide all the documents they need at least 2 weeks before the tour.
Multibank.com.pa has online banking in English and Spanish. They offer checking and savings account as well as CD. As of May 2016, they are paying 1.5% on a regular savings account. This is probably much more than you can earn on your savings accounts. There is no fee for a savings account. When you open your account, you will be given a debit card, wiring instructions, and access to online banking.
There is a $250 a year fee for foreigners to have a checking account, for that reason I would not advise getting a checking account.
This is what you will need to open a bank account at Multibank.
(1) A bank reference letter from a bank that you have had a relationship with for at least 3 years. The letter must be signed by a real person and have a phone number that Multibank can call to verify the letter. A credit union is acceptable too. If you have not had a banking relationship for 3 years, then you will need to provide TWO bank reference letters.
(2) Copy of your passport and driver’s license
(3) THIS QUESTIONNAIRE must be filled out. Even if you want to open a join account, each person will need to fill out the Questionnaire. CLICK HERE TO DOWNLOAD THE QUESTIONNAIRE
(4) When you go to the bank, they will also want a copy of the first page of your last two year’s tax returns. You should not email these documents in advance.
(5) $1500 cash to open the account.
Items 1 – 3 needs to be emailed to Maury Miranda at Multibank. Her email is firstname.lastname@example.org ( remember to add the PA at the end)
IMPORTANT: During the tour, you will have Tuesday afternoon off to explore Boquete. If you plan to open a bank account, you will need to go to Multibank during this time. If you plan to stay in Boquete through Saturday afternoon, you can open your bank account on Thursday morning after the farewell breakfast.