Mxxxxxxxx Bank

(CLIENTS MUST VISIT PANAMA TO OPEN AN ACCOUNT)

Account Features:

• Bank Profile: This bank is a medium sized Panamanian based bank, with branches in all major cities of Panama.
• Currencies: This bank offers accounts in (USD, EURO.)
• Internet Banking: Online banking is available in Spanish and English for viewing account transactions, balances, downloading statements, paying credit cards, transfers between accounts, payment of local utilities
• International Wire Transfers: Wire transfers must be requested by faxed, signed letter with follow-up phone call or email to confirm wire instructions.
• Visa/Debit Cards: Visa/Debit cards are available for personal or corporate accounts, with daily cash withdrawal capabilities limited to US$500.
• Credit Cards: Secured Credit cards (Visa) are available in personal or corporate names. Secured Credit cards require a security deposit in the amount of 125% 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.
• Savings Accounts: Savings accounts require a minimum deposit and balance of US$1000.00 The saving accounts pays 3.5% if you keep your account up to $3000.00 apr.
• Checking Accounts: Corporate checking accounts do not earn interest, and require a minimum deposit and balance of US$5000. Please note that checking accounts in Panamanian banks are for “local” checking only (checks can only be cleared in the Panamanian banking system), and cannot be used to make payment by check outside of Panama.
• Time Deposits (Certificates of Deposit): The minimum time deposit (by Panamanian banking law) in USD is US$10,000. Interest rates change monthly, so please contact our customer service department for updates on the current rates.
• Initial Deposit Requirements: The initial deposit must be made by certified or official bank check payable to the name of the account being opened or by wire transfer once the account will be opened. 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.

Documentation Requirements to Open an Account:

1. Passport Photocopy: A photocopy of the entire passport (all pages including front cover) must be provided from each signatory.
2. Bank Reference Letter: Each signatory must provide Two (2) original bank reference letters (for 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.
3. Commercial or Professional Reference Letters: Each signatory must provide Two (2) original commercial or professional reference letters (for 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.
4. Personal Reference Letters: Each signatory must provide Two (2) original personal reference letters, with complete contact information (address, tel, fax, email).
5. Proof of Address: Each signatory must provide proof of physical address in the form of a utility bill (power, water, cable, phone, etc.) or rental contract or official document proving the clients physical address.
6. Account Applications: Each signatory must sign the respective account applications and signature cards, which must be the original applications issued by the bank. **

** Account applications and signature cards will be filled out by the client in person when they come to Panama.