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When you retire in Panama, you’ll need to decide how to get access to your money that is in the bank in the country you moved from. The best way is to set up a Panama bank account then wire money from your bank account to your Panama bank account. This Livestream has more details about how to get access to cash when you move to Panama or when you are just on vacation in Panama.
Wires sent before noon usually arrive the same day. Wires sent after noon usually arrive in your Panama bank account within 24 hours. You can do most wire transfers using online banking. International wires usually cost about $50
You can use affordable services like Wise or OFX to wire money into your Panama bank account. Their fees are about 50% less than doing an international wire transfer from our bank.
Many ex-pats have their Social Security checks or pensions automatically direct deposited into their Panama bank account. The money shows up like clockwork.
UPDATE: Veterans can get their military payments direct deposited into their Panama bank account. Set up an appointment with the Federal benefits unit with the US Embassy in Panama City to process the paperwork. It will take 1-2 months.
Rest assured that you can wire money from banks or credit unions from other countries, into banks in Panama. And you can wire money from banks in Panama to banks in other countries. You can also get access to cash at ATM machines which are throughout Panama.
SAVE MONEY! Do This Instead…
If you have a United States bank account, you can deposit a check from a US bank or credit union directly into your bank in Panama. Most Panama banks have a check limit of $3,000 per month and it will take 5-7 business days to clear. There is “no fee” if you deposit a check into your account.  If you have two Panama bank accounts, that means that can deposit $3,000 in each bank, or $6,000 a month! Once you establish a good relationship with the bank, they will allow you to deposit checks for even more.
Just visiting?
If you’re just visiting Panama and need access to cash, you can get cash from ATM machines using your debit card. There is a $250 USD limit per transaction and it will cost $6.50 per transaction.
Great info! Thanks!
Glad you enjoy the information at PanamaRelocationTours.com
I’ve sold some real estate in Panama. I use Banistmo Bank. How much can I wire to myself in the US at one time?
Thanks
there is no limit on how much $ you can wire out of Panama or into Panama
Can you please tell me which banks in Panama are good in case of international wire transfers? I am looking for a bank with low transfer fees and unable to get one.
All banks in Panama charge the same transfer fees — which are NOT low.
Hi Jackie,
Thanks for the great article. I have a Banesco account and I found Wise could not wire from my US account to it. Wise said the bank was blocked by the intermediary bank. That was about 1 year ago when it was transferwise. Any experience with that?
I know others who have a Banesco account and they have been able to use Wise. Maybe things changed since you tried it
It seems to matter the size of the transfer. Recently I had a problem with a transfer from the U.S. to Panama for the purpose of buying land. The amount was over $100k. One official said that under about $100k, no problem but over yes. We eventually got the transfer through but it took 2 weeks. The bank was banco general
I’ve never had a problem wire transferring money to Panama. It usually arrives within 24 hours. I’m sure it depends on which bank you are with and if you have a residency Visa or not.
I also bank with Banco General. They are strict but if you have all your proof then it’s just a matter of proving things to them. It can be a pain because it’s so much easier in the states but that just makes me feel more secure having my money there. I’ve wired money plenty of times and it’s been available immediately the next morning but the one time I wired over $100K to purchase a condo they held the money and requested information on where it came from. I quickly supplied the info required and the money was quickly available. No big deal just a little paperwork. Also, I wanted to save money on wire transfers also and took Jackie’s advice and just deposited a check but there was a fee of $21 and it took 3 weeks to clear. Banco General clearly told me that before I even deposited it. It was still cheaper than a wire but there was still a cost. But overall I have no complaints about banking in Panamá it’s safe and secure and the interest is even better there. I’m alewife convinced and have made Panama my second home. 🇵🇦
Banco General does not have online banking in English and Spanish. It is only Spanish. They do not charge a fee for check deposits at the branch in Boquete.
Does the IRS need you to file taxes
After you have10000 dollars in a Panamanian bank?
Is it true that anything under 10000 is not taxed by the
American government?
See this livestream about the tax reporting and bank reporting requirements for US citizens — https://www.youtube.com/watch?v=3j0aQ4P6g5g&t=18s
Thanks for all the very useful info Jackie. I’m looking forward to Panama so much. Banistmo has been recommended to me in Volcan as the easiest to open an account but I can’t get any English on their website. Am I missing something or lacking fluency should I chose a different bank?
