A personal bank account abroad is a kind of financial insurance: if something goes wrong in your home country, you can always use a spare account to make payments. This is also a great instrument for asset protection that will help you legally keep your money away from home to avoid possible trouble. What is more, foreign banks are usually interested in attracting non-resident capital and provide attractive conditions to foreigners: competitive interest rates, profitable investment projects, and enhanced confidentiality.
However, you will need to choose the right jurisdiction and a suitable bank to benefit from a foreign account. The problem is that there is no one-size-fits-all solution as the choice depends on your nationality, needs, preferences, required currency, amounts you are going to deal with, and so on. Some customers need a crypto-friendly bank, for example, and this considerably limits the list of available options.
We understand that many customers are highly likely to make a wrong choice and get disappointed with a foreign account. However, we propose a service for choosing a bank account with expert help – and it’s absolutely free! You can follow the above link to book a session and allow professionals to take care of your choice. We will ask you questions to take into account all possible factors and come out with the best solution tailored to your circumstances.
A Personal Account in Panama
The good thing about opening an account in Panama is that you can do so remotely. However, you will need to use the help of our experts as you will not be able to do so on your own: you will need a personal visit in this case.
If you want to open an account in a Panamanian bank, you can make a deposit of 500 US dollars which will later count as the registration fee. However, the minimum amount you will have to deposit to activate the account is as follows:
50,000 US dollars to start operations
100,000 US dollars as a security deposit required to keep the account operational
The bank has a secure banking platform that you will be able to access as soon as your account becomes operational. It will give you an opportunity to transfer your money safely and manage your account from any country and time zone.
Here are the operations you will be able to perform:
Receive regular statements and reports to monitor your transactions
Transfer money to other accounts you may have
Make payments both locally and internationally
Use different banking products and book consultations with bank employees
Make mortgage payments
Pay utility bills
Top up the cards
And much more, of course. If there is something missing from the list, please get in touch with us to find out more details.
If you want to have a multicurrency account, the bank in Panama that we recommend provides an opportunity to have an account in two currencies: US dollars and euros. In this case, the initial deposit will make up 3,000 US dollars.
Panama Bank: Types of Accounts
Like any other bank, the Panamanian bank we are promoting here offers several types of accounts to its customers to make their money work:
Regular account. The interest is accrued at the end of the month, and you can manage the transactions using an online banking platform or a mobile app. It also gives you an opportunity to order a Clave Debit Card to make payments in a more convenient way.
Premium account. This kind of account will give you the right to higher interest rates and thus allow you to increase your capital faster. To set up a premium account, you will need to make a deposit of at least 3,000 US dollars remotely. The interest will accrue if the deposit amount ranges between 3,000 and 20,000 US dollars.
Ahorro Educativo Inteligente account. This is a special bank account that far-sighted parents can open to accumulate funds for their children’s education in the future. The Panama bank gives all customers who open this type of account life insurance as a bonus. You deposit the money at the initial interest rate of 4.5%. However, the good news is that it is reconsidered every half of the year and it can eventually reach 7%.
RYA account. This is an account that will help you put aside some money for your golden years. You can add any amount on a monthly basis to eventually make up quite a considerable amount. The initial interest rate is 4%. However, in the same way as with the previous account, it is reconsidered every quarter and may reach 7%. The bonus in the form of life insurance will also be provided to you!
Fixed-Term Deposits and Plastic Cards
You can open a fixed-term deposit with the Panama bank we recommend. You will have to deposit at least 10,000 US dollars and keep this amount in the bank for no less than 30 days.
If you need a credit card, the bank will issue it for your needs on one condition: you will have 125% of the amount of credit on your account with the bank.
Here are the card types you may order:
Visa Classic. This is a card you can use to pay for different products and services in outlets, and it is issued to customers aged from 21 to 65. You can use it in any country. The outstanding account balance will yield you 1.54% a month. You can apply for a loan for no more than 36 months at a rate of 3%. You can also benefit from a USD 75,000 life insurance against travel accidents. You will have to pay the annual fee of 45 US dollars. If you want the card to be issued remotely, you will have to pay 20 US dollars.
Visa Gold. You will be provided a wider range of services and have more attention on the part of bank employees. The life insurance is provided for a higher amount (150,000 US dollars). The annual membership will cost you 65 US dollars, and remote issuance comes at 30 US dollars.
There are also Visa Cash Back and Visa Platinum cards. If you are interested in more details, please get in touch with us using the above link.
You may be unsure whether Panama is the best financial destination available for you. If that is true, do not hesitate to use our free assistance to get what you need.