I thought I would tell you about an experience a friend of mine has recently had buying a car in David.
After shopping for several months she found a car meeting her needs and started the process. It was priced at $8,000.
She spent a week trying to get the money transferred from her account in the U.S. to the Panamanian account. When the U.S. bank realized it was an internet request from Panama to the U.S. bank to transfer money to a Panama account the bank froze the account as a fraud case.
When she called, she was told she needed to appear at the bank with two IDs to reactivate the account. Obviously that was not possible. Her son lived in the U.S. and was finally able to convince the bank it was a valid transfer and reactivate the account.
He tried a couple times to make the transfer and each time the transfer didn’t take. The bank would not disclose why the transfer did not go through. After a week, it was determined that either the name on the receiving account or account number might not be exactly correct.
She decided to take a different approach. She had friends in Panama that were willing to give her a cashers check on their Panama account made out to the seller. She gave them a personal check on her U.S. bank for the same amount. They were willing to wait the 20 days for the deposit to clear.
However, when they tried to deposit the check, they learned that their Panama bank would not take a U.S. check for larger than $3,000.
It is becoming extremely clear that banks in Panama really don’t want to have anything to do with U.S. clients or even transactions from the U.S.