We're optimistic about moving to Boquete, but in researching what it takes for an American Expat to open a bank account there, it sounds a bit complicated. I was wondering if anyone knows if there is a bank in Boquete, or close to it, that will accept direct deposits of U.S. Social Security checks? Just wondering how to set all that up there.
Thanks a million for your help.
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Hi Amanda..."yes" what we're concerned about as we won't have an E Cedula yet. I have read about some other creative ideas. One person talked about setting up a Schwab account in the U.S., that you can then have your social security check deposited into that. They give you a free checking account and one can do all their banking online and simply use one of their debit cards to access their money through an ATM machine. I've heard that Schwab will then reimburse you for any ATM charges. The only concern I have is what happens if I'm in Panama and lose the ATM card. Lots to think about.
You won't lose BOTH debit cards, hopefully. But you can always use your credit card as back up and take a cash advance if needed. We've never done that but have friends who did and when they left the back they went straight home and paid off the cash advance with funds from their bank account to avoid having any interest charges.
Thank you Sarah that makes sense. Have a good day!
People are not reading the previous posts on this thread!!
You do NOT need an E-Cedula to establish a bank account. The folks that initially started the thread cited they are Americans. We set up our accounts at Scotia Bank in FEB 2017 and at that time, we only had our Pensionado Visas (we have our E-Cedulas now). I previously responded and provided a POC for Scotia Bank (email and phone number). Hil, also responded with a name for Global Bank.
It is recommended that the originators of this post make contact with one of this establishments, if they choose, and see EXACTLY what they need to do to establish their bank account.
This thread shouldn't take almost a week to answer (in my opinion).
Thanks for all your thoughts. I'm who started this thread. The concern is when new expats come there, they (we) don't even have our Pensionado Visa yet. I understand one has to go through a lawyer there and can't begin the process until moving there. My understanding is that process takes time too. So, just have to find some more creative ways to open an account when the time is right.
Michael .... you CAN and it is strongly recommended that you begin the process of obtaining your Pensionado Visa before you actually move here. I don't know who your attorney is, but they should be recommending that as well - makes life easier.
We did everything beforehand - only took one trip here ... and then had our temporary Visa when we arrived in FEB 2016 and two months later, had our permanent VISAs.
Hi there...this is actually Deborah, but I'm sharing what I learn with my husband Michael. That sounds awesome that it's possible to get your Pensionado Visa "before" we move. That would make sense. Everywhere online it seems to suggest that you have to wait until you come there. Do you mind sharing with me what you paid for an attorney to do it on this end, for each of you or total? Do you think it cost less to do it in the U.S. versus there? Also, are there special attorneys we need to look for that are well versed in this? Thanks so much! So much to learn....
Deborah and Michael,
Kudos to both of you for doing your due diligence! I've seen so many people crash and burn attempting to obtain residency.
The fact is you must be present at the immigration office to obtain a permanent residency visa of any kind. However, with a good attorney, you can complete all of the necessary requirements before applying. That's exactly what I did, my attorney brought me to immigration on day one and the following day I had my temporary permanent residency visa identification card in hand.
I was lucky enough to have a Panamanian consulate close by where I lived in the states, they were extremely helpful in reviewing all of my documents for accuracy before applying. Two things they did catch, one was that fact that the white background on my passport sized photos from Walgreens weren't white enough. Off white is unacceptable. Second, they also flagged the title on my SUV for having hand written notations on it from the DMV. When importing a vehicle into Panama the title must be free of notations of any kind.
My attorney was also very thorough and reviewed my documents with immigration before applying. They did this at no charge.
Keep in mind attorneys earn more money when problems occur! Remember, they're only "practicing" law as do doctors "practicing" medicine!
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