A non-US permanent resident with cedula and a bank reference letter went to Banco General's Costa del Este branch to open a personal account. After a 2-hour wait, the branch manager refused outright because the applicant's source of income was from overseas and they lacked 2 years of Panamanian tax returns. The bank blamed the superintendencia but could not show the rule. Call centre had previously said under $5,000 deposit would not need tax returns.

A foreigner on a Friendly Nations visa got a personal account and credit card at St George's Bank. They described it as the most flexible bank for expats in Panama, recommending it over other banks that were harder to deal with for those without a full Panamanian cedula.

A Panamanian resident opened a savings account at Banco General through the mobile app without ever visiting a branch. The account has a $5,000 limit. When the user moved more than the limit, the account was restricted and they had to call the bank and email proof of income documentation to have it unfrozen.

After being denied by Banco General on arrival in Panama, a foreigner opened at Citibank which sent a representative to their office. When Scotiabank bought Citibank's Panama operations, service deteriorated. The person moved to BAC Credomatic and reported being very satisfied: fast service, good rates, good online banking, and the COPA VISA/Amex credit card. Loans were obtained at cheaper rates than Scotia or other banks.

A commenter recommended MMG Bank for foreigners applying for a visa or citizenship, noting they work specifically with this demographic and understand the documentation challenges.

After obtaining a temporary residency permit, a foreigner opened an account at Banco General. They provided a bank reference letter from Banistmo (their first Panamanian bank), passport, temporary residency permit, and an employment verification letter. The user recommended Banco General over Banistmo overall, and noted no deposit was required at opening unlike Banistmo's $50 requirement.

A commenter reported that some Panamanian banks offer a specific 'foreign account' (cuenta extranjera) for non-residents, mentioning Capital Bank as a smaller bank that provides this. The minimum deposit is $10,000.

A person who moved from the UK to Panama two months prior opened an account with Banistmo by going into a branch when it opened and presenting all paperwork and proof of income. About three hours later they walked out with the account set up. Everything was typed in by hand, which is why it took three hours. The Panamanian cedula was obtained later. The lawyer handling the visa arranged the meeting.

A Credicorp account holder who opened a couple of years prior with a $10,000 minimum balance received an email stating the minimum balance was raised to $50,000 since 2023. They contacted customer support anonymously and a senior relationship officer who both confirmed the $50,000 requirement. The user described this as extortionate and was considering moving to another bank. A former long-term Credicorp customer confirmed the bank closed their foreign checking service and moved to BAC and Capital Bank.

A person with a Panamanian IBC (International Business Company) who lived 3,000 km away asked how to open a corporate checking account. A local commenter said Towerbank is the only Panamanian bank that can accept things remotely for IBC accounts; otherwise a legal representative or resident agent in Panama can open the account. With all paperwork prepared, the process at a branch is simple and the account opens in a few days. A personal account at the same bank is sometimes required first.