Local Banks: These are banks that operate primarily within the country you're living in. They often have a deep understanding of local financial regulations, cultural nuances, and specific services tailored to residents.

International Banks: These banks operate globally, often with branches in multiple countries. They offer consistency, familiarity, and services designed for international clients.

Consider Your Financial Habits: Think about how you manage your money. Do you frequently travel between countries, or are you settled in one place? Are you looking for specific services like mortgage loans, investment opportunities, or savings accounts?

Evaluate Your Long-Term Plans: If you plan to stay in one country for an extended period, a local bank might offer more tailored services. If you foresee moving between countries, an international bank can provide stability and continuity.

Local Banks

Pros:

Better understanding of local regulations and market conditions.

Potentially lower fees for domestic transactions.

Local customer service with insights into regional needs.

Cons:

Limited international services and higher fees for international transactions.

Language barriers if you’re not fluent in the local language.

International Banks

Pros:

Consistent banking experience across different countries.

Access to global financial products and services.

Multilingual customer service.

Cons:

Higher fees for certain services compared to local banks.

May lack understanding of local market nuances.

Branch Locations: Check if the bank has branches or ATMs conveniently located near your home, workplace, or frequented areas.

Online and Mobile Banking: Evaluate the quality and user-friendliness of their online and mobile banking services. This is especially important if you travel frequently.

Customer Service: Consider the availability and quality of customer service. International banks often provide 24/7 support in multiple languages.

Local Banks: Look for special offers or benefits designed for residents, such as local discounts, loyalty programs, and community involvement.

International Banks: Check for features like global account access, international wire transfers, multi-currency accounts, and partnerships with banks in other countries.

Local Banks: Research the financial stability and reputation of the local bank. Look for strong regulatory oversight and customer reviews.

International Banks: These banks generally have robust security measures and are often backed by strong international regulations. They may offer additional security features for international transactions.

Local Banks: Opening an account might require more local documentation, such as proof of address and residency permits. The process might be easier if you have local contacts or support.

International Banks: They might have a more streamlined process for expats, often requiring just your passport and proof of address. They might also offer services specifically designed to help expats transition smoothly.

If you plan to stay in one country for a long time and want to integrate into the local financial system, a local bank might be the best choice. They can offer better local insights and services tailored to residents.

If you move around a lot or need a consistent banking experience across multiple countries, an international bank is likely the better option. They provide a stable and familiar banking experience, no matter where you are.

We can open Corporate Bank accounts in Panama with only a video conference for Americans.

We can open Personal Bank accounts in Panama with only a video conference for Americans.

We take care of your tax returns for both the U.S. and your new home country, making sure you stay compliant and avoid double taxation.