Panama - Money
Currency & Money
Balboa (PAB; symbol B/.) = 100 centésimos. There is no Panamanian paper currency; coins exist in denominations of B/.10 and 1, and 50, 25, 10, 5 and 1 centésimos. US currency was adopted in 1904 and exists alongside the Balboa coinage: B/.1 = US$1.
US Dollar (US$) = 100 cents. Notes are in denominations of US$100, 50, 20, 10, 5, 2 and 1. Coins are in denominations of US$1, and 50, 25, 10, 5 and 1 cents.
MasterCard and Visa are the most commonly used, but American Express and Diners Club are also accepted. While you will be able to use credit cards in higher end hotels and restaurants, anywhere smaller or more local will not have the facilities, and it is wise to always have some cash to tide you over. Many of the islands, including Isla de Coiba and Isla Contadora, do not have banks, so carrying cash is essential.
ATMs are widely available throughout Panama, particularly in cities. Look for machines in or near banks or marked with the red sistema clave sign on the streets. Most ATMs allow withdrawals of up to US$500, though limits vary by bank.
There are no restrictions on the import and export of either foreign or local currency. However, amounts exceeding US$10,000 (or equivalent in other currencies) must be declared upon arrival and departure.
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