Opening an Overseas Bank Account in Panama10 min read

Opening an Overseas Bank Account in Panama10 min read

In this article, we’ll explore opening an overseas bank account based in Panama – one of the most investor-friendly banking jurisdictions in Central America. We’ll cover what’s required to open an account, the best digital bank for international banking, and perhaps the easiest way to do overseas banking from anywhere in the world – through The Kingdom Bank.

Panama has become a popular choice for those seeking an overseas bank account due to its political and economic stability, dollarized economy, transparent regulatory environment, and convenient location. The banking infrastructure is well-developed, with over 100 banking institutions to choose from.

However, opening an overseas account in Panama does require some documentation. At a minimum, you’ll need:

• A valid passport or national ID card
• Proof of address (utility bill, lease, etc.)
• Income sources and history (tax returns, bank statements, payroll stubs)
• Bank and professional references

Some banks may ask for additional information like the source of funds you intend to deposit. Make sure to select a bank that offers the services you need like international money transfers, multi-currency accounts, and online banking capabilities.

For accessing all the features of overseas banking online, The Kingdom Bank may be the best option.

What is Required to Open an Overseas Banking Account Based in Panama?

Like any country, Panama requires proper documentation to verify your identity and source of wealth for anti-money laundering purposes when opening a bank account. This applies to both personal and corporate accounts.

The key documentation includes:

• Passport or national ID
• Proof of address (no more than 3 months old)
• Income sources and history
• Bank references from your home country
• Incorporation documents if opening a corporate account

Most traditional banks also require an in-person application. Here’s where The Kingdom Bank stands out – it allows non-residents to open an account 100% online without traveling to Panama. Your signed documents can be apostilled or notarized remotely.

Opening an overseas bank account in Panama from abroad takes a bit more coordination but is very possible with the right help from professionals like The Kingdom Bank.

Best Digital Bank to Open an International Overseas Banking Account in Panama

When it comes to ease, security and features – The Kingdom Bank is arguably the leading digital bank for international overseas banking based in Panama. Here are some of its key benefits:

• No minimum deposit or balance required
• Banking entirely online or via mobile app
• Multi-currency accounts in USD, EUR, GBP, CHF and more
• Competitive interest rates on balances
• International money transfers and bill pay
• High-level security with bank-level encryption
• 24/7 customer support based in Switzerland
• Streamlined account opening for non-residents

The Kingdom Bank has banking licenses in both the EU and Central America, giving it an advantage over fintech startups. As a fully licensed bank, it provides the security and oversight of traditional institutions with the ease and low costs of online overseas banking.

Paperwork can be signed digitally or conventionally via encrypted uploads. 

Your documents are swiftly reviewed by compliance officers, and once approved, you have full access to your new overseas bank account in days versus weeks at other institutions.

Digital Offshore Bank to Do Overseas Banking in Panama

Thanks to how globalization has reshaped the world, many professionals live in one place and work in another. 

Not being in one’s country of residence long-term doesn’t have to mean abandoning local banking altogether. 

With the rise of digital banks like The Kingdom Bank, remote overseas banking has become smarter and more streamlined.

The Kingdom Bank allows users to manage finances from anywhere via its online portal or mobile app. All standard banking services are available overseas like bill pay, wire transfers, check deposits, budget tools and more. 

It’s essentially an extension of your home country bank but with offshore privileges like higher interest rates and no taxation on earnings or deposits.

Living abroad long-term yet having finances anchored domestically poses challenges. Currency fluctuations, slow international wires and outdated branches are stressful for digital nomads and expats. 

The Kingdom Bank resolves these issues through its online overseas banking platform, enabling users to seamlessly manage money borderless.

Safety and security are also a priority as an entirely web-based bank. The Kingdom Bank utilizes bank-grade encryption, two-factor authentication and monitoring for fraudulent activities. Account and personal details are closely guarded per strict financial regulations in Panama and the EU.

The future of banking is certainly online. For those residing overseas long or short-term, digital banks provide unmatched freedom and flexibility when it comes to remotely managing hard-earned finances.

The Easiest Way to Do Overseas Banking in Panama

If simplicity is the goal, The Kingdom Bank offers by far the easiest process for overseas banking in Panama. Here are the basic steps:

• Submit the required identity and address verification documents online through a secured upload portal. This includes passport, proof of address and sometimes references.
• Verify your phone number and complete a short video interview to confirm your identity via facial recognition software.
• Once reviewed and approved, create your online login and set a strong password for security.
• Select the type of account you’d like to open – from savings to checking to money market – and deposit minimums vary by account.
• Fund your new overseas bank account via wire transfer, check deposit or crypto transfers like Bitcoin. Popular e-wallet services like PayPal can also be connected.
• Manage all aspects of your account online or via The Kingdom Bank app – view statements, make transfers, pay bills, earn interest and more. Customer service is available by chat, email and phone 24/7.

It really is that simple to gain full control of an overseas bank account through The Kingdom Bank. No lengthy paperwork or appointments – just a digital process start to finish. 

For the easiest way to conduct online overseas banking from Panama or beyond, look no further than The Kingdom Bank.

The Kingdom Bank provides a refreshed take on overseas banking in Panama tailored for the digital world. With only a passport and proof of address needed to get started, it’s never been easier for global citizens to remotely manage finances securely no matter where adventure may lead. 

For those seeking a strong, licensed offshore bank without the hassles – The Kingdom Bank could be the solution.