FAQ: Do I Need A Local Address to Open a Bank Account?
Question: I am trying to identify a step-by-step list of what I need to do to relocate to Panama, and I have bought a lot in Altos del Maria. I saw that there are a few things necessary to open a local bank account, but do I need a local mailing address? Kind regards, Kristina.
Answer: From Stuart Jackson at GSL Real Estate: "Don It is not necessary to have a local address to open a bank account. All you really need is your passport, 2 reference letters from financial institutions that you have dealt with for several years (only one with some banks), a person to refer you and the money to open it with. Most accounts can be opened with $500 but some banks ask for $1000." And from Matt Landau at thepanamareport.com - "When I opened a bank account a local address was indeed required, however I don't think it was ever checked or verified--meaning that if I was to have given the address of a friends apartment or even my soon-to-be address, I think it would have been fine. To this day, I don't know how they'd validate my address considering the directions are so darn confusing." (more)
More Answers:
- From Mike Brenner: "I opened a bank account witout any problem (submitting all the required papers) without a local address."
- From Caesar: "I have just returned to the states from PC where I had to open a bank account. After talking with several banks, I decided on Scotiabank. After getting the proper paper work, it was really easy to open the account and took about one hour. I just used my stateside address. All paper work had to be notorized and included: letters from two previous banks, one bank statement, copy of passport, copy of stateside drivers license, copy of previous year tax statement and a smile. It seems nothing is completed fast in Panama but sometimes that is better."
Hey, Wait A Minute... That's right, one question, three or four completely different answers. So, officially, yes you need an address, or you can make one up, or no you don't. And finally, it depends on the bank. Glad to be of service.
