A Modern Tale of Banking in Panama

May 9, 2017               When I arrived in Panama, I simply wanted to fix my Banvivienda account so that the annual fees for maintaining my business entity could be paid from the account. As usual, the plan morphed into something else. My friend suggested that it might be better to move the business account from Banvivienda to Tower Bank and not use a checking account (since I don’t write checks against the account anyway). I needed a bank reference letter to open the new business savings account at Tower Bank. That required a visit … Continue reading

My Bank Account In Australia was Closed!

June 2, 2016          When I returned back to the U.S. from my trip to Panama this spring, I had a check waiting for me from Australia. If you recall, I opened a bank account there when I was at Simon Black’s conference in Santiago, Chile back in 2013. The bank account was affiliated with a brokerage account I opened at a company called BBY. That account was opened at the same time, but I never used it. Last year, I received emails from the guy who opened these accounts for people at Simon’s conference. He said … Continue reading

Banking in Panama – Trials and Tribulations

May 11, 2016          I visit my bank, Banvivienda, every time I go to Panama, for one reason or another. This time, it was because I had forgotten to login to my bank accounts and transfer money between them often enough to keep them active. The accounts at Banvivienda are rendered inactive if you don’t have some activity in them within 6 months. Hence, it was a good time to stop by and get my accounts re-activated. And I wanted to deposit some cash I brought with me. The more money I get out of the U.S., … Continue reading

Is it Time to Hide Your Money Under Your Mattress?

June 9, 2013 I was struck with disbelief when I first heard about what was going on in Cyprus in March. At first, all I knew was that the banks had closed and it was being said that they were going to levy a tax on all of the bank deposits at the two largest Cypriot banks in order to avoid bankruptcy. And this was at the suggestion of the IMF (International Monetary Fund), an organization outside of Cyprus. At the time, it sounded like all the deposits in the banks were going to take a 10% haircut. What I … Continue reading