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Many clients moving to Panama want to start taking their first steps in the Panamanian banking system, and they always ask me the same questions. It is for this reason that on this occasion I want to talk about banking products in Panama. The Panamanian banking system does not resemble the South American banking system, nor does it resemble or copy the European banking system nor that of the United States. In Panama we are used to take the best of each country and then make our own version. Over the years Panama created its own banking system which I want to explain in general today. What
A friend and I were enjoying a before dinner conversation last week when she inquired about who was listed as beneficiary on our bank account. I answered with certain names of people. And she said “are you sure, really sure?” Then she told me a scary tale. (This is a smart, clear thinking woman.) Recently when this couple visited their local bank and inquired about who was listed as beneficiary on their account, they were told two names of people they didn’t even know! So yesterday Bud and I went to our primary bank to check our account status. You guessed it. One listed beneficiary is de