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MULTI BANK

Perhaps I missed a discussion regarding new charges by Multi Bank

I received a notice that they will be charging $ 250.00 per year to manage your account! (Foreign Account Holders)Is there any one else out there to comment regarding this charge? I understand there are a lot of upset clients. What actions are you taking and what other banks would you recommend?

Thanks

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Replies

  • Did you mention to Carmen that there will probably be a mad rush to her bank with lots of new accounts??? 

  • So---if a person has retirement fund deposits made in a US bank account, withdraws funds on that account from ATMs, and deposits the cash into an account here,  could that person could avoid this fee?   When I did open an account at Caja, I had to provide a W-9 even though I possess an E-cedula.  The funds I deposited in the bank came from another bank that is also rumored to be pulling out of Panama.  I wanted to be ready if the rumors are true.

    • Susan

      It is probably that if you do that way you could avoid this fee.  I actually withdraw funds of my US bank account and deposit the cash in my account here.   So because the deposits are locally made in Panama they told me that my account is not considered a "foreign account holder" and I wont be charged this fee at Multibank.  

      I got an account in Banco General and haven't received any communication from them regarding a fee just like this one from Multibank.  So it seems like Multibank is the only bank that will be charging this fee until now.   Let see what other banks do. 

      • I was told there are 2 other banks doing this. One I never heard of and Banesco.

    • Good question, but I can add this.  Previous times I have come back from the US and deposited cash, they ask where it came from.  They want to know specifically if it came from work that you did, a bank, etc. 

      Also, if you own a business here, I suppose you can say it comes from that business and be exempt from the fee?

      $250 is a rather large fee.....a one time fee, maybe but every year?  So now we are paying for doing business with them?  Anyone heard from any other banks?  I use Scotia as well but haven't heard anything regarding them.

      • Leslie

        Business accounts is another thing.   If that business is a Sociedad Anonima registered in Panama this fee will not be charged.   Of course that when you opened the account you should have stated that your business will receive and send wire transfers to and from other places in the world.  

        The $250 is a yearly fee.  I have not heard this from another bank yet.  The best thing to do is talk to your account manager in your bank about this.

  • I was told it is $250.00 per account,nothing about more then one savings account.....

  • Ok. Ladies and Gentlemen.

    I got an account in Multibank.  My income come from the US and I will tell you what information was given to me at the Multibank call center regarding this issue.

    The new charge of $250/year is for any Foreign Account.   It doesn't matter what nationality you got or where the money come from.   It could also affect me as a Panamanian.  What is being considered by the bank as a "foreign account":  any account that receive funds or deposits from foreign countries.  If all the payments you receive come from a wire transfer or check deposit from a foreign country then you will be considered a "foreign account".   If you receive sporadically checks deposits or wire transfers from a foreign source it is probable that your account wont be classified as a "foreign account".   The lady at the call center recommended me to visit the branch where you have your account and talk to your bank executive who manages your account and see if your account will be charged or not according to your source of the deposits.  

    I don't know if other banks in the Panamanian banking system will charge their "foreign account holders" with similar charges and with similar amounts.   I guess that this new charge have to do with recent regulations imposed to our banking system to comply with foreign regulations from the US and also Europe and take Panama out of the GRAY LIST.  The banks now have to be the eyes and ears of foreign institutions that are fighting against Money Laundering from: drugs, illegal activities, terrorism and organized crimes.    

    Roger

    • I was charged the 250, and the last time I had any money wire to me from the US was 7 years ago. 

    • Roger, do they need to get approval for these charges from the Superintendent of Banking?

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