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Credicorp Bank (Panama)
Credicorp Bank is a medium large Panama based bank managing over $700 million in assets with branches in all major cities of Panama.
Credicorp Bank Services - Panama Offshore Banking
- Credicorp Offshore - Credicorp Bank accepts accounts for corporations or foundations in addition to personal banking services.
- Credicorp Account Currencies: Credicorp Bank offers Multi-Currency accounts (USD, EURO).
- Credicorp Card Services
- Credicorp Credit Cards - Secured Visa Credit cards are available with corporate names on the credit card only (no personal name). Secured Credit cards require a security deposit in the amount of 120% of the requested credit line, held in a savings account or CD. The security deposit is used as a “guarantee” on the credit line, but should not be used to pay off the monthly charges on the card. The account holder must maintain enough funds in checking or savings account to pay the full balance of monthly credit card charges, as the bank will deduct these charges in full each month from the checking or savings account.
- Credicorp Debit Cards - Available to Credicorp personal account holders, not available for Credicorp corporate accounts.
- Credicorp Online Services - Credicorp internet banking is available in Spanish for viewing account transactions, balances, downloading statements, paying credit cards, transfers between accounts and payment of local utilities.
- International Wire Transfers: Must be requested by faxed, signed letter with follow-up phone call or email to confirm wire instructions.
- Credicorp Personal Accounts - Checking and Savings accounts available. Savings accounts pay interest. Checking accounts do not pay interest and checks can only be used locally in Panama.
- Credicorp Corporate Accounts - Checking and Savings accounts available. Savings accounts pay interest. Checking accounts do not pay interest and checks can only be used locally in Panama.
- Investment Options - Time Deposits (Certificates of Deposit): The minimum time deposit (by Panamanian banking law) is US$10,000. Interest rates change monthly, so please contact our customer service department for updates on the current rates.
- Credicorp Branch Locations - Credicorp Panama has branch locations throughout Panama City and all other major cities in Panama.
Credicorp Bank Account Requirements
- Credicorp Account Initial Deposit - The minimum initial deposit of US$ 1000 must be made by wire transfer once the account is approved by the bank. Please note that all deposits over the value of US$50,000 must be substantiated with documentation proving origin of funds and purpose of funds. Personal interviews are required on a case by case basis for extremely large deposit.
- Credicorp Account Documentation Requirements:
- Passport Photocopy: A photocopy of the entire passport (all pages including front cover) must be provided from each signatory. Note: If the client does not physically visit Panama, then the Passport photocopy must be authenticated by either Apostille or through a Panamanian Consulate in the country of issue.
- Drivers License Photocopy: A photocopy of the driver's license for each account signatory must be provided. If the client does not physically visit Panama then the Driver's License photocopy must be authenticated by either Apostille or through a Panamanian Consulate in the country of issue.
- Bank Reference Letter: Each signatory must provide One (or preferably two) original bank reference letter (of the signatory on the account being opened), on the bank’s letterhead, signed by the account representative, with complete contact information of the bank (address, tel, fax, email) for verification purposes.
- Commercial or Professional Reference Letters: Each signatory must provide Two original commercial or professional reference letters (of the signatory on the account being opened), on company letterhead, signed by the representative, with complete contact information (address, tel, fax, email) for verification purposes.
- Personal Reference Letters: Each signatory must provide Two original personal reference letters, with complete contact information (address, tel, fax, email).
- Company Profile Letter: A letter should be drafted and signed by the signatory(s) of the account being opened, explaining the detailed nature of the clients business, purpose of the account, anticipated account activity (deposits, withdrawals, average balance, etc.), and origin of initial deposit and future deposits.
- Account Applications: Each signatory must sign the respective account applications and signature cards. **. Special note: If you use this bank you will need to have the document "OFFENSE MONEY LAUNDRY" from the Credicorp bank application package authenticated by either Apostille or through a Panamanian Consulate