A real US-dollar bank that welcomes crypto.
Towerbank is a licensed Panamanian bank that openly works with crypto clients. Convert BTC, ETH, USDT and USDC into dollars inside a regulated bank account, link your exchange without triggering instant red flags, and bank in USD outside the European system.
79.52° W
A dedicated account for people whose money comes from exchanges.
Regulated by Panama's Superintendency of Banks.
SWIFT and US correspondent banks, no IBAN, no euro rails.
& Supervised
A dollar economy, built on global trade.
Panama has been one of Latin America's main financial centres for decades. Its banking sector grew up around the canal and global trade, so international clients and cross-border payments are normal business here.
The country has no central bank of its own and uses the US dollar as its everyday currency. Banks are licensed and supervised by the Superintendencia de Bancos de Panamá, and dollar payments run through SWIFT and US correspondent banks. Panama doesn't use IBANs, so your money moves entirely outside the European SEPA system.
It's not a perfect jurisdiction. Panama's reputation still carries baggage from the Panama Papers, and it doesn't have the prestige of Switzerland or Singapore. Some foreign banks still look a little harder at Panamanian transfers. But the direction is clear: Panama left the FATF grey list in 2023 and the EU's high-risk AML list in 2025.
Panama exchanges account information under the OECD's Common Reporting Standard and reports US persons under FATCA. This is about diversifying where you bank in dollars, not about hiding money or avoiding tax.
Most banks tolerate crypto. This one went all in.
Towerbank publicly declared itself Bitcoin-friendly and built a dedicated Crypto-Friendly account for people whose money comes from exchanges. Deposits from platforms like Coinbase or Binance don't set off the instant alarms you'd hit at most European or American banks.
Through its ikigii platform, clients can buy, sell and convert BTC, ETH, USDT and USDC, with proceeds credited to a dollar bank account. That's the part almost no traditional bank offers: a direct, compliant bridge between your exchange and a licensed dollar account.
A bridge between crypto and dollars.
Towerbank isn't the cheapest bank for everyday payments. For the situations below, it fills a gap that few licensed banks will.
Crypto Off-Ramp
Cash out a larger position into dollars at a licensed bank, with a clear paper trail from your exchange to your account.
Core useDollar Savings
Hold part of your savings in USD at a real bank, in a dollar economy, outside your home banking system.
Diversify Away From Europe
No IBAN and no SEPA: your money runs on SWIFT and US correspondent banks, a separate layer from your European accounts.
LATAM Business
Companies can open a Crypto-Friendly business account from a $100 minimum balance, useful for Latin American trade in dollars.
Crypto-Backed Loans
Borrow dollars against BTC held in custody, without selling it. Subject to approval and loan-to-value limits.
Premium Card
A Visa Infinite credit card with Priority Pass lounge access and travel insurance, for clients who qualify.
OptionalWhat it costs, and who shouldn't bother.
There's no subscription-style monthly fee as long as you keep the minimum balance. The real cost is international wires, so this is an account for fewer, larger transfers.
✓ A good fit if you
- Hold crypto and want a compliant route into US dollars
- Want dollar savings at a licensed bank outside Europe
- Move money in larger, less frequent amounts
- Can keep at least $1,000 in the account
- Do business in Latin America
✕ Not a fit if you
- Need an everyday account for many small payments
- Mainly need euros or SEPA transfers
- Can't document where your crypto came from
- Need government deposit insurance: Panama has no deposit insurance scheme
- Expect a fast onboarding: Panamanian KYC takes patience
From your exchange to a dollar account in Panama.
Towerbank accepts online applications from any nationality. The hard part is the compliance file, and that's where most applications stall. We help you get it right the first time.
Fit Check
Fill in the short form below. We check whether Towerbank suits your country, your funds and what you want the account for.
Prepare the File
Passport, proof of income and, for crypto, screenshots of your exchange portfolio. We help you document the trail.
Apply Online
Submit the application online or in the app. The bank's compliance team reviews it and may ask follow-up questions.
Fund & Activate
Once approved, fund the account by wire or crypto conversion and keep at least the minimum balance.
Open your Towerbank account.
Tell us about your situation. If Towerbank fits, we help you prepare a complete application so compliance has what it needs from day one.
- Fit check before you apply
- Guidance on personal or company accounts
- Help documenting crypto source of funds
- Application review before submission
- Support until the bank's decision
- Valid passport
- Proof of income (employment letter or similar)
- Exchange portfolio screenshots, if you hold crypto
- Proof of address
- US persons: FATCA documentation (W-9)
Start your application
Before you open your account.
Do I need to travel to Panama?
No. Towerbank says accounts can be opened online from anywhere, regardless of nationality, and you can also book an appointment in person. Expect the compliance review to take time, and some features vary by country of residence.
What's the minimum to open an account?
For the Crypto-Friendly checking account, the published minimum balance is $1,000 for individuals and $100 for companies. If your average monthly balance drops below that, the bank charges $30 a month for individuals ($25 for companies).
Which crypto can I convert?
Towerbank's platform supports BTC, ETH and the stablecoins USDT and USDC. Proceeds are credited to your dollar account. Incoming crypto is screened, so it should come from an exchange account or wallet in your own name or your company's name. Conversion fees are quoted by the bank.
How much do transfers cost?
Incoming international wires cost $40 for individuals ($35 for companies). Outgoing wires cost 0.125% of the amount (minimum $25, maximum $500), plus a $20 SWIFT charge and $15–30 for the correspondent bank. That's why this account works best for fewer, larger transfers.
Is my money protected?
Panama has no government deposit insurance scheme, so there is no guaranteed payout if a bank fails. Your protection is the bank's own strength and the Superintendency of Banks' supervision. We treat Towerbank as one part of a diversified setup, not the only place to keep your money.
Can Americans open an account?
Panama reports US account holders under FATCA, and US persons provide a W-9. Acceptance depends on the bank's policy at the time, so tell us in the form and we'll check. US reporting duties such as FBAR and Form 8938 still apply.
Is this a secret or tax-free account?
No. Panama exchanges account information under the OECD's Common Reporting Standard and reports US persons under FATCA. You remain responsible for declaring the account and any crypto gains where you are tax resident.