I'd love to hear what tips and tricks you've learned about dealing with money here in Panama! Join me on the I Go Panama facebook group at facebook.com/groups/igopanama
Thank you Mary: This is very good information to know. The local banks ate making money with the float, They get immediate access to the funds when you deposit them and they are withdrawn from your US account in a couple of days but they don't release the funds to you for 15 days.
@@christinec.2376 You don't have to have a bank account at all, I guess. But if you want to be able to do banking here, well, you need a bank account. The currency doesn't matter.
My brother & I are from Texas. Heading to Bocas in December. Wanna meet up? Love your videos. Looking to relocate and meet up with Expats. Lots to learn. Excited.
@@samiammons2024 Contact me through facebook.com/groups/igopanama in December. We never make any promises- it really just depends on our schedules at the time.
Mary, This is exactly the thing people want to know about. Yes, the fruits are fabulous, the people are welcoming, but - we all still need the practicality of that certain "green stuff" - even vegetarians. Thank you for bringing this up.
Thank you Mary!!! Knowledge is key. Will probably be in touch with you when coming for a month to do attorney things and scouting the area I want to live. Thanks again for your information 👍👍👍😇
panama is different because we dont use credit score so no need for use credit cards to build credit , i prefer credit cards as well but if your outside the city in smalls towns there not much atms or stores that take credit cards in the city everything takes cards and when its transfering money we have lot of palces western union, money gram etc..
I found this channel I dont know why but since last night, I have been watching randomly videos from this channel.....the porpuse is listening skill wich is good for me her English is very clear 100% understandable I undestand all topics because are related with my country.....it looks like she likes the cam better than her husband but its ok.....she speaks laoud and clear....I recommend this channel for listening skill practice.
I'm so glad this channel is helping you with your English! I am a teacher, so I am used to being in front of people and speaking loudly and clearly. My husband....you are right he does NOT like the camera!! :)
Since you now live in Panama, but like most of us, your money is coming from the States, what address service do you use, and what address is on your checks.? This is one of my conundrums? Thank you 😊
Thank you Mary. This info still quite relevant. I agree with you about cash and ATM (never care for either one). Awesome info about wiring funds and/or writing checks to yourself. (it seems that is just like life - it is all about timing)
very interesting. thanks for advices. i lived for a while in philippines and spain. usually i take cash with me, atm and credit card. you never know where you can get money.
I opened up a trust account with my attorney (with a lot of legal paperwork) in place of an escrow account. That way they held the money in a trust until the actual transaction went through. It is different than escrow but probably the safest way to do it. They were not going to send it to the seller until she was out of the house but she said she couldn't move until she had the money and her lawyer confirmed to my lawyer that she couldn't pay rent anywhere. But it still wasn't sent to her until the day (or the day before) she was to leave.
I just researched that, and you are 100% correct! We always fill out separate customs forms because we're rarely sitting together, so it didn't even occur to us! Fortunately we will never have to bring money in like that again. Thanks for the heads up!
$40-ish is pretty standard for an international wire. You can totally wire huge amounts of money... as long as you have nothing to hide, you have nothing to fear.
This was very helpful, Mary. Like you, I NEVER thought about writing a check! So simple. Just thought I would share my experience with Banistmo. With Banistmo there is NO LIMIT to the amount of the check, unlike Banco General which I think you said was $3K. And, instead of two a week clear time it takes three weeks. So, if you are not in a rush it is a cheap (no fees) way to go. Of course I have a Schwab debit card too!!
Thank you Mary. Great information as usual. I am with Banco General. They charge $ 37.50 to receive the wire transfer, $ 5.25 for atm transaction. Bank of America $ 45.00 for international transfer, $ 5.00 atm. I am in the process of buying a property and having hard time to transfer the amount needed for that purchase.
We didn't have any problem transferring the funds for our property purchase through Wells Fargo. Just had to tell them why we were transferring such a large sum. Remember- make sure you 1000% trust whoever you are sending the money to!
@@IGoPanama Ugg so the 1000% part scares me a bit. I heard you deposit the funds into the SELLERS attorneys escro. IDK if they aren't using kreamer I don't know how you'd trust someone else's lawyer? We aren't quite at that point but man that just scares me already.
@@galemcfarland6978 Yep. That's how it works here. I would just make sure the seller is using a well known attorney. Not their friend's brother-in-law's best friend that lives down from the minisuper under the mango tree and just so happens to be an attorney. ;) If the seller is in the US, you could also discuss using a US escrow service for the transaction.
As always great video. We've heard a lot of this over the past month living here, but to have all the info at one time (and something we can refer back to) is awesome so thanks! One question we had was panama bank balance. We've heard a red flag goes up if your account here in panama is more than 10k. We will be buying a used car here soon, and were thinking of writing ourselves some checks to get a decent balance into the local bank, but this 10k situation is bothering us. Do you know if this is something we actually need to worry about?
