What is Panama's currency and its exchange rate?
Panama's official currency is the Panamanian balboa (PAB), but the US dollar (USD) is widely accepted everywhere. The exchange rate is fixed at 1 USD = 1 PAB, making the dollar the most practical currency for travelers.
Panamanian Monetary System
The balboa (PAB) is the official currency of Panama, but the US dollar (USD) circulates freely throughout the country. This dual circulation greatly facilitates transactions for international travelers.
Fixed Exchange Rate
The exchange rate remains stable at 1 USD = 1 PAB. This fixed parity simplifies calculations and eliminates usual currency fluctuations.
Practical Tips
- Prioritize US dollars: more practical and accepted everywhere
- Small denominations recommended: bills of 1, 5, 10 and 20 dollars to facilitate everyday purchases
- ATMs available: withdraw directly in dollars at banks and shopping centers
Key Takeaways
No need to exchange your money before departure if you have US dollars. Euros can be exchanged at major banks in Panama City.