HI Trish
To get English on the Banistmo website, first click on Sucursal Virtual at the top. On the next screen/page, you will see a little ENGLISH link at the top right. Click that to convert the page to English. Unfortunately, the English option is not on their home page.
Can you simply set up automatic deposit of a pension or social security check into a Panama bank? Are you charged a fee for that?
Yes, you can set up automatic deposits of your Social Security and Pension checks. Most banks do not charge for this service and there is no limit to the amount deposited monthly if you do this.
I just started a new job and plan to go on the June 15, 2019 tour. Can you open up a bank now before arriving in Panama? If yes, can you recommend one or two banks?
HI Terrence
I look forward to meeting you during the June tour. You cannot open a bank account without being IN Panama. It normally takes 3-5 days to open a bank account in Panama but with our connections, you will be able to get your account opened during the tour in about 1 hour. See you in June! Jackie
Banistmo charges 35.00 to receive your direct deposit and charges 15.00 to take a check. Does anyone know a bank here that doesn’t charge to receive direct deposit?
All banks in Panama charge a fee for wires and check deposits. Some are more or less than others.
is there any limitations in depositing money in panama and doesnt covered by anti money laundering
There are no limits to wiring money or depositing money in to a Panama bank but they may ask where the money came from.
Do you have to pay a tax to wire funds out of Panama? I was told that you will get tax around 7% so if I want to transfer $10,000 from Panama to the US there will be a $700 tax withheld in addition to bank fees. Is this correct? Thanks in advance.
HI Alicia, there is NO TAX on the money you wire out of Panama. There is a wire fee which is about $50-$60.
Hi Jackie. I have seen the 7% tax on all pages that I looked at regarding this topic (including Banco General). Even western union mentions the 7% tax: https://www.westernunion.com/pa/en/send-money.html
Could you specify where you found an option to send money to the US with just a $50-60 fee?.
I wire money from a US bank to a Panama bank every month. There is a flat fee of $50.
I don’t use Western Union.
Hi Jackie – the issue is sending money out of Panama (not into). I haven’t found a way to do that without the 7% tax.
There is NO 7% tax if you wire money from a Panama bank to a bank outside of Panama.
Trying to make a transfer my self to that bank. How did you do it?
Most banks in Panama publishes their international wiring instructions online. Either take those instructions in to the bank in your country to get them to do the international wire or use the instructions to do an online international wire transfer. If you are IN Panama, you can deposit a check from a US bank in to your account in Panama.
Can a personal check of $1500 on a USA account be used to open a new a Panama checking account? Or is cas preferred to open the account. I’m hoping to open my bank account around my tour time of May 22-29. Should I use a lawyer for assistance, or do you offer guidance on opening bank accounts?
I just saw above that with your help, opening a bank account takes about an hour! That’s great. Would I need cash, or is a US personal check acceptable?
You need cash.
Hi Jackie, Happy Valentine Day to you and all there!! My husband Bill & I, we’re waiting list on Sep & Oct. of this year tour.. Hope one of these will come up for us, if not.. we’ll book for next year! whenever we take a tour, we’ll make sure that, will have check ready, for opening our bank account. We hope that, we’ll fine the place around Boquete area to retire. Thank you for all your advice and help! o(^-^)o ..Blessing to you all! Fondly,♥ InJa
HI InJa, we’ll be be adding more tours soon.
FYI : I usually wire funds around the world using XE.com. They take 5 business days to transfer funds, on average, but there is no transfer fee. They are reliable, located in Canada, transfer from and to anywhere, and charge NO TRANSFER FEES. I highly recommend them and I’ve never had a problem. Their currency conversion rates, if applicable, are fair.
I don’t believe you can wire money in to Panama using XE
I use remitly to send $ to my fiance in Panama. i have used for several months successfully. it is much cheaper than wire transfer or western union. She can go to Lafisa bank or other option and pick up the $.
Hi, great site! Do you know if they will accept checks written on a Canadian bank, or would a cashiers check in US funds be better?
They only accept checks from US banks to deposit into your Panama bank account. . Panama banks do not accept cashier’s checks.
Thanks for all your work to help people “work the system” in Panama. I wonder if I can write a check to a counter party in Panama which she could deposit in her Banco General account?