If you have a balance of $10,000 or more at any point in time in a foreign bank account and you are a US citizen, you have to file a special form with your taxes called a FBAR. If you have more questions about this, please join facebook.com/groups/igopanama and I can help you there.
@@IGoPanama OK yep I had heard about that, but didn't realize that was all you had to be concerned about. I've heard the form only takes a few minutes, but if you don't fill it out you can get in major trouble. Thanks a ton!
Certainly under UK law, carrying in excess of £10,000 (or €10,000 in EU States, the UK law being derived from the same EU legislation pre-Brexit) as a couple or family group means you HAVE to make a customs declaration, even if each individual is carrying less than the threshold - it's the aggregate amount that triggers the requirement. I am guessing that the same sort of rule applies in the US (to avoid what is termed "smurfing" (i.e. doing things to artificially keep below the threshold to avoid having to make a declaration), but I don't know about Panama. Certainly (and speaking as a former customs officer), if an officer found large sums of cash he/she would be suspicious and, at the very least, would likely lead to more questions and hassle. Best to stay below the aggregate $10,000 threshold or, if it is essential to carry a greater amount, to declare it.
For clarification, what happens if you write yourself a check from a US bank into a PTY bank for more than $3k? I am not seeing the problem, logically. If the US and PTY accounts are both titled in the name of John Smith, and the check amount transferred is $50k, what is the difference? 15 days seem like a long time in today's electronic age. That check clears your US bank likely within 2 days. Also, if there is ATM cost in PTY, then I suppose you go inside the bank and cash a check? Again, this is not logical about ATM v teller. The ATM costs the bank basically nothing, the teller does. OK, I get it, it is PTY. But I wanted to be clear. TY
There's some kind of an "auditing" process you have to go through to prove where the money is coming from if you're over $3000. I don't need or intend to go over that amount to find out! Same thing when we opened the bank account- had to prove where all of the funds (around $8000) were coming from. You can cash a check on your Panamanian account inside the bank, but not on a forgein account. And not all ATMs are attached to banks with tellers. It's a convienience factor.
Great video and on point! We've done all of the above and I don't think there's a single thing you've mentioned that we haven't already done and we've had the exact same experience. EXCEPT! writing a check to ourselves! Thanks! Headed to David next week to do just that!
I'm telling you, the writing ourselves a check thing changed our lives! LOL Glad I could help! It seems so obvious....but....nothing with banking here is ever that easy it seems- until it is!
There is a difference between "reportable transactions" and "red flags". It's ok to deal in large-sum amounts - you might just have to explain it in additional detail. And while wire transfers can be a bit pricey, at least they are secure/safe. Just the "cost of doing business".
Yeah, but I just don't want to deal with the paperwork and hassle of explaining in additional detail. The check thing has proven so far to be just as safe as the wire transfers.
Is it free to take cash out of the bank via the teller at the bank? And also please let us know, when anything moves regarding the crypto bill. I'm sure there are quite some would-be expats, who might actually move to Panama, when the banks stop being complete enemies of crypto.
I explain in the video how we do it- write ourselves a check on our US account, deposit it in our Panamanian bank, pick up cash at our Panamanian bank.
5 acres is the amount 0f land I had in mind when we first th0ught of moving t9 Panama. Years have passed, and now we would go into an apartment as we've grown older and we didn't make the move yet
There are times when I want MORE land and times when I want a heck of a lot less!! LOL But all in all, 13 acres is a pretty good, manageable size for us.
Well I deposited two times check for $100K and another one 2 weeks ago for $60K and did had any problem and cost me like $20 fees for check deposit it takes 21 days to clear.
@@IGoPanama Hi, it's Global bank in Boquete, make sure before you open the account that you have a reference letter from your bank in the US that you have XXXX money in your bank account. also open an saving account not checking that way you will make interest every month on your money!
I am wonder if she is talking about using Credit Card for everything or Debit Card? Can you imagine how much you woul.d have to pay in interests using a Credi Card for everything.
She (me!) is talking about using a credit card. I pay my credit card bills in full each month so I have ZERO interest payaments and I get reward points for travel. It's more stressful to use a debit card- if it gets stolen the theives have direct access to your bank account! I am protected much more with a credit card.
I just need a little clarity please.....you said you and Brian each carried $9500 when you both were coming in but I'm seeing in the description that the $10k limit is per family and not per individual....was that a mistake?
Hi I Go Panama, What are the requirements to open an account in Panama? In August I was there and was told at the bank that I need a letter stating that I have retired from the 🇺🇸. Is this letter from the company you retired from or the social security office? Thanks.
The banks here are VERY "careful" we needed banking records signed from our US bank, proof of employment (and they called my company!). Passport, Lease or Ownership of property in Panama. Social Security cards..... A lot and it does vary by bank.
