Welcome to Boquete Panama
Beware of Global Bank. We’ve been trusted customers for about 7 years with Global having opened our account in the Boquete branch. In the beginning we had difficulties with signatures – allegedly our signatures on the checks didn’t match the signature on file. We sorted this out and went along just fine for the next 5-6 years. Last month (September) Global Bank bounced three of our checks saying the signature does not match. I have a copy of the signature on file; and now copies of the 3 checks that bounced. The signatures are 99.9% the same. The charge from Global is $26.75 each, plus the payee’s bank charges, all adding up to about $130.00. Global will not reverse the charges or look into this. They were adamant on that. So we promptly closed our accounts and pulled our money out of there. We never wrote a check we could not back up in funds.
The banking ruling agency in Panama is the Superintendencia de Bancos. http://www.superbancos.gob.pa/en.
There is link in this site to file a claim. Even that the website is also in english I am not sure if you should made the claim only in spanish. Navigate in the website and try it.
We call them The Bank of No. No, we will not do that. No, you cannot do that. No, we can't give you information. No, we won't refund our mistake. No, No, No. I don't do any business there anymore. I LOVE the people and service at both Scotia and the Caja de Horas.
It is interesting your good experience with Caja de Ahorros. I was thinking to open a saving account in this bank. It is one the most solid bank in the country.
Yes, Roger, we have had nothing but positive experiences with Caja. AND...it took less than half an hour to open an account with our new E cedulas. I'm glad to hear from you that they are solid.
Panama as a country will dissapear before the Caja de Ahorros go bankrupt. Even in the worst years of the military dictatorship and in the year of the US Invasion to oust Noriega out of power the bank remained still with no problems.
"Hold on, if your institution is not compliant with the US, you will automatically forfeit 30 percent of the monies leaving the US destined for your use."
I don't think that's true. The 30% doesn't apply to individuals, only to banks. This has been discussed extensively, along with references showing that 30% thing is not true. I don't feel like looking it all up again, so if someone is concerned, check it out.
Here it is: The 30% applies to financial institutions, not individuals.
If a foreign bank is not FATCA compliant, the 30% is deducted from the amount of the wire before it leaves the US. Then the foreign bank gives you the leftovers.
That is not the way I read it. Can you give a reference for this information. This is what I found that is the clearest (not much info available is clear):
If you are a U.S. person, you may be asked to complete IRS Form W-9 (Request for Taxpayer Identification Number and Certification) which will be kept on file at your financial institution. You may also be asked to provide consent to your financial institution to provide the IRS with personal and account information.
If you do not complete IRS Form W-9 or provide your consent to disclose information to the IRS, your financial institution maybe required to withhold a tax of 30% on any U.S. source payments1 that you receive and send this money to the IRS. Also, your financial institution may refuse to open an account or may be required to close existing accounts.
I heard over a year ago that Global was not opening accounts for US persons. It's quite possible that they are jugando vivo to jettison all of their American clients and scoring some easy feria on the side.