Panama eliminates bank fees on withdrawals, deposits and mortgages starting in 2027

The Superintendence of Banks of Panama has established new directives that will eliminate numerous bank commissions starting from January 4, 2027. Among the main innovations stands out the ban on credit institutions from charging costs on withdrawals and cash deposits made physically at the counter. The only exception will be for monthly payments exceeding $10,000, the limit lowered to $5,000 for coin transactions.

The agreement also intervenes incisively on credit operations. Banks will no longer be able to demand penalties for the early repayment or transfer of a real estate loan after five years from the stipulation. This exemption will instead be applied from day one for consumer credits, agricultural loans and subsidized loans. The costs for issuing reference letters and requesting a payment history per year are also abolished.

Finally, the regulations offer greater protection on payments: if a customer pays a sum greater than the expected instalment, the excess amount must necessarily be allocated to reducing the residual capital and not to covering future interests.

Blocking access to online banking services for customers who are late with payments is also prohibited.