In this article, we’re exploring the currency of Panama to US dollars. We’ll share information on whether or not other forms of national monies are accepted or only the currency of 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 of Panama to US dollars.
Table of Contents
- Currency of Panama to US Dollars
- Does Panama Accept Foreign Currencies?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Currency of Panama to US Dollars
The currency of Panama, the Panamanian Balboa (PAB) is pegged at par value to the US Dollar (USD). The US Dollar is the second official currency of Panama and is commonly used in replace of the Panamanian Balboa.
It’s important to note that the Balboa is only available in coinage and all paper transactions are completed in USD.
Is the Panamanian Balboa the Official Currency of Panama?
The Panamanian Balboa is the official currency and legal currency of Panama that is used throughout Panama City and the rest of the country. The second official currency of Panama is the United States Dollar. Both the Balboa and USD are used interchangeably.
Does Panama Accept Foreign Currencies?
No, Panama does not accept foreign currencies. You can use Panamanian Balboas or United States Dollars. If you have foreign currency you’ll need to visit a currency exchange in Panama and exchange your money for US dollars before or when you arrive in Panama.
Some tourist destinations like certain hotels, casinos, and the airport will usually accept major currencies. It’s important to note, that you will likely pay significantly higher exchange rates for the privilege of using foreign currency at these locations.
Can I Use the United States Dollar Everywhere in Panama City?
Yes, you can use the United States Dollar everywhere in Panama City. The United States Dollar is the second official currency of Panama, in addition to the Panamanian Balboa (PAB). Although the Balboa is the first official currency of Panama, Balboas are only available in coinage. All paper transactions are completed in USD.
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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Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring the currency of Panama to US dollars. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Much 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.
Does Panama Use the USD?
Yes, Panama uses the USD. In short, Panama does not have a central bank, their largest trading partner is the United States, and following separation from Colombia, the United States was quick to recognize the country’s independence. When the Panamanian Balboa was officially announced as the country’s currency in 1904, it was pegged at par value to USD.
Do You Want to Open a Panama Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.
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