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Forum Post
06/29/07 11:58

banks in David

I'm looking for the address and phone of the cuscatlan bank in David (needed for a wire transfer)thanks in advance
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This post has a total of 22 replies. Your feedback, comments, opinions and questions are welcome and encouraged.

This forum post has messages dated from 06/29/07 through 03/06/10, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.

Comment 1
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Here is a link that might be able to help you.
Comment 2
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Does the banks in David operate the same as they do in the US?
Comment 3
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Is there an HSBC bank in david, Panama?
Comment 4
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I also would like to know what Wendy asked, does this bank operate the same way as a bank would here in the US?
Comment 5
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Wendy and Cindy

Yes basically they operate the same. Just about the same hours and on Saturday's. Mostly debit cards used or cash. Interest rates on credit cards a little higher but not much. They look just like our banks and have tellers and a guard at front door. If you open an account you will need 2 pieces of ID a police report from home land. (birth certificate, drivers lic. passport.) If you email any of the banks down there, they will tell you what you need to open an account. (How much money) there is an HSBC in Boquete and I believe there is one in David.

Comment 6
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I am not aware of any differences in the mode of operation of banks outside the US. Of course to have a wire transfer transactioin, their modes of operations must be in lingo.

What are some of the hinderances to accessing your account elsewhere in the world using your debit card? I have heard of cases where you cannot access your account even after proof that you hold an account with the same bank elsewhere

Comment 7
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How to open a Personal Bank account in Panama

There is always a list of some documents that is required for the paperwork to open an account. Different banks may have little different requirements, though the majority part remains the same. At Panama, they require more documents than any other bank would ask for.

The list comprises of:

1. A photocopy of your Passport that should include your photo with personal details having clean signature and every other detail like passport number, exit stamps and recent entries. You may be required to notarize your passports also.

2. Second ID is also needed. You will have to submit a photocopy of the second ID

3. Two financial reference letters.

4. Two professional or commercial letters for reference that can be from lawyers, financial consultants on the organizationís official letterheads with all the necessary contact information.

5. Photocopy of your income tax returns for of last 2 years.

6. Signed account applications in original.

7. Statement showing your pension status of letter from employer

Comment 8
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It seems the whole bank account opening process is bound to be hectic but smooth somewhere along the way. You have to prove that you are financially responsible. Thanks so much for the info Jim; I am certain someone will find this useful
Comment 9
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........ :)

Wheew.. As i can see the banking requirements, you are certainly right there cwemoy. That was a lot of papers to be accomplished, however you can always hire someone to fill them up for you, like hiring some legal counsel.

If you would only do it by yourself, i think you would be having so much time to consume and troubles might arise if you do not do it properly and on time of submission..

Comment 10
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Talking about wire transfers and what not, how do I get a Pay Pal account when living on a Caribbean island?
Comment 11
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That is a nice question Eve. Hope you figure that out. And regarding the original post, i suggest that you try online directories. Ciao.
Comment 12
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I would really love to figure that out indeed. Is it really as simple as getting a credit card? What is the situation? I haven't the slightest clue at this very moment in time.
Comment 13
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I think you may need to acquire some sort of an international Visa card, maybe. Not sure though, hope this helps.
Comment 14
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I have a limited knowledge when it comes to that matter but I know that acquiring some sort of an international card just like Brent had suggested would be good. I would try to look for some answers and come back here if I happen to get some good answers, but for now update us with the latest on your application. Hope to hear from all of you guys regarding this matter.
Comment 15
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You can create an account at a Panama bank just like here in the U.S. that you can use for online purchases. The banks in Panama have Routing numbers with account numbers just like the U.S. I wire funds back and forth with no problem. Remember if you get an international visa or mastercard you will now be charged a 3% (on average) for every overseas charge. Most of the credit cards are going with what they call "International Usage"

You also have affiliated banks between here and Panama. HSBC, Bank of Nova Scotia and Chase. You can contact their corp offices and they will email you with answers to your questions.

Good luck

Comment 16
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New York
Thank author of this post/comment"The word "all" and "most""

Be *VERY* careful with the words all, or most when referring to credit card and bank fees.

