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Multibank (Panama)

Multibank began operations on July 12, 1990 under the name Multi Credit Bank with the goal of becoming an effective alternative to existing financial institutions and meeting the financial needs of Panamanian citizens. In 2008, the bank changed its name to Multibank and relied on a wide range of services.

Today Multibank is a multidisciplinary flexible bank, which has 25 branches and 2 credit centers in Panama. In addition, the bank expanded its operations at the regional level, obtaining a banking license in Colombia.

Multibank is the main subsidiary of Multi Financial Group, a well-known Panamanian group with more than 45 years of experience in the financial business, and with branches and offices with presence in Panama, Costa Rica, Colombia and Peru.

OPEN AN ACCOUNT IN MULTIBANK

The cost of opening of the account (bank tariff)

The cost of opening accounts - 500 USD.

 

Minimum initial deposit and minimum balance - 55 000 USD (if the amount is less, the monthly fee for account maintenance).

Representative Offices

Colombia, Peru.

Management of the account

Using online banking.

Bank’s tariffs

Account maintenance cost:

- if the minimum balance on the account is 55 000 USD - no commission for servicing the account will be charged;

- if the amount in the account is less than 55 000 USD - a commission of about 30 USD per month will be charged.

 

Local listings within Panama:

- up to 10000 USD - 12,50 USD;

- from 10 001 USD - 20 USD.

 

International transfers:

- up to 100 000 USD – 0,125% of the amount (min 50 USD, max 80 USD);

- more than 100 000 USD – 0,070% of the amount (min 80 USD, max 500 USD).

Terms of opening the account 

The procedure of opening the account consists of two stages: the preliminary stage and final stage of opening an account.

The preliminary stage includes the process of collecting and filing your documents, which are required for opening an account, preparation and signing of forms, as well as sending documents to the main office of the bank. The terms of preliminary stage depends wholly on you.

The term of the account opening is approximately 1 month from the date of submission of all necessary documents to the bank and depends on how long it takes to perform KYC procedures requirements.

Multibank follows KYC policy and reserves the right to require additional documents what may lead to account opening term exceeding, as well as refusing of account opening without reasons explanation.

Staff

English speaking.

Credit/debit cards

Visa, MasterCard.

Other bank's products

Deposits, loans, trust custody.

Documents for opening an account

Forms for signing - are provided at the bank office in Panama.

 

Documents for the company:

- Certificate of registration of the company under the apostille;

- original Certificate of Good Standing;

- original Certificate of Incumbency under the Apostille;

- resolution on the appointment of the first directors of the company under the apostille;

- financial statements of the company for the last 2 years;

- business plan, including all details of the main suppliers and customers (contact information, a historical overview of the companies and countries with which the activity is conducted).

Documents for the account  holder, beneficiary, director and shareholder of the company:

- notarized color copy of the passport to which the power of attorney and the trust declaration have been issued (the Ukrainian passport must be translated into English and notarized);

- receipt of utility bills for gas, electricity not older than 3 months with a notarized translation into English;

- letters of recommendation (not older than 3 months):

two letters of recommendation from business partners (local or foreign);

two letters of recommendation from individuals (local or foreign) to signatories to the account, which should include phone numbers and home address;

recommendation of any bank (2 letters) in which an account is opened with the attorney/beneficiary.

The recommendations should be in English or with a notarized translation into English and contain information on cooperation for at least 2 years, presenting as a reliable partner.

The procedure of opening an account

You need to visit our office to fill out a questionnaire, as well as certification of documents for the company, attorney, beneficiary, director and shareholder. After that, we send the completed bank forms to the bank for approval. If the bank makes a positive decision about the possibility of opening an account, the beneficiary or signatory of the account will need to come to the bank office in Panama for an interview and sign bank forms (an invitation from the bank for an interview does not mean 100% account opening. The final decision is made by the bank after the interview).

Bank site

For further consultation concerning the terms of account opening in Multibank (Panama) please contact our office. We will respond to any questions you may have and will help you open an account in Panamanian Multibank or any other bank out of 70 foreign banks you may choose from. 

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