Is there a bank in David that has Global Banking with the USA? I am trying to find a Panamanian bank that I can do a direct deposit to from my state retirement check.
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The last response that said that Panama banks do not have FDIC got the gray matter working a bit. My first thought was ...Well, HSBC is a large world wide bank so my deposits must be safe. Well, it was just sold to the Colombian bank. Okay, what other international banks are ?... Citibank, credit suiss, Wells Fargo? NO. It strikes me as very strange that I can not name a large international retail bank here in Panama', the supposed financial capitol of Central and South America. Banking wise, what is different here? Are the only other choices Banco General, Banco National, and their ilk?
Alan, Federal Deposit Insurance Corporation(FDIC) is only good in the U.S.A. They were created by legislation after the Great Depression to cover a chartered bank's liquidity problems if they started to "go over the edge" by guaranteeing depositor's funds up to a certain amount to quell a "run on the bank". Any bank, even a biggie from the U.S.(Citi, JPMChase, WF) chartered in Panama, or any where else for that matter, does not have that requirement. Panama does have liquidity minimums to meet based on the deposits which are sizable in some of these banks(personal accounts with one or two digits and 7 or 8 zeros left of the decimal point). If you are looking for stability try one of the Canadian banks in town, they didn't go in for those squirrely type of mortgage loans like Wall Street bought up, so none had to be bailed out. Hope this helps.
Well. Panama left to be the financial capital of Central America long ago. That means that the international pressure to the banking center in Panama succeded. Now the local banks and a few from South America and Central America are still surviving.
I have my IRA administrator wire funds quarterly to my bank account here to save on wire fees, but you seem to have an interesting tactic I'm going to explore further, thanks.
The Panama banking system does not have FDIC. Be careful where you put your money, if you value it. I would be more amenable to paying a small transfer feee rather than the chance of losing all of my eggs.
We just opened an account at Global Bank this AM with Carmen. She asked if we would like our SS checks automatically deposited there. We were not interested by it must be possible since she asked.
I am getting ready to move to Panama in August or September and this is a question I have also been researching. The only solution I have at this time is to use my brokerage account (happens to be Schwab) with a bank account attached. I can deposit my social security and state retrirement checks directly into their checking account and then draw on it in Panama through either a VISA debit card (no fee), write a check (probably most useful for U.S. expenses), or transfer money to a local bank from the Schwab account as needed. There are no ATM fees or foreign exchange fees with this service. If anyone has a different solution, I would also like to know about it. Thank you, all.
Larry Powers
Fishfool > Lawrence (Larry) PowersMarch 27, 2013 at 5:43pm
Fidelity has a money market account that does the same thing and love it!
Replies
The last response that said that Panama banks do not have FDIC got the gray matter working a bit. My first thought was ...Well, HSBC is a large world wide bank so my deposits must be safe. Well, it was just sold to the Colombian bank. Okay, what other international banks are ?... Citibank, credit suiss, Wells Fargo? NO. It strikes me as very strange that I can not name a large international retail bank here in Panama', the supposed financial capitol of Central and South America. Banking wise, what is different here? Are the only other choices Banco General, Banco National, and their ilk?
Alan, if you check this link you can get complete information about any Bank in Panama, rights, regulations, etc.. http://www.superbancos.gob.pa/
Alan, Federal Deposit Insurance Corporation(FDIC) is only good in the U.S.A. They were created by legislation after the Great Depression to cover a chartered bank's liquidity problems if they started to "go over the edge" by guaranteeing depositor's funds up to a certain amount to quell a "run on the bank". Any bank, even a biggie from the U.S.(Citi, JPMChase, WF) chartered in Panama, or any where else for that matter, does not have that requirement. Panama does have liquidity minimums to meet based on the deposits which are sizable in some of these banks(personal accounts with one or two digits and 7 or 8 zeros left of the decimal point). If you are looking for stability try one of the Canadian banks in town, they didn't go in for those squirrely type of mortgage loans like Wall Street bought up, so none had to be bailed out. Hope this helps.
Well. Panama left to be the financial capital of Central America long ago. That means that the international pressure to the banking center in Panama succeded. Now the local banks and a few from South America and Central America are still surviving.
I have my IRA administrator wire funds quarterly to my bank account here to save on wire fees, but you seem to have an interesting tactic I'm going to explore further, thanks.
The Panama banking system does not have FDIC. Be careful where you put your money, if you value it. I would be more amenable to paying a small transfer feee rather than the chance of losing all of my eggs.
Yes JC is right on this one, and this is the cheapest way as most money transfers are spendy
We just opened an account at Global Bank this AM with Carmen. She asked if we would like our SS checks automatically deposited there. We were not interested by it must be possible since she asked.
I am getting ready to move to Panama in August or September and this is a question I have also been researching. The only solution I have at this time is to use my brokerage account (happens to be Schwab) with a bank account attached. I can deposit my social security and state retrirement checks directly into their checking account and then draw on it in Panama through either a VISA debit card (no fee), write a check (probably most useful for U.S. expenses), or transfer money to a local bank from the Schwab account as needed. There are no ATM fees or foreign exchange fees with this service. If anyone has a different solution, I would also like to know about it. Thank you, all.
Larry Powers
Fidelity has a money market account that does the same thing and love it!