Yes, you can write a US check to a third part for them to deposit in to their Panama bank account.
Wife and I are Panama Pensionados, own and rent property their. Your site does not address sending USD to US other than the ABA SWIFT system of wire transfer normally used for larger amounts of money. What about the difficulty of sending under $10,000 to US, like $1,000-$2,000 for example Since Bank Regulations became stricter, wire transfer charges by sending bank, NYC Intermediary and Receiving Bank costs are high. Please address other forms of Usd transfer to get lesser $ out of Panama, ie., ACH, alternate $ Transfer Services, Debit to Debit Card transfers, and Debit to Bank Account transfers. We have found many alternatives to send USD to Panama…large or small amounts. ACH, Transfer services
are not yet US serving! Internet Money Transfer like P2P has questionable Security. Please describe more efficient money transfer for under $5,000. Paypal/Xoom, Venmo, etc. not an option at this time.
In future Transferwise will finally serve Panama but when is the question. Friends and Family transfer options also do not work for Panama. Please let us know current methods of transfering smaller Usd transers to the USA. Thanks Much James
HI James. You can wire money from Panama to a US bank with no problems
Hi Jackie, I just read your article about wire transfers to Panama I have a lot of concerns. My wife is Panamanian and also a US citizen if I retire I will have more than $6,000 coming into my account how does that work with Social Security, pensions and everything else my wife what’s the go, I’m still uneasy about the procedures I am retired military.
i wire money to my panama banks every month. never had a problem in 11 years! you an also deposit a US check into your acount, up to 3k a month per account
Hi Jackie! I’m in the process of looking for a financial institution to open a business account in Panama City. I already have a business entity there and now need to finalize having banking set up. I’ve reached out to a few banks via their online form and only received a call back from Banistmo – their fees seemed a little high and I have my attorney in Panama recommending Banco General. Do you recommend a particular bank that is best to open a business account with? Also looking for a bank that is a bit easier with the criteria to open an account – I was told I’d need to be there in person to open, but want to make sure I have all necessary docs/criteria met before I go.
Lastly, I saw in your post that sending money via Wise(Transferwise) is available. I do regularly use Wise, but couldn’t easily find online that they have a presence in Panama. If you can confirm I’d appreciate that because I believe the fees would be better than processing wires from my US bank directly to my Panama bank.
Thanks for your guidance in advance!
Banistmo.com is best for personal and business accounts. They have online banking in English and Spanish too
Thanks for your feedback Jackie.
On wire transfers, are you having any issues using Wise/Transferwise to get monies transferred from US to Panama?
I do not use Wise but I know many others who do with no problems
Hi All,
Thanks for all the info.
Wise says that they are in Panama now for personal banking — just not with business banking.
Ok, well, I’m a resident now in Panama with a Banco General (international use) account that isn’t working with Wise for me.
I’ve spoken with both the bank and Wise multiple times and they both say that there is no problem on their respective ends regarding my accounts.
However, I’ve not been able to deposit the initial $ into Wise.
Even with the bank pre-authorizing the payment.
It’s frustrating.
Any helpful advice would be very appreciated.
Thanks,
Jim
I do not use Wise but I know many others who do successfully. Make sure the currency is US dollars.
Hi Jim, i have the exact problem with Bac Credomatic. Both (the bank and wise) authorize the transaction, however, the transaction is always cancelled. I use debit card to try to deposit money in my wise ballance.
I thought that you could not have more than $10,000 in Panama bank at one time. Am I wrong?
That is not correct, you can have an unlimited amount of money in your Panama bank account. But if you are a US citizen and get to $10,000, you must report it to the IRS and treasure department.
Thank you for all you do Jackie!
For those of us that are opening a bank account (have to fly down) what is the best way to move a large sum of money so we qualify for the 200k residency program?
I am torn–I go there open an account and then do I have to go back home to move the money? Surely there is a better way
you can wire the money into your Panama bank account. Be sure to visit with your current bank to find out what you need to do for an international wire. You should be able to do the international wire with online banking.
Hi Jackie, thanks for the info!
Question, when making a transfer via swift (using my Banco General account) we can use the currency on the transfer in USD since it is used here, correct?
Yes, Panama uses the US dollar.
