Useful Facts That Concern Your Money In Panama

By BobbyRica | November 18, 2008

We’ve talked about how well-priced everything is in Panama, now let’s talk about a few handy things that might want to keep in mind, moneywise, in Panama.

-Bring a sturdy and huge coin purse.
The unit of currency is the Balboa. There is no Panamanian paper currency; coins exist in denominations of PAB10 and 1, and 50, 25, 10, 5 and 1 centavos.

-Don’t fuss over exchange rates.
US currency was adopted in 1904 and exists alongside the Balboa coinage. PAB1 = US$1.
Banks and Cambios are available for changing money, but there is generally no need to change US dollars. But as you will find out when you visit, the dollar has a whole lot more value.

-Always bring loose change.
It is wise to avoid using denominations larger than $20; with Panama’s fight against money laundering, it is difficult to change larger bills and many places require signature and passport numbers for anyone wanting to do so.

-Use plastic for more pricier stuff.
Mastercard and Visa are the most commonly used credit cards, but American Express is also used. Recommended for aggressive duty-free shopping.

-Negotiate your taxi fare.
Taxis do not have meters as a rule, so fares should be agreed in advance. So I recommend asking your receptionist or anyone who can speak Spanish fluently Tipping is not normally expected. There are many different kinds of bus and minibus operating in Panama City. Always pay in small denominations.