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Banco General review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Banco General suits people who bank and spend in Panama and want saving, spending and borrowing from one long established bank. It suits less well if you hold money in other currencies, because the currency conversion fee of 3.21% is the figure that decides it.

Key facts

Best for
Panamanian residents who want everyday spending, saving and borrowing from one long established bank.
Monthly fee
$2.68↗
Currency conversion fee
3.21%↗
Card type
Debit↗
Card network
Visa↗
Legal entity
Banco General, S.A.↗
Headquarters
Panama↗
Founded
1955↗
Support channels
Chat, Phone↗
Features
Multi-currency
Official website
bgeneral.com

Loans

APR
14% to 24%↗
Loan amount
$2,000 to $65,000↗
Credit check
Hard↗
Funding time
Fast approval and disbursement↗
Rate type
Variable↗
Lender type
Direct lender↗
Free early repayment
Yes↗
Eligibility
Age 21 and over, employed in Panama, minimum salary to apply US$225-600 depending on sector, good APC credit references and 2 years job continuity↗
Loan types
Personal, Debt-consolidation↗
Credit needed
Good↗
Pricing model
No monthly fee

Savings

Headline rate
0% to 2.5%↗
Minimum deposit
$1↗
Access terms
Immediate availability of the money with a debit card or Clave card; account closes automatically after 60 days with no balances↗
Account kind
Easy access↗

Mortgages

Purpose
Purchase, First-time-buyer, Remortgage, Home-equity↗

Facts checked September 26, 2026, 10 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataXLinkedIn

Pros and cons

Pros

  • Money is available immediately with a debit card or a Clave card, and savings open from a minimum deposit of $1
  • Founded in 1955, so a long trading record sits behind the account
  • A direct lender offering personal loans of $2,000 to $65,000 and debt consolidation, with free early repayment
  • Support runs on chat and phone

Cons

  • A monthly fee of $2.68 applies on the debit card, where bunq lists €0 and Wise lists £0
  • The currency conversion fee of 3.21% is the main cost when you spend or receive money outside Panama
  • A hard credit check with good credit needed, plus a minimum salary that depends on sector and a job continuity requirement, limits who can borrow
Banco General

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Scored 9.0 / 10 by SumCue.

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Who it suits

  • Residents of Panama paid locally who mostly spend from a Panama account
  • People who want a debit card, a savings account and personal loans from one bank
  • Borrowers with good credit references and steady employment who can meet a minimum salary

Who should look elsewhere

  • Anyone living outside Panama, since the bank is based there and its personal loan terms are for people employed in Panama
  • Frequent travellers who pay in other currencies, because Wise holds the monthly fee at £0
  • Anyone wanting a card without a monthly charge, since bunq lists €0 and Varo Believe Secured Credit Card lists $0

Fees and currency costs

The debit card carries a monthly fee of $2.68, which is the main ongoing cost and sits above the monthly fees listed at bunq and Wise. The currency conversion fee is 3.21%, so spending abroad or receiving money in another currency costs more here than at either of those alternatives. For an account used only locally, the monthly fee is the clearer running cost.

Where it sits among rivals

On currency conversion cost the bank ranks 239 of 258 brands, so a charge of 3.21% sits well back from the cheapest. On the monthly fee the ranking is 362 of 422, which is where a fee of $2.68 leaves it. Both positions are worth weighing before the account is opened.

How Banco General compares

Where Banco General is available

Available
Panama

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

How much does the debit card cost each month?+

The debit card carries a monthly fee of $2.68, and that charge recurs every month the account is open. bunq lists a monthly fee of €0 and Wise lists £0, so a local account is the dearer way to hold everyday money here.

What does it cost to convert currency?+

The currency conversion fee is 3.21% on the debit card. If you spend and get paid in Panama that cost rarely appears, but any payment made in another currency adds it on top, which makes travel and imported spending noticeably costlier.

How much do I need to open the account?+

The savings account takes a minimum deposit of $1, so the entry point is small. It is an easy access account, and money is available immediately with a debit card or a Clave card, which suits anyone who wants same day access to savings.

What happens if I leave the account empty?+

The account closes by itself after a period with no balances, so savings left sitting still can shut it. Move money out before that point, or keep a small balance, rather than treating it as a place to hold funds indefinitely.

Can I borrow from the same bank?+

Banco General lends directly, offering personal loans of $2,000 to $65,000 and debt consolidation, with Fast approval and disbursement. Early repayment is free, so clearing a loan ahead of schedule adds nothing to what you have already paid.

Who qualifies for a personal loan?+

You need to be an adult, employed in Panama, and to meet a minimum salary that depends on your sector, alongside good credit references and a job continuity requirement. The lender runs a hard credit check and asks for good credit.

How do I get help if something goes wrong?+

Support runs on chat and phone, so you can reach the bank by chat or by phone, and the service is in Spanish. Phone suits anything urgent about a payment, while chat works for routine account questions.

Sources

Compiled from 11 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Free ATM withdrawals, Protection.

Banco General

Banco General

Panamanian residents who want everyday spending, saving and borrowing from one long established bank.

9.0/10See alternatives