USD business account in Panama
Every business account at a Panamanian bank is already a US dollar account, because the US dollar is Panama's national currency and there are no foreign exchange controls. What Panamanian companies usually look for is a USD account with US routing details, so US buyers can pay by ACH or Fedwire instead of an international wire. This guide covers the options, the rules, documents, which foreign providers accept Panamanian companies and the legal position of crypto assets.
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- The US dollar is Panama's national currency, there are no foreign exchange controls, and there are no restrictions on capital flows into or out of the country, according to the US government's Country Commercial Guide.
- Banks in Panama are licensed and regulated by the Superintendencia de Bancos de Panamá (SBP), and the National Bank of Panama serves as the clearinghouse for the banking system.
- A Panamanian bank account is paid from abroad by SWIFT and has no US routing number, so a US buyer cannot pay it by ACH.
- Airwallex does not list Panama as a supported business registration location, and Panama is not on Wise's list of countries where customers can hold money.
- Panama's Supreme Court declared the whole crypto-asset bill, Bill 697 of 2021, unconstitutional in a ruling dated 6 June 2023, on procedural grounds.
- As of June 2025, no specific law regulated crypto assets in Panama and none prohibited them, according to a legal analysis published by LexLatin.
What a USD business account means in Panama
Panama uses the US dollar as its national currency. A company that opens a current account at a Panamanian bank is opening a dollar account, and its sales, costs, payroll and taxes are already in dollars. So the question for a Panamanian business is not how to hold dollars, but how to receive them from abroad quickly and cheaply, and how to pay suppliers abroad.
A buyer abroad pays a Panamanian bank account by SWIFT, the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. A Panamanian account does not have a US routing number, the 9 digit code that identifies a bank in the United States. Without one, a US buyer cannot pay by ACH, the low-cost US domestic bank transfer system most US companies use for supplier payments, or by Fedwire, the Federal Reserve's same-day system for large dollar payments.
| Option | Account holder | How dollars arrive from the United States | Main point to check |
|---|---|---|---|
| Current account at a Panamanian bank | The Panamanian company | SWIFT wire through the bank's US correspondent | Bank's inbound fee and correspondent deductions |
| USD account details from a provider abroad | The Panamanian company, if the provider accepts Panama | ACH, Fedwire or SWIFT, depending on the provider | Provider eligibility for Panama |
| US company route | A separate US entity | ACH, Fedwire or SWIFT | US formation, Employer Identification Number (EIN) and US tax filings |
| Stablecoins (USDC, USDT) | Company, through a provider | Blockchain transfer | No specific law in force; see the crypto section |
Comparison of option types, not a ranking. Sources: International Trade Administration, Panama Country Commercial Guide; provider pages cited below; LexLatin, as published on 29 October 2026.
For many Panamanian importers, re-exporters, logistics firms and trading companies, a Panamanian account is enough, because most of their counterparties pay by SWIFT. The case for US details is strongest for companies that sell to US buyers, whose finance teams prefer to pay every vendor by ACH.
Panama's rules: a dollar economy with no exchange controls
The US government's Country Commercial Guide for Panama, last published on 27 March 2026, states that the US dollar is the national currency, that there are no foreign exchange controls, and that there are no restrictions on capital flows into or out of the country. Banks are licensed and regulated by the Superintendencia de Bancos de Panamá (SBP), the banking supervisor, and the National Bank of Panama serves as the clearinghouse for the banking system.
| Area | What applies in Panama | What it means for a USD account |
|---|---|---|
| Currency | The US dollar is the national currency | No conversion between a local currency and dollars, and no exchange rate risk on dollar receipts |
| Exchange controls | None | No exchange control forms to receive, hold or pay dollars |
| Capital flows | No restrictions on flows into or out of the country | Dollars can be held abroad or brought home without a deadline in the sources cited |
| Bank supervision | Banks licensed and regulated by the SBP | Check that a bank holds an SBP license before opening an account |
| Customer checks | The SBP enforces the anti-money laundering and know-your-customer regime | Expect detailed questions on owners, source of funds and expected activity |
| Trade finance | Local banks readily provide irrevocable letters of credit | Letter of credit proceeds arrive by SWIFT into the Panamanian account |
Sources: International Trade Administration, Panama Country Commercial Guide, Trade Financing (last published 27 March 2026); Biz Latin Hub, guide to opening a corporate bank account in Panama (updated 29 December 2025). As published on 29 October 2026.
A letter of credit is a bank's promise to pay the seller once the shipping documents match the terms. The absence of exchange controls does not mean the absence of checks. Panamanian banks apply strict know-your-customer reviews, and the time it takes to open an account depends mostly on how complete the file is.
