Panama Personal Bank Accounts

Personal Bank Accounts Intro

All bank accounts are set up through our correspondent Panama banks or brokerage firms. We have done extensive research to ensure that the recommended financial institutions are secure. We have provided a variety of Panama bank account types to choose from. If you would like to set up an personal bank account through any particular Panama bank or brokerage firm that we do not currently deal with, we can also assist you for a set up fee.

Basic Personal Bank Account

- Documentation requirements are subject to change without notice.
- Brokerage firms may require other documentation.

A Set Up Fees: US$500.

About the Brokerage Firm: Basic personal brokerage accounts are set up through our correspondent brokerage firm in Panama City, Republic of Panama. The brokerage firm is located in Panama and is an NASD registered, licensed and insured international firm. All securities and cash deposits are held in custody by one of the largest international securities clearing firms in the world. Each account is insured through the SIPC (Securities Investor Protection Corporation) up to US$500,000 and carries additional insurance up to US$99.5 million through a major international insurance carrier. The brokers/financial advisors are all English/Spanish speaking, NASD registered, licensed brokers who can provide you with complete investment advice for investing in mutual funds, stocks, bonds, options, money markets, etc.

Trade Fees: Trade fees vary depending on the trade amount, type of security traded, and the stock exchange traded on. We cannot provide a fees list for trade fees since it varies so much from one market to another, however, we can say that trade fees are about the same as any full service broker. Full service brokers normally charge a small percentage (about 1%) of the trade instead of a standard fee. However, when purchasing no-load mutual funds, the fund company will generally cover the trade fee.

Account Features: Optional Visa Debit Card, USD checkbook, and Internet access with every account.

Debit Card: Annual fee for the Visa Debit Card is US$75. There are no transaction fees charged for ATM cash withdrawals. You must have a minimum balance of US$3,000 in order to qualify for a corporate debit card, however, once the card is issued, you do not need to maintain US$3,000 in the account during the use of the debit card.

USD Check Book: The USD checkbook is used to make payments by check to anyone around the globe. The checks are internationally accepted by most banks around the globe. The checkbook will be provided once the initial minimum deposit of US$3000 is made.

Internet Access: Internet access is provided so you can access your account information online using a secured password and userID.

Currency: Funds can only be held in USD. Any transfers received in other currencies will be immediately converted to USD prior to entering the account.

Documentation Requirements:

1. Photocopy of Passport or valid Drivers License for each signatory. The photocopy of passport or drivers license should include the photo of the person, the personal details info, and the signature. The photocopy should be clear and legible.

2. One Financial Reference Letter. The financial reference letter can be from any bank, brokerage firm, credit union, insurance company, trust company, or finance company. The letter should be on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in, however, we have provided an example below for your reference.

3. Account Applications. You will need to sign all account applications where indicated and return them to us for processing.

Minimum Deposit Requirement: The minimum account opening deposit is US$3000, which should be made by USD check, wire transfer, or ACAT / DTC securities transfer. After the account is set up, additional deposits may be made by USD check, securities transfers, or by wire transfer. The brokerage firm will forward you the check deposit, securities transfer, and wire transfer instructions once the account is set up.

Different Fees - Fees are subject to change without prior notice. We do not guarantee the accuracy of the above published fees.

Wire Transfer In: US$15
Wire Transfer Out: US$40

- Third party wire transfers are not permitted. Wire transfers out are only permitted to accounts with the same name. For example, "Jan Morris" can only wire funds to another account with the beneficiary name "Jan Morris". For payments to third parties, you must use the checkbook or debit card. We recommend that if you need to make payments to third parties by wire transfer, you should set up a bank account instead of (or along with) a brokerage account.

• Account Opening Fee: Free w/ purchase of entity, otherwise US$500

• Internal Transfer (journal): No charge - Internal transfers (journals) to accounts within the same institution are permitted.

• Margin Extensions: US$50 per event

• Returned Checks: US$40 per event

• Stop Payments: US$20 per event

• Retail Confirmation Fee: US$7 per confirmation

• Inactive Account Custody Fee: 1% per account per year

• Inactive Account Mutual Funds Only: US$25

• Checking annual fee: US$75

• Debit Card annual fee: US$75

• Copy of Paid Check or Visa draft: US$2.50

• ATM Access: no charge if it is a withdrawal from checking

• Check Book (200 checks): US$10

• Foreign (non US) Check Deposit: US$25 - Acceptable deposits are USD Checks (personal or bank certified checks), wire transfers, or publicly traded securities. Unacceptable deposits are cash, money orders, travelers checks, double endorsed checks, foreign items/thrift withdrawal orders, returned checks, and checks referring to more than one account number.

Open Personal Bank Account Procedures:

1. Fill our Order Form and submit

2. Submit the Payment - Payment can be made by Western Union Money Transfer, E-Gold, Bank Wire Transfer, USD Check, or USD International Money Order.

3. Receive Documents - Once we receive payment for the structure, we will forward you the corporate documents and brokerage account applications for your signature (account applications are only included if you wish to be signatory on the account). You should sign the account applications where indicated, and forward them back to us along with the required documentation.

4. Panama Bank Account is Set Up - When we receive the signed applications, the account applications will be completed with the corporate information, and forwarded to the recommended brokerage firm. The account number will generally be provided within 5 business days from the date the documents are submitted to the recommended brokerage firm.

5. Begin Using Personal Account - You will receive an email from the recommended brokerage firm containing the complete account protocol for making deposits, executing trades, contact information of the brokerage firm, etc. You fund the account by check or wire transfer to activate it, then once your account is funded, you may begin trading.

Panama Legal Consultants

- Panama Law Firm -
For more information please contact us:
info@panamalegalconsultants.com
Tel: (507) 6714-9326