Hello everyone, I lived in Panama for 1 year and I have been told that all the bank in Panama have intermediary bank and that Wise doesn’t work with intermediary bank. I have a Banesco and a Banco General account. Can you tell me which swift you are using for one of the 2 banks? The only way I can acces my money is at the banking machine which I can only withdraw 250$ at the time and 10.50$ each/250$ fees.
Thanks for your help.
Martin
if you search the name of the bank, then put international wire next to that, it will come up with international wire instructions including the SWIFT code. Here’s an example https://www.banistmo.com/wps/wcm/connect/www.banistmo.com11237/eaea7795-58e2-426d-adde-9b6cd6d72a7c/BI_Tarifario_TransfInt-Completar.pdf?MOD=AJPERES&CVID=nOoLoA.
Will be buying a new car in panama, as am resident permanent con
cedula E. Can I transfer the money needed from my bank account
in the states to pay for the car here in panama?
Yes, you can transfer $ to Panama to pay for your car. If you have a bank account in Panama, you can transfer there. Or you can transfer directly to the seller’s account.
Love the livestreams and Facebook page. And love Panama. But… Banistmo has been a rough experience. And their customer service is simply automated responses. I just had one of your recommended attorneys help me set up my bank account last month. It went smoothly. Until… I got back to the States and tried to get additional funding into my Banistmo from my Wells Fargo. Per Wells, Banistmo’s PDF on Intermediary Bank options for wire transfers was missing a go-between account number. Without it, no dice! So… I’m trying to get info on a Cashier’s Check into Banistmo. But again, no meaningful responses. And my ATM card still has no PIN. Again, no help when calling and emailing. Literally got hung up on by the computer/phone tree and nothing but automated email responses.
I signed up at a major branch in Panama City, Panama. The banker, who signed me up, was very excited that I was going to fund my account with significantly more money in the very near future. But unfortunately, he has gone radio silent on my emails, on my asking for further instructions, as well as the aforementioned intermediary go between bank account numbers.
Just thought you’d want to be aware of this.
The international wire instructions on the Banistmo website clearly show the intermediary. https://www.banistmo.com/wps/wcm/connect/www.banistmo.com11237/eaea7795-58e2-426d-adde-9b6cd6d72a7c/BI_Tarifario_TransfInt-Completar.pdf?MOD=AJPERES&CVID=nOoLoA.
The number at the bottom of the Banistmo.com website has an option to speak to someone in English. They can fix your account so you can get access to your account and your debit card again.
can i live on 3,000 a month in the city
Reinaldo, yes, you can live on $3000 a month in Panama City.
Hi Jackie:
I am selling my house in Florida, my question is can I transfer more than 250.000.00
to the Bank in Panama whiteout paying any amount to IRS?
Hello Herminia. The IRS does not charge a fee to wire money from the US to Panama. There is no limit on how much you can wire to Panama. You will need to report your Panama bank account to the IRS and if the account ever goes over $10,000, you will need to report that to the IRS and the Treasury Department BUT THERE IS NO TAX.
Hi Jackie,
I just wanted to clarify, does Bantismo bank in Panama charge you each time a direct deposit from your US Pension, Social Security, or 401K is made? If so, wouldn’t it be more cost effective to have the direct deposits made into your US Bank account and then write a check from that account to be deposited in your Bantisimo account?
Frederick, yes it is more cost effective to just deposit a US check into your Banistmo account. It will take 2-3 weeks to clear but if you plan in advance, that’s not a problem
Hi Jackie: We are scheduled for your tour 12/15-22/2023. We are attempting to secure as much information prior to the tour. We would like your imput regarding the best medical plan because my wife has type 2 diabetes, and that is a major concern to us. We read many of your replies to all sorts of questions that are asked regarding living in Panama from renting to banking. All are indeed most helpful.
Have a wonderful day. Ed Dyer
Hello Ed. None of the Panama insurance companies will write a new policy if you are diabetic. see this — https://panamarelocationtours.com/panama-healthcare-options-if-you-cannot-get-health-insurance
Hi Jackie:
In one of your threads, you mention that it is costly to transfer money from a local bank in Panama into a USA bank account.
Any idea about the bank fees? We bank with Global and will wire the money into
our account with Citibank, USA
Thanks, Jackie
I don’t know what the fees are at Citibank. Some banks charge $45 for an international wire transfer