Local Currency in Panama

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Money / Currency in Panama

Panama has used the US Dollar as its only currency since 1904 although Panamanians often refer to it as Balboa. If you're from the US, the only oddity about Panama will be change. Panama mints its own coins in the same weights and sizes as US coinage, but with Panamanian stampings. Because a legal treaty (1904) between US and Panama the Panamanian coinage is completely interchangeable with standard US coinage in Panama. You may get a handful of change back with a conquistador on the quarter and an Indian on one of your pennies, but Lincoln on the other penny and Roosevelt on the dime. Panama also still mints half dollars. You may hear these half dollars called pesos, so don't think you've accidentally ended up in Mexico.

Panama's coins are made by the US Mint. Incidentally, if you run short on change in the United States, Panamanian coins work in parking meters, payphones, vending machines, etc.

You can typically use a credit card at all hotels in the capital, as well as medium-sized regional cities (David, Las Tablas, Colon, Santiago, Bocas del Toro, etc.). Restaurants, grocery stores, and department stores in major cities will also usually take credit, or even debit cards. However, outside the capital using your card could be difficult.

Though Panamanian ATMs function on the Cirrus/Plus system, they may not take cards with the Interlink symbol. Make sure you're carrying a lot of cash (especially small bills) and understand how to take cash advances out on your credit card. MAESTRO cards do not work in ATMs in Panama (February 2013) Traveller's checks are not widely used.

Many businesses do not accept US$50 or US$100 bills at all. Most of those that do will ask for your passport and store your data/serial numbers of your notes in a special book. The reason is that many US$50 and US$100 bills have been counterfeited.

There are 91 banks in Panama. Opening hours vary widely from bank to bank. On weekdays, all banks are open until at least 3PM, and some until 7PM On Saturdays many banks are open until noon, and some branches located in shopping centers are also open on Sundays. Note that most banks will not allow you to enter wearing shorts and/or flip-flops.

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