I can yell you the process if you bring in more than $10k in cash. We declared more then that. It turned out ok but it is a real pain in the butt. It's not worth it....
That's pretty much what I figured. Any time you get official involved, prepare for a pain in the butt!! I'm glad we're past that stage and don't have to ever worry about it again!
Can you clarify what you mean a little more for me? Do you mean that if I pay someone a large sum of cash there's no paper trail? I always get a receipt, like for road work, surveys, etc....
@@IGoPanama I was meaning an easy way to track payment even years down the road. Ie: bank statements, canceled checks, legal wires etc. I'm thinking a hand written receipt is potentially as good as the paper it's written on. But just how I do business. Guess I'm not as trusting when it comes to all things money. 🙂
@@stephaniecampbell6811 Ah! Now I get what you mean. Yeah, I understand. But it's how business tends to be done around here. We're now paying any large amounts ($1000+) to contractors that don't take credit cards directly to their Panamanian account. But I will say, the receipts I have received have been on actual invoices with the business name- not just written pieces of paper.
I mean, I guess it's not necessary. But if you need to get money from the US to Panama, how are you going to do it without a bank account here? Western Union is expensive..... Unless you plan to just deal with ATM machines.
In what denomination did you bring your money into the country with. I am trying to figure that out because as you say, that is a large chunk of money. How much would you recommend keeping in a Panamanian bank account ( I will be a retiree, not working).
Mainly $100s. I think that how much you keep in the bank really depends on your own personal situation. We're remodeling a large property- that's a different situation than someone who is renting and on a fixed income. If you're from the US and don't really need to keep large amounts in Panama, I recommend never going over $10,000 balance- this will make your reporting much easier come tax time.
What about writing a check from a Panama Bank to my US bank? is there an efficient way to accomplish that? I just opened an account at Banco Nacional (the only bank on Isla Colon) and I'm thinking that's been a mistake as I learn more about what I can and can't do).
The trick would be getting the check to your US bank. No reason why they wouldn't accept a check written from a Panamanian bank. Expect several business days of a hold while it clears.
@@stevemlejnek7073 - Banco National would only allow me to open a savings account that comes with a debit card that can only be used in country. Their system apparently only allows me to move money out of country by wire transfers.
Hi Mary, thanks for the video, good tips. I have recently arrived in Panama and I did not open a bank account yet. I dont have a bank account in US, only in Brazil and in Portugal, so depositing a check wont work for me unless I open a bank account in the US. Does anyone know if there is any bank in Panama that does not charge for receiving international bank transfers?
Why can't you write a check from your Brazilian or Portugese bank to your Panamanian bank? I'm pretty sure that every bank is going to charge a wire transfer fee- on both ends.
The readers may find this hard to believe but this is my ONLY concern with Panama!! Not the bugs, not the sidewalks, not anything but having to have cash on us. We are debit and credit card folks!!! There is a Scotiabank in Panama and I hope that once we are ready to travel they will be able to offer some insight into how we can go about things. All the countries that I have dealt with in the past have Scotiabanks so it was easy. Any Canadians with information on how they dealt with this?? Just having to carry around cash or having to secure it is a stressor!!🙄
You really shouldn't need to carry around loads of cash. We did a little in the beginning, because we were having to make huge purchases and we didn't yet know about the whole "just transfer it to their bank account" process. Now, we rarely have more than $100 between us (and $80 of that is on Brian!).
@@IGoPanama that is exactly what I hope we can work out with our bank here even if we have to open a Scotiabank account in Panama. That is a priority as everything else is a done deal😁. Just to get there now. Enjoy your beautiful property.👏🏼
There is quite a few Scotiabanks in Panama BUT they are completely separate and completely NOT connected to your Scotiabank back in Canada. I found that out the last time I was in Panama.
@@brucemontrose Thanks for the info...hmm...will talk to my local branch. They were never connected to the Banks in Belize and the Caribbean but there was a "mutual understanding" with fees, support etc.
@@IGoPanama Don;t laugh,m there used to be a Bitcoin ATM in Bocas a few years back. I've been out of touch with Bocas for over 5 years. Things change, At the time there was also a Bitcoin ATM just over the border into Costa Rica too, but then you're crossing borders. And that too is dated info. There may be more now, or less. Also, crypto ATMs charge high fees anyway IMHO. You best bet is to get a cryptocurrency debit card. I wrote all about it in a previous message. The card is tied to your cryptocurrency wallet. ANd then you can use it anywhere that Visa or MasterCard is accepted. That then helps demystify a lot of the process and the person you are paying has no idea even that you are liquidating your crypto in order to pay them. All that they see is a debit card like any other and they use it. And that way it won;t matter whether you're in Bocas or Western Samoa or Macau. :D
