In this article, we’re exploring currency exchange in Panama. We’ll share information on whether or not you can use other monetary units or currencies in Panama 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.
In addition to detailed account opening guides, this free series on Panama banking also discusses the largest banks in Panama, Panama opening requirements, the costs of banking in Panama, and much more. Use the link above to start exploring all of your free Panama banking content right now.
Alternatively, use the table of contents to continue exploring more information on the currency exchange in Panama.
Table of Contents
- Currency Exchange: Panama Currencies
- Are Foreign Credit Cards Accepted in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Currency Exchange: Panama Currencies
Panama’s main currency is the Panamanian Balboa (PAB), however, the United States Dollar (USD) is also an official currency of Panama. The PAB is pegged at par value with the USD.
It’s important to note that the Panamanian Balboa is only available in coinage and is circulated interchangeably with the US coins. The currency of Panama to US dollars is pegged at par value and all paper transactions are completed in US money.
How Do I Exchange Foreign Currency in Panama?
You can exchange foreign currency in Panama at various locations throughout the country, including currency exchanges, branches of major banks, hotels, and the airport. The best location will depend on the amount you want to exchange, the fees you’re willing to pay, and where in the country you are located.
Exchange rates and fees will vary depending on the method you choose. It’s important to compare the rates and fees across the various exchange rate methods to ensure you are choosing the best solution.
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, including most major credit cards like Amex, Visa, and MasterCard. It’s important to note that using foreign credit cards in Panama will likely result in foreign exchange fees. This can be avoided if you have a foreign credit card with zero foreign exchange fees.
Can I Use the United States Dollar in Panama?
Yes, you can use the United States Dollar in Panama. The United States Dollar (USD), the currency code of Panama, is the second official currency of Panama, behind the Panamanian Balboa. It is widely accepted throughout the country.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring the currency exchange in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Should You Exchange Money in Panama?
You do not need to exchange money in Panama if you have US dollars since the country accepts USD. If you have foreign money, you will have to exchange your money for US dollars before or when you arrive in Panama City.
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.
What Is 1 USD Worth in Panama?
1 US dollar in Panama is equivalent to 1 Balboa. This is because the Panamanian Balboa is pegged to the United States Dollar at par value.
Do You Want to Open a Panama Bank Account?
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