In this article, we’re exploring if US dollars are accepted in Panama. We’ll share information on Panama’s legal tenders and the main currency of Panama, whether or not foreign currencies are accepted in the country, and answer common questions we receive from people exploring this topic.
This article is part of our free series on the currency of Panama. You can access this series right now by using the link above.
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Table of Contents
- Are US Dollars Accepted in Panama?
- Are Foreign Currencies Accepted in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Are US Dollars Accepted in Panama?
Yes, US dollars are accepted in Panama. The United States Dollar is the official second currency of Panama and is used frequently in replace of the Panamanian Balboa.
When the Panamanian Balboa (PAB) was officially announced as the country’s currency in 1904, it was pegged at par value to USD. Making Panama an attractive destination for travelers coming from the United States or other economies where USD is the official currency.
Panama is also an attractive destination for anyone from a country where the home country has appreciated against the USD, making Panama an economical choice for investing in real estate or vacationing.
Does Panama Use Other Currencies?
No, Panama does not use other currencies. Panama only accepts the PAB and USD, the currency codes of Panama. It’s important to note that the Panamanian Balboa is only available in coinage.
Some popular tourist destinations in the country, such as hotels and casinos may accept major currencies. You will likely pay significantly higher exchange rates for the privilege of using foreign currency at these locations.
If you are interested in learning more about banking in Panama, don’t forget to visit our comprehensive guide on banking in Panama, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Panama to some of the top banking jurisdictions available.
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Are Foreign Credit Cards Accepted in Panama?
Yes, foreign credit cards are accepted in Panama. Most major credit cards are widely accepted throughout the country, however, there are some instances where certain credit cards, like American Express, may not be accepted. For the most part, vendors do accept Visa, Mastercard, and Amex.
Before using a foreign credit card in Panama, it’s important to keep in mind that you will likely be charged foreign exchange fees.
Can I Use Foreign Money in Panama City?
No, you cannot use foreign money in Panama City. You can either use Panamanian Balboas or United States Dollars. If you have foreign money, you will have to exchange your money for US dollars before or when you arrive in Panama City.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring if US dollars are accepted in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Best Currency to Take to Panama?
The best currency to take to Panama is the United States Dollar. The official currency, the Panamanian Balboa, is only available in coinage. All paper transactions are completed in USD.
Do I Need to Exchange the United States Dollar in Panama?
No, you do not need to exchange the United States Dollar in Panama. USD is widely accepted throughout the country. In fact, the United States Dollar is the second official currency of Panama.
How Much Is $100 US in Panama?
$100 US in Panama is equivalent to 100 Panamanian Balboa. This is because the Panamanian Balboa is pegged to the United States Dollar.
Do You Want to Open a Panama Bank Account?
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