Panama
Money in Panama: currency, ATMs, cards and tipping
Use US dollars (the balboa is pegged 1:1) and carry small bills; cards work in Panama City and larger towns, but cash is essential in Bocas, Boquete and especially San Blas where ATMs are absent.
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Key facts
- Currency
- Balboa (PAB) – 1 PAB = 1 USD
- Cash necessity
- 2 (cash needed in remote areas)
- Card acceptance
- Widely accepted in Panama City; limited in Bocas, Boquete; none in San Blas
- Small bills recommended
- $1, $5, $10, $20
- ATMs
- Available in cities; none in Guna Yala (San Blas)
- Typical tip
- 5‑10 % in restaurants, $1‑2 for hotel staff, $0.50‑1 for taxi
Quick answer
Panama uses the US dollar and the Panamanian balboa (1 PAB = 1 USD). Bring small US‑dollar notes; $50/$100 are often refused. Cards work in Panama City, but cash is required in most tourist regions, especially San Blas where there are no ATMs.
Currency and payment summary
| Item | Details |
|---|---|
| Currency | Balboa (PAB) – paper money is US $ |
| Cash needed | Yes – especially outside Panama City |
| Card use | Panama City: widely accepted; Bocas/Boquete: limited; San Blas: none |
| ATM availability | Cities only; none in Guna Yala |
| Recommended bills | $1, $5, $10, $20 |
| Typical tip | 5‑10 % restaurant, $1‑2 hotel staff, $0.50‑1 taxi |
Details for travellers
The balboa is a unit of account; only US‑dollar banknotes circulate, while Panamanian coins are used for change. ATMs dispense US dollars, so you can withdraw in cities and use the cash elsewhere.
In Panama City and major hotels, Visa and Mastercard are accepted; some places also take American Express. In Bocas del Toro and Boquete, smaller shops may prefer cash, and you may encounter limited card terminals.
Guna Yala (San Blas) has no ATMs and requires cash for the regional entry fee (about US$22) and for meals, drinks and tips. Carry enough small bills before you travel there.
Additional notes
- Avoid using $50 and $100 notes for everyday purchases; many vendors lack change.
- Check with your bank about foreign‑transaction fees before you travel.
- Keep a small amount of cash on hand for taxis and street vendors, even in Panama City.
Questions people ask
What currency is used in Panama?
Panama uses the balboa, which is pegged 1:1 to the US dollar; US‑dollar notes are the paper money in circulation.
Should I use cash or a card in Panama?
Use cards in Panama City and larger hotels; carry cash for Bocas del Toro, Boquete and especially San Blas where ATMs are unavailable.
How much should I tip in Panama?
Tip 5‑10 % in restaurants, $1‑2 for hotel staff (housekeeping, bellhop), and $0.50‑1 per taxi ride.
Can I use $50 or $100 bills in Panama?
Many vendors refuse large bills because they lack change. Carry $1, $5, $10 and $20 notes for everyday purchases.
Are there ATMs in San Blas (Guna Yala)?
No. Bring enough cash for the regional entry fee (about US$22), meals, drinks and tips before you travel to the islands.
Do I need to exchange money before arriving in Panama?
No. US dollars are the paper currency and widely accepted. You can withdraw US dollars from ATMs in Panama City and other towns.
Check live
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Deep dive
Every source; changeable facts are marked check
Sources
- secondaryVoykit – Panama guide
Ask about Panama
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