Option 1: an account at a Panamanian bank
A Panamanian company opens a current account at a bank licensed by the SBP. The account is in dollars and in the company's own name, and it is paid from the United States by SWIFT through the bank's correspondent there. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency.
Incorporation firms report what the process looks like in practice. Biz Latin Hub, a firm that helps companies open accounts in Panama, states that accounts take 2 to 3 weeks to open when all documents are properly certified and due diligence is complete, and lists a minimum deposit of $1,000 in its comparison table. Treat these as one firm's reported figures; each bank sets its own.
When a US buyer pays by SWIFT, the intermediary banks in the chain can deduct their own fees. OUR, SHA and BEN are SWIFT charge codes: OUR means the sender pays all fees, SHA means fees are shared so intermediaries can deduct theirs from the amount, and BEN means the receiver pays them all. For large invoices, agree OUR terms with the buyer in the contract, so the invoice is paid in full.
Ask the bank three things before opening: the fee for each incoming international wire, the fee and cut-off time for outgoing wires, and which US correspondent bank it uses. For the buyer's side of the difference between the payment rails, see our guide to SWIFT, ACH and Fedwire.
Option 2: providers that give US account details
US account details, a routing and account number, let US buyers pay by ACH or Fedwire as they would pay a domestic supplier. The first question for a Panamanian company is whether the provider accepts companies registered in Panama. The table records what each provider states on its own pages.
| Provider | What its own pages state for Panama | What it means for a Panamanian company |
|---|---|---|
| Airwallex | Panama is not on its list of supported business registration locations; it states it cannot process applications from locations not listed | Not available to a company registered in Panama at present |
| Wise | Panama is not on its list of countries where customers can hold money | Holding a balance is not available to Panama residents at present |
| Mercury | Accepts only companies formed and registered in the United States or a US territory | Available only through a US company owned from Panama |
Sources: Airwallex, eligible countries and territories; Wise, where do I need to live to hold money with Wise; Mercury, eligibility. As published on 29 October 2026. Eligibility lists change; check each provider's page before applying.
Before you apply to any provider, check three points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name, because the buyer's accounts payable team and your auditors will compare the name on the account with the name on the invoice. Second, which rails the details accept: ACH only, or also Fedwire and SWIFT. Third, the cost of moving dollars to your Panamanian bank when you need them there.
Option 3: a US company with its own account
Some Panamanian owners form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, and states that founders do not need to be US citizens or residents.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no principal place of business in the United States may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone.
The cost is a second company: state filings, a registered agent, separate accounts and US tax returns. Money paid to the US company belongs to the US company, not the Panamanian one. If your contracts and invoices are in the Panamanian company's name, a buyer paying the US company creates a mismatch your bank and auditors will ask about. Take Panamanian and US tax advice before choosing this route.
Documents Panamanian banks ask for
Panamanian banks ask for a full company file, and documents issued abroad usually need an apostille, the certificate that makes a public document from one country valid in another. The list below is the one Biz Latin Hub publishes, which it describes as non-exhaustive.
| Document | Notes as published |
|---|---|
| Articles of incorporation | Copy |
| Certificate of good standing | Issued for the company |
| Commercial license | If applicable |
| Bank reference letter | For the company, or from the shareholders if the company has none; less than 3 months old |
| Proof of income | Shareholders' income tax declarations |
| Passports | Copies for all shareholders and members |
| Certification | All documents apostilled |
Source: Biz Latin Hub, A Guide to Opening a Corporate Bank Account in Panama (updated 29 December 2025), as published on 29 October 2026. Each bank sets its own list.
Providers that give US account details ask for a similar file, often with more evidence of trade: contracts or purchase orders with main buyers and suppliers, sample invoices, an ownership chart down to every person holding 25% or more, and a short description of the business and its expected monthly volumes. Keep the same company name on every document.
Stablecoins and crypto in Panama
Stablecoins are digital tokens designed to hold a steady value against a currency. USDC and USDT are the two most widely used dollar stablecoins. Panama has no law in force that regulates them specifically.
- The 2021 bill. The National Assembly passed a crypto-asset bill, Bill 697 of 2021. The President vetoed it in June 2022, the Assembly approved it again in third debate on 28 October 2022, and the President took it to the Supreme Court in January 2023. In a ruling dated 6 June 2023, the Supreme Court declared the whole bill unconstitutional, because the Assembly changed provisions the President had not objected to and added new ones, contrary to Article 170 of the Constitution.
