Money & duty free for Panama
Exchange rates:
BalboaC$1 = B/.0.75
€1 = B/.1.04
£1 = B/.1.24
US$1 = B/.1
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.
Panama duty free
The following items may be imported into Panama without incurring customs duty:
• 500g of tobacco products (for individuals aged 18 and over).
• 5L of alcoholic drinks (for individuals aged 18 and over).
• 2kg sweets.
• Perfume and eau de toilette for personal use in opened bottles.
• Gifts and goods (excluding luggage) up to the value of US $500.
All travellers aged 18 and over must submit an import declaration before entering Panama. A digital version of the form is available here.
Narcotics and controlled substances, firearms and ammunition, obscene materials, and endangered species.
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