Panama: Latin America’s Leading Country for banking

Panama is one of the leading countries in Latin America for banking. There are approximately 100 different banks operating in Panama. These vary between high street banks, private banks, and investment banks. Among the popular banks are Banco General and Global Bank. International banks with a presence in Panama include Scotia Bank and Citibank. There are different types of bank accounts available including savings current and term deposit accounts.

Interest rates will vary from bank to bank and most cover higher rates, depending on deposit balances. Banks in Panama offer high quality, efficient service, and all have modern facilities now. Panama takes its banking secrecy laws seriously. Therefore, you are pretty much assured of the security and safety of your funds.

Panamanian bank, make sure that the bank is reputable. You can always do your research online or better yet, you can ask the locals as to which bank they prefer. When applying for a bank account, the bank representative may ask you for reasons on why you are interested in having a personal bank account. In many cases, since Panama is already considered a haven for foreign retirees, people usually state this as their main reason – relocation. Banks are open Monday to Friday from 8:30 am to 4:00 pm.