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Scotia Bank

I was in Scotia Bank today, paying in an American check. I was told that as of February 1st, they would not be accepting any more American checks. Just fyi.

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  • Another method to use is to open a Schwab account and fund it with your pension or/and social security (Direct Deposit) and then you get a Schwab Debit Card that can be used to withdraw money from any bank ATM and Schwab will credit your account for any charges incurred. 

     

  • I have lived in Panama for almost 5 years now, and have never had a Panamanian bank account.  If I want cash, I use my debit card and withdraw $500 (the most you can), which costs me US$8.25.  I don't bother trying to write a check based upon my US bank accounts.  This means several things to me.

    1. I don't have to worry about the US gov't harrassing me.

    2. I don't have to worry about changing regulations on banking by either the Panamanian banks or the Panamanian gov't.

    3. Yes, there is the possibility that I will be charged more for withdrawing cash, but I think that risk is far less important.

    My USA-based credit cards are accepted in many businesses, including Cable Onda.  I pay my electric bill with cash...big deal.

    The bottom line (at least for me) is a much more stress-free banking experience.

    I hope all of you end up with a satisfactory solution to banking as an expat.

    • Who do you bank with? Chase wanted 5% to use a credit card for cash. Maybe I will go back and ask them the cost of using a debit card. Does the $8.25 include the charge from the Panamanian ATM? As you say, it's pretty tiresome having big brother breathing down your neck.

  •  

    Does anyone know if Multibank is going to do adopt the same policy?

     

  • The relatively low cost method of writing checks to transfer funds appears to be over: twenty-one days was the price we paid for their "kiting" of our funds. Now it will require wire transfers through the banking system and cost more like $80 per transaction, although the funds will be available the next day.

    • In most of the countries of the European Union they do not use personal cheques for a very long time. 3e wordl sytem, takes days to clear of weeks from abroad. Of course in 2nd and 3rd world countries they still use them. I have a bank account with Scotia Bank-  SS from the Netherlands as well as other 4 pensions are being wired transfered monthly to Scotia Bank. 2 working days transfer time and cheap. I like highspeed trains no Amtrak.

  • So much hype about Scotia initially. Now it's apearing even more unfriendly than Panamanian banking institutions. And I didn't think that was possible.

     

    • American banking institutions are friendly??? Bailing out the banks in 2008 with tax payers money. The $ is tanking against the Euro.

      • That's not what I said, Robert. Read the post again.

         

    • This reply was deleted.
      • Graciela, why are you shouting at me [ALL CAPS]?

         

This reply was deleted.

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