- The position since. A June 2025 analysis by Ricardo Chanis, a partner at Chanis Legal, published by LexLatin, states that no specific law regulates crypto use in Panama, and that there is no prohibition either. It describes a new draft bill that would create a national digital assets council and require crypto exchanges to register, and reports that in April 2025 the Panama City municipal government signed an agreement with a bank to accept crypto for municipal taxes, with the bank receiving the crypto and paying the dollar amount to the city.
| Question | What the sources say |
|---|---|
| Is there a crypto law in force? | No; the 2021 bill was declared unconstitutional in full on 6 June 2023 |
| Is crypto prohibited? | No prohibition, according to the June 2025 analysis |
| Do banks deal with crypto? | Some banks let clients receive crypto payments and convert them to US dollars, according to the same analysis |
| Is a new law proposed? | A draft bill would create a national digital assets council and require exchange registration |
Sources: La Prensa, the Supreme Court rejects the crypto-asset bill (16 July 2023); Ricardo Chanis, LexLatin, crypto regulation in Panama (6 June 2025). As published on 29 October 2026.
For a trading company, the practical reading is to treat a stablecoin balance as a digital asset held with a provider, not as dollars in a bank, to keep the invoice and shipping documents for every stablecoin receipt, and to check whether your Panamanian bank will accept funds converted from stablecoins before you rely on that route.
Where a Helm USD account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm serves companies registered in Panama, with USD account details in the company's own name: a US routing and account number that receives ACH, Fedwire and SWIFT. A US buyer pays the invoice as it would pay a domestic supplier, instead of sending an international wire to Panama.
- Collecting from US buyers by ACH or Fedwire into an account in the company's own name, so the name on the account matches the invoice.
- Paying suppliers abroad through international payments by SWIFT and by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending. EUR details (IBAN, SEPA and SWIFT) and GBP details (sort code, Faster Payments and SWIFT) sit alongside the USD details.
- Stablecoins: the account can receive, send and convert USDC and USDT to USD, subject to the legal position above.
- Trade finance: supplier finance, receivables finance and working capital, arranged case by case.
Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens. For another dollarized market, see our guide to a USD business account in Ecuador.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Are bank accounts in Panama in US dollars?
Yes. The US dollar is Panama's national currency, so a business current account at a Panamanian bank is a dollar account. What a Panamanian account does not have is a US routing number for ACH payments.
Does Panama have exchange controls?
No. The US government's Country Commercial Guide for Panama states that there are no foreign exchange controls and no restrictions on capital flows into or out of the country.
Who regulates banks in Panama?
Banks in Panama are licensed and regulated by the Superintendencia de Bancos de Panamá (SBP). The National Bank of Panama serves as the clearinghouse for the banking system.
How long does it take to open a corporate bank account in Panama?
Biz Latin Hub, a firm that helps companies open accounts, reports 2 to 3 weeks when all documents are properly certified and due diligence is complete. Documents issued abroad usually need an apostille, and bank reference letters should be less than 3 months old.
Can a Panamanian company get US routing and account numbers?
Yes, from a provider that accepts companies registered in Panama, or through a US company. Airwallex and Wise do not list Panama on their eligibility lists, and Mercury accepts only US-formed companies, so check each provider's own page.
Can US buyers pay a Panamanian company by ACH?
Only if the Panamanian company has US account details with a routing number. A Panamanian bank account receives US payments by international wire through SWIFT.
Is crypto legal in Panama?
Panama has no specific crypto law in force. The Supreme Court declared the 2021 crypto-asset bill unconstitutional on 6 June 2023, and a June 2025 legal analysis states that crypto use is neither specifically regulated nor prohibited.
Can a Panamanian company accept USDT from customers?
No law in force prohibits it, according to a June 2025 legal analysis, but no law regulates it either. Check that your bank will accept funds converted from stablecoins, and keep the underlying invoices for every receipt.
Can a Panamanian owner get a US EIN?
Yes, for a US company. The IRS instructions for Form SS-4 let international applicants call 267-941-1099 and state that only international applicants can receive an EIN by telephone.
References
- International Trade Administration: Panama Country Commercial Guide, Trade Financing
- La Prensa: La Corte Suprema rechaza el proyecto sobre criptoactivos, es inexequible (16 July 2023)
- LexLatin (Ricardo Chanis): La regulación de criptomonedas en Panamá (6 June 2025)
- Biz Latin Hub: A Guide to Opening a Corporate Bank Account in Panama
- Airwallex: Eligible countries and territories
- Wise: Where do I need to live to hold money with Wise?
- Mercury: Eligibility and requirements for opening a Mercury account
- Internal Revenue Service: Instructions for Form SS-4
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.