Fixed-term deposits in foreign currency:



Your deposits in our safe hands

Features

  • Amounts to be deposited within a specific period of time, as requested by the client, and at rate of interest based on said term. Once said term expires, the amounts deposited shall be automatically be renewed for the same term and at the interest rate applicable at that time, unless the client provides written instructions to the contrary five days prior to the expiry date.
  • This product can be managed in different types of foreign currency.
  • Terms range from between 1 and 12 months.
  • Deposits can only be set up two business days after funds become available in your account and we have quoted the interest rate to be paid on such.
  • The client must hold a checking account in the same currency as the fixed-term deposit so as to be able to set up this deposit and transfer the corresponding funds.

Minimum deposit amount:


Currency Amount
Canadian Dollars - CAD 35,000.00
British Pounds - GBP 30,000.00

Benefits and services

  • The backing of a sound financial institution
  • Interest rates depending on the amounts deposited and the terms chosen
    You can check on your account via:
    • Our on-line banking facilities for personal accounts.
    • Our dedicated Help Line

Requirements for opening accounts:

Checking and savings accounts along with fixed-term deposits

In order to open a deposit account you must present the following documents:

Panamanian private individuals:

  • Original ID Card
  • Second valid ID document (driving license, Social Security Card, Employment Card).
  • A banking reference or verifiable personal references.
  • A completed account application form.

Foreign-born non-resident private individuals:

  • Original passport
  • Resident permit or green card.
  • 2 banking references, one of which must attest to a minimum of two years with said bank.
  • Proof of income or evidence supporting the origin of the funds to be deposited
  • A completed account application form.

Foreign-born private individuals resident in Panama:

  • Original passport
  • Second valid ID document (driving license, Social Security Card, Employment Card).
  • A banking reference
  • A completed account application form.

Domestic legal entities:

  • Articles of Incorporation or Corporate Charter, together with any amendments to such, as applicable
  • Certificate of Good Standing
  • By-laws in the case of Private Interest Foundations.
  • ID card or passport together with a second valid ID document corresponding to corporate officers, attorneys, legal representatives, shareholders, real beneficiaries and signatories.
  • Verifiable banking references for both the legal entity and all those stated in the previous item
  • A completed account application form.

Foreign legal entities:

  • Articles of Incorporation or Corporate Charter, together with any amendments to such, as applicable
  • Certificate of Good Standing
  • ID card or passport together with a second valid ID document corresponding to corporate officers, attorneys, legal representatives, shareholders, real beneficiaries and signatories.
  • Two banking references, one of which must attest to a relationship of at least two years with the bank in question.
  • Proof of income or evidence supporting the origin of the funds to be deposited.
  • A completed account application form.

Foreign legal entities – Free Trade Zone Clients:

These must comply with all those requirements applicable to a foreign legal entity as well as the following:

  • Commercial Registry #
  • Two commercial references issued by recognized companies belonging to the Free Trade Zone of Colón.
  • Two banking references for the account signatories.
  • Audited financial statements for the latest year (certified by a chartered accountant in the case of Venezuela)
  • Personal financial statements or income tax returns belonging to the account signatories.

Should these documents be issued abroad they must be duly apostilled or authenticated by an embassy or consulate.

The Bank may request other documents in addition to those stated above.

Accounts can only be opened subject to the Bank´s approval

FAQs

1. ¿What happens once the term of my deposit expires?
Upon expiry, your fixed-term deposit shall be automatically renewed for the same term as before and at the interest rate applicable on the date this is performed. Should you wish to extend or reduce the term of your fixed-term deposit or simply withdraw the funds, you must give the corresponding written instructions five days prior to the expiry date.

2. ¿How much does the Bank charge for its services?
For more information on banking charges please consult the following sections:

  • Tariffs
  • Important Notices
  • Tools