Good News for Expats and Digital Nomads: Panama’s Banking Fees Will Soon Be History

Starting January 4, 2027, banks in Panama will no longer charge fees for several services, bringing more financial relief to expats and digital nomads based in Panama City.

The Superintendency of Banks of Panama (SBP) has approved Agreement No. 7-2026, which eliminates charges for in-person cash withdrawals, deposits, designation or change of beneficiaries, SWIFT message confirmations, bank reference and balance letters, payment history requests, in-person payments, and failure to present policy renewal.

Additionally, there will be significant changes for loan and mortgage services. After five years, no commission can be charged for early cancellation, extraordinary payments, or migration to another bank for housing mortgages. If the nominal interest rate is increased within the first five years, banks cannot charge penalties or fees for loan migration or cancellation.

For those in arrears, banks must apply surplus payments directly to the outstanding principal and cannot restrict access to electronic banking. These changes will ensure that banking services in Panama become more transparent and fair for everyone.