Some credit cards issued in the USA charge 1-3% surcharge for currency exchanges. I have a card that has no fee for currency exchanges and one that charges I believe 1%. I haven't compared the exchange rates yet.

Neither card charges a surcharge when I used it on a US$ transaction outside the USA.

I have a debit card from a large US Bank and they charge me a 3% transaction fee for any ATM withdrawl outside the USA. I have a debit charge from a small community bank and am assessed NO surcharges, or fees for any use of it outside the USA (in dollars or foreign currency) and it seems to give me the best exchange rate.


Comment 17
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Yes you are correct in that not all have Intnl. fees. But be sure and check with yours before using outside the US. I had a card that did not charge Intnl usage fees last year, but when I went down the end of the year, they did. Due to current legislation, the credit card companies are rapidly changing their way of addressing fees. I happen to be in the industry and I can tell you there is some big changes coming down by the credit card companies. Even though they make a lot of money off their cards, they want to continue to do so. Don't be surprised if they all go to yrly fees just to hold one of their cards. It's a shame that no matter what we do to make things fair, we the consumer take a hit. I am so tired of all the bureaucracy in finance and health care in this country that is why we are moving to Panama. I love America, it's just not kind to it's elderly financially. We work our whole lives and save money for retirement, to find out we still can't afford to retire with medical and live comfortably.

After many many months of research and visits to Doctors and Hospital's down there, even if we have to pay out of pocket for care, it won't take all of our life savings. If we were to become sick in the US, a retiree without coverage can not get help until all assets are gone. Sorry to get a little carried away with the info, but I'm just a little sad that we have to resort to moving away. But excited at the same time. Even with Medicare you have issues with finding a Doctor who take medicare patients. My older family members are really struggling and they are on medicare.

Again, thanks for letting me sound off.

Comment 18
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New York
Thank author of this post/comment"Banks are Silly"

They will charge you a fee to use an ATM... but let you take out cash from a teller in the bank for free. Now... it's gotta cost a lot more for tellers than machines!

I think the bigger banks are worse with the fees... so look at small community banks...

Also in Panama or anyplace else... look at opening an account so you can make use of the fee-free tellers!

Comment 19
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Las Vegas, Nevada
Thank author of this post/comment"Using a bank account in the US"

From reading the posts it would appear that using a bank account you have in the US is easier than opening a new bank account in Panama. How difficult is it accessing your account, making deposits or withdrawels or using ATMS from a US based bank like HSBC, Chase or Citibank while in Panama? When we retire we will have our retirements automatically deposited in our bank account so it would appear having access to the funds is our only concern. Also, I am a little nervous about putting my money is a foreign bank. Comments are appreciated.
Comment 20
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You can use your bank at home and use your ATM (daily limits), but you will be chareged extra fees for International usage. You can open an account in Panama using a bank that has branches throughout the world. There's several, HSBC, Bank of Nova Scotia those two come to mind. You can have your Soc. Sec. direct deposited into any bank that use's a routing number. Such as the ones I mentioned here. I have wired money to Panama through a affiliate of Chase. I spoke with the office of Social Security in Wa DC and asked about direct deposit to a foriegn bank for our Soc Sec payments and they said they do it all the time. One example they gave us is the huge influx of Hispanics working legally in this country and earning Soc Sec benefits, then going back to Mexica to retire with their Soc. Sec. checks being directly deposited into one of their local banks. Friends of ours retired to Costa Rica and have their checks directly deposited and they get their checks on the same day they got them in the U.S.

As soon as we make the final move, we will keep an account here in the states for when we travel back to visit family. Our Credit Union does not charge for checking accounts and debit cards, so we will maintain an account with them so we don't have to use our Panama account when we come back. I use my daughters address for the Credit Union account in the states. Hopes this provides a little insite.

Comment 21
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"Bank In David"

I am w/ HSBC and need to switch banks in David - any pros and cons.



Comment 22
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Thank author of this post/comment"TO DUDLEY-BANK IN DAVID"

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