In this article, we’re exploring the legal currency in Panama. We’ll share information on the type of payment instruments and currencies accepted 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 code of Panama.
Table of Contents
- What Is the Legal Currency in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Is the Legal Currency in Panama?
The legal currency in Panama is the Panamanian Balboa (PAB). In 1904, Panama adopted the USD as its second official currency. It’s important to note that Balboa is only available in coinage and all paper transactions are completed in USD.
Where Can I Exchange Money Before I Travel to Panama City?
Before you travel to Panama City, you can exchange money at various locations. That said, the best location for you will depend on the amount you want to exchange, the fees you’re willing to pay, and where in the city you are located.
Most people can exchange money for United States Dollars at currency exchanges, branches of major banks, hotels, or the airport.
Exchange rates and fees for exchanging the currency of Panama to US dollars will vary between each of these options. It’s important to compare the exchange rates and fees that each of these options will charge before choosing which method to use.
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.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring what the legal currency in Panama is. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Much Is 1 US Dollar 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.
Is the US Dollar Legal in Panama?
Yes, the US dollar is legal in Panama. The United States Dollar is widely accepted throughout Panama and is pegged at par value to the country’s official currency, the Panamanian Balboa.
What Is the Best Currency to Take to Panama City?
The best currency to take to Panama City is the United States Dollar. The official currency, the Panamanian Balboa, is only available in coinage. All paper transactions are completed in 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.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
