How to open an account

Opening an account with a credit union...we can help!

It is easier for foreigners to open a Panama Credit Union account than a regular bank account. Email us today at  

Panama Credit Unions account opening requirements need generally: 

  • Proof of address (utility bill)
  • A valid Passport or Cedula
  • A second picture ID (like a drivers license)
  • Financial references such as a letter from your bank
  • 2 Personal or professional references
  • Proof of the origin of the funds 
  • A minimum deposit
  • Beneficiaries because there is no probate

Faster Processing Opening an account in a typical Panama Credit Union can be accomplished much quicker than in a bank.  Many times the account can be opened in an hour or two.  Once all of the required documents are received, the Panama credit union compliance officer can read them and approve the account the same day.  

Panama Corporations & Foundations

Many Panama credit unions can also open accounts for Panama Private Interest Foundations and a Panama Corporation. The documentation requirements for these entities are normally: 

  • Certificate of incorporation
  • A copy of the articles of incorporation (or charter of the foundation)
  • Photocopy of the directors and officers ID’s
  • Resolution by the board of directors authorizing the account opening and designating the authorized signatory.  

Having worked with Credit Unions all my life, it was great to find a good one here in Panama that accepted expats.  Without a big National debt in Panama and with the Federation being a non-profit group, those interest rates that are guaranteed for 3 years, makes for a great place for my retirement dollars, even if I had to convert from Canadian dollars to do it. Jack.....Toronto, Canada  


Having 4 banks in Panama, Banco General, Banistmo, Caja de Ahorros and Multibank, I can make my deposits anywhere I am.  As a new branch may be coming to Boquete soon, it will make my banking even easier, and I love those interest rates.  Bill, New York, USA