A US citizen in Panama reports: “I found out that everytime I make a deposit to my HSBC savings account, they charge me a service fee. We were never told about this fee when we opened the account so we were not thrilled to see such charges. We thought we got it made in regards to banking here in Panama. We were allright with the 20 days requirement so we thought we would just deposit our US bank check a month ahead of need time. But in one month, they charged us $8.35 for such fees. It’s not that much, but hey, in one year that would be more than $100. I really hope that there is a bank here in Panama City that could give a better service.” (reference and credit)
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We use Banistmo which is part of HSBC and have not been charged for making a US check deposit and I make 2 deposits a month. Although they do take 6 weeks to clear but that seems to be standard in all Central American Banks.