Panamainfo’s Blog

Why I Love Scotia Bank for Foreign Residents

Dealing in banks in Panama is not a favorite activity for foreign residents.  But good news: there is one bank that excels at serving the foreign resident community. Many years ago a board member at the American Chamber of Commerce recommended Scotia Bank to us.  Shortly thereafter we opened a savings account and  got a home mortgage from Scotia.   I did not consider putting my bank accounts because their one Panama City  branch was far from where we lived.  But Scotia recently opened a branch near where we live. I am now switching 3 of our checking accounts  to Scotia. I made this decision after having one too many problems with my current bank and not wanting to stand in long lines anymore.

It has been a pleasure to open up these accounts at Scotia. They were geniunely happy to have my business, the personnel was competent and helpful. I speak Spanish but they were ready and willing to speak to me in English if necessary. I was able to set up my new bank account in less than a week with no hassles whatsoever.

Scotia was recently named “One of the top 10 most stable banks in the world” according to the Toronto Financial Post. It’ growing by leaps and bounds in a number of Latin American countries like Mexico. In Panama, Scotia has several branches in Panama City and also one in Boquete.

Scotia accounts can of course be seen online but it will be another year before you can make utility and other payments from your Scotia Bank online account, so I am keeping one account in my old bank until this service is offered. I am told that Scotia will offer credit cards in a year as well.

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