Open bank account for Panama entity?

#5
There is no appetite for Panama companies in the west after Panama Papers scandal and it will make no difference how legit your activity is. Beggars can't be choosers when its comes to Panama companies. Good luck.
 
#8
#10
james David said:
Do you think we could open in EU bank?
Click to expand...

Open in a bank in EU? As a non-EU resident you would be lucky to open an account for a normal EU company let alone a Panama one....lol. You will have to ask among the small independent EU banks. Best bet would be to try a small Austrian private bank, you can find on the web the name of a few and approach them directly.
 
Reactions: Takeshi
#12
Guys, I have a question about Caye International Bank.

They propose Demand Deposit Account and you can choose only one currency (or USD, or EUR, or GBP ... etc.)

Could I use them as a usual corporate bank account for payments to my partners and payments by invoices?

If I will choose USD - when I make wire - the recipient of my payment will see the name of my company as sender or not?

And the same question about EUR - If I will choose EUR.

Thanks!
 
#13
As i know and from info on their site, they do not have direct access to the swift.
So, if you will send or reiceve payments, beneficiar will be bank, not your company.
Only in payment purpose should contain name of your company.
Thats why caye is mostly useless for business activity.
 
#14
Caye has correspondent banks for EUR and USD. But when sending money to a third party, the sending party (your company name) will be in of the fields of the SWIFT message structure as the sender. This would be more a question to tech guy at Caye. I double checked payment I received in my bank via a correspondent bank (nor from Belize though) and I can see the ordering bank, the correspondent bank and the ordering party who initated the payment.
 
#16
Suzy Emerald said:
@John Spectre sorry, didnt see the message above that Caye has no direct access to SWIFT. But they do have their own SWIFT code (CAYEBZBZXXX ). What does 'not have direct access to SWIFT' mean?
Click to expand...

This mean that they lost access to the swift maybe year or two ago.
Before that - they had access to swift and had swift code that you mentioned.
so, over internet and swift database this code is present, but not usable as I understand.
 
Reactions: Suzy Emerald
#18
Anyway. Belize banks are used a lot by US citizens to save their money so transfers are therefor not that important I think. Account opening with Caye is not difficilt but after preapproval you need to send the original docs.
 
#19
John Spectre said:
This mean that they lost access to the swift maybe year or two ago.
Before that - they had access to swift and had swift code that you mentioned.
so, over internet and swift database this code is present, but not usable as I understand.
Click to expand...

I think you mean they lost a couple of their correspondence banking relationships a while ago like most of the Caribbean. They still have access to Swift and have never lost Swift access as you can see in their wire instructions. They just have a new correspondence banking relationship with Crown Agents bank in UK which they are using to process payments.
 
Reactions: Takeshi
#20
Their info about wire transfers:
Offshore Banking International Transfers and Wiring

Their instruction about transfer is USD:
http://cayebank.bz/sites/default/files/USD wiring instructions - Amerbank & CAB 180626.pdf

Clearly stated:
Beneficiary Customer: Amerbank – Caye International Bank
Not a customer name.

customers info routed in field:
For Further Credit: XXXX

And note about sending with "****Note:" which showed that they can't automatically transfer this payment without customer information...

Generally, this mean, that during sending or receiving transfer, you will send money to the Bank itself, not to the client of this bank.
From the pure SWIFT operation access, this mean that Caye don't have access to the traditional wiring.
And second, majority of the banks will just denied such transfers because it identified as a "transfer to third parties"(it can be simply confirmed by giving caye's wiring instructions to the bank manager who will assist with transfer).
I believe the same situation with sending money from the Caye to the other banks.

Sure, if the information from their web site is not relevant and they actually can receive wires with "Beneficiary Customer" field as a client name directly - that all is ok, but really I doubt about it.
 
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