Opening a bank account
July 11, 2005So what are the requirements to open a personal account? In most banks you need:
- Bank reference from your home bank
- A professional reference (lawyer, accountant or something like this)
- Passport
Now this might not sound that painful, but there are many banks around the world who don’t give bank references. I have experienced both major US and UK banks who as a policy don’t do this. You may also need that the bank reference follows a particular form. Before arriving in Panama to open the account (yes you will need to show up in person), you should try to get your future Panamanian bank to give you a sample letter that you can show your home banker.
Also tell your home banker, that he may need to fax you a revised one at some point, in case there was something wrong with the first reference. This process can be suprisingly long and painful and don’t feel down if you can’t get it done on one visit to Panama.
Double check all of the above with your chosen bank before you come to Panama. If you are unsure of which bank to chose, ask the exact requirements of several candidates and make sure everything is perfect.
Problems you might have are banalities like:
- if the spelling of your name on the bank reference doesn’t match the exact spelling on your passport.
- The reference was not written out to the bank in question.
Many things can go wrong, just have patience and don’t be in a rush.
This entry was posted in the following Categories: Banking
