Currency
Panamanian currency is Balboa (PAB) divided into 100 centavos. 1 Balboa is equal to 1 US dollar and names "balboa" and "dollar" are used interchangeably. Panama doesn't have its own paper money (US dollar bills are used), but it has its own coins that are the same size and weight as US coins. Both Panamanian and US coins can be legally used.
Exchanging foreign currencies (except US dollar, which doesn't require exchange) can be done at the Banco Nacional de Panamá (found at the Tocumen International Airport) or at exchange offices (cambios). Exchange offices can be difficult to find outside of Panama City, though.
Due to the counterfeit problem, US $100 and $50 bills may not be accepted by many establishments or the traveler may be required to present the passport when paying with those bills.
ATMs
ATMs are widely available in Panama, with exception of some most remote areas. They work on most networks (Plus, Cirrus, MasterCard, Visa, Amex).
Credit Cards
Credit Cards are most likely to be accepted only at larger restaurants, at hotels or travel agencies as well as bigger stores in Panama City. Outside of the capital, acceptance of credit cards can be very limited. Most commonly used cards are Visa and MasterCard, but American Express and Diners Club can also be used.
Travelers Checks
Except for a few banks, travelers checks are difficult to exchange; most businesses will not accept payments with travelers checks. In addition, checks in currencies other than US dollars are not accepted anywhere in Panama.
Banking Hours
In general, banking hours are Mon-Fri: 8:00am - 3:00pm (some are open till 5:00pm or 7:00 pm); Sat: 8:30am - 12:00pm; some banks may be open on Sundays.
Taxes
There is a 5% sales tax on all non food products and a 10% tax added to the price of hotel rooms. There is also a $20 departure tax for all visitors leaving Panama.
Current U.S Dollar Rates
For other currencies or conversion amounts go to Currency Converter
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