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Depositing a U.S. check into your Panama Bank


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Most folks don't know that MultiBank has a program that allows you to deposit a large check (up to $3000) into each of your accounts (savings and checking) every month for free and the check clears in 5 working days. You have to qualify for this program and I think the main factor is if you own your own home in Panama but I may be mistaken about this.

Guelda Paniza is now the head service rep at MultiBank. Many of you know her from Banco General. She speaks perfect English and is very service oriented. Tell her I sent you.

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Hi Penny, Do you have Guelda's email? We were told a different story in September.

The main reason we would like her email is we lost one of our PIN # for one of our ATM cards and they said it is a $24 charge for a new PIN, which is ridicules!

 

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  • 3 months later...

Recently I had to replace my Global Bank ATM card. The fee was $20 for the replacement card. I deposit a US check once a month in my savings account there. They do not make the funds available for 15 business days. They pay a little bit of interest. I keep a small balance. The interest amounts to $4/$5 month.

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I bank with both MultiBank and Banco General and they both charge a service fee if the balance in your checking account goes below a certain limit (like $250 or $300). I'm not sure about savings accounts.

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3 hours ago, Penny said:

I bank with both MultiBank and Banco General and they both charge a service fee if the balance in your checking account goes below a certain limit (like $250 or $300). I'm not sure about savings accounts.

Global does too, if it goes below $300.

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  • 4 years later...

Hi all. The posts I am reading here are old but wanted to say something current and see if anyone responds. We are currently in Panama and banking with Multibank. Depositing our US checks is taking over 3 weeks to clear. The funds come out of our US account in 2 days, so where is that money for the next 3 weeks?????

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We bank at Multibank (the Boquete branch) and are quite happy with the ability to get US funds into our Multibank account, with no fees involved, and completed in five business days.

When posting previously about our experience in getting US funds into Panama we have been "blasted". Some people say it is not possible. Well, I no longer try to refute other people's claims. All I can do is to tell you that we can deposit a US check (up to $3,000.00 at a time), and the funds are immediately on deposit, but with a "hold". That "hold" is five business days for us. There are no fees involved. I typically see the check clear our US bank on day two, but occasionally on day three. I am not concerned about where my money is because I can see it. The fact that I cannot withdraw for five business days has never been an issue for us. After the five business days I can do that process all over again (but rarely have done that).

We believe that the five business day may be a result that we have been in Boquete a long time (almost 20 years for me), and we are both cedula carrying residents, AND we own property and Multibank is aware of our "permanent" residential (homeowner) status. No, Multibank is/was not involved in funding the construction of our home. I think the bottom line is that we have good banking "history" here. This last paragraph is pure supposition on my part. The first two paragraphs are fact.

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Global Bank has a small fee, 10.70 (senior discount) for foriegn check and non jubilado it is 21.40.. I do not have a problem with that. And my U.S. bank account shows the transanction in three days. My U.S. money is released by Global Bank 21 days later. People need to remember where they are. You'll get use to it. $10.70 is much better than using the ATM at 5.25 a pop. Foriegn cards used in the ATM's are now limited to $250.00. One guy wanted argue with me about this the other day. I had just left the bank with $500 taken out. He said I have a Panamanian (Scotia Bank) account and all I can get is $250. I asked which bank and he said Scotia in Canada. I tried to explain the Scotia Bank here is not reconized as being associated Scotia Banks elsewhere . In other words, his Scotia Account in Canada has the $250 ATM limit here in Panama. He still didn't believe it. Oh well..........

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