Travel Reference
In-Depth Information
Money
Panama uses the US dollar as its currency. The official name for it is the balboa, but it's
exactly the same bill, and in practice people use the terms
dólar
and balboa interchange-
ably. Panamanian coins are of the same value, size and metal as US coins, though both
are frequently used. Coins include one, five, 10, 25 and 50
centavos
(or
centésimos
) -
100
centavos
equal one balboa. Most businesses won't break US$50 and US$100 bills,
and those that do may require you to present your passport.
ATMs
Throughout Panama ATMs are readily available except in the most isolated places - look
for the red '
sistema clave'
sign. Generally speaking, ATMs accept cards on most net-
works (Plus, Cirrus, MasterCard, Visa, Amex), though a charge is usually levied depend-
ing on your issuing bank. The amount that can be withdrawn at one time varies from bank
to bank, though it is usually around US$500.
There are several places where it's essential to show up with cash. Among tourist des-
tinations, the following places have no banks, and it's a long way to the nearest ATM:
Santa Catalina, Santa Fé, Boca Brava, Isla Contadora, Isla Grande (Archipiélago de
Bocas del Toro), Portobelo, Isla de Coiba and the Darién.
Credit Cards
Although they are widely accepted at travel agencies, upscale hotels and many restaur-
ants, credit cards can be problematic almost everywhere else. In short, carry enough cash
to get you to the next bank or ATM.
At the time of research, very few businesses on Bocas del Toro accepted credit cards.
Find out if your hotel does
before
you go to avoid any unpleasant surprises.
Moneychangers
The only bank that exchanges foreign currency is the Banco Nacional de Panamá counter
at Tocumen International Airport. Once you have departed from the airport, the only place
that can change foreign currency for dollars is a
casa de cambio
(exchange house), which
can be difficult to find outside Panama City.
Taxes
A tax of 10% is added to the price of hotel rooms. When you inquire about a hotel, ask
whether the quoted price includes the tax. Note that hotel prices given in this topic include
the 10% tax.
A 5% sales tax is levied on all nonfood products.
