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Bookmark & shareThe primary reason for Panama's undeserved unpopularity on the Central American travel scene is that it's significantly more expensive than competing destinations. For example, a hotel room that might cost US$6.00 in Nicaragua or Guatemala might cost US$20.00 here. If you're traveling on a budget, you'll pay at least US$30.00 to US$40.00 per day for a room and three meals, while a moderate budget will be in the range of US$50.00 to US$70.00 a day. If you're looking to splurge, there's no shortage of boutique hotels and sophisticated restaurants to choose from, particularly in the capital and in Bocas del Toro.
Money Preferred Form
Cash is generally the safest bet, and ATMs are readily available, except in the most isolated places. Look for the red 'sistema clave' signs to find an ATM. They accept cards on most networks (Plus, Cirrus, MasterCard, Visa, Amex). Most Panamanian banks charge a US$3.00 fee for every ATM transaction, and the amount that can be withdrawn at one time varies from bank to bank. Some have a US$200.00 limit, others a US$500.00 limit.
Credit cards are widely accepted at travel agencies, upscale hotels and many restaurants, but can be problematic almost everywhere else. In short, carry enough cash to get you to the next bank or ATM. There are several places where it's essential to show up with cash. Among tourist destinations, the following places have no banks, and it's a long way to the nearest ATM: Santa Catalina, Santa Fé, Boca Brava, Isla Contadora, Isla Grande and Portobelo. Very few businesses on Bocas del Toro accept credit cards. Find out if your hotel does before you go to avoid any unpleasant surprises.
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Currency
- Name
- Balboa
- Symbol
- B
The main reason that Panama is comparatively more expensive is that the country uses the US dollar as its currency. Although the official name for it is the Balboa, it's exactly the same bill.
Panamanian coins are unique, though they are of the same value, size and metal as US coins; they are used in conjunction with US coins.
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Changing Your Money
The only bank that exchanges foreign currency is the Banco Nacional de Panamá counter at Tocumen International Airport. Once you have left the airport, the only place to change foreign currency for dollars is a casa de cambio (exchange house). There is one in Panama City but few elsewhere. In most of Central America, US dollars are the only currency exchanged.
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Money Tips
A tax of 10% is added to the price of hotel rooms; when you inquire about a hotel, ask whether the quoted price includes the tax. A 5% sales tax is levied on nonfood products.
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Sample Price Guide
- Gallon of petrol
- US$ 2.12
- Liter of bottled water
- US$ 0.75
- Bottle of beer
- US$ 1.25
- Souvenir T-shirt
- US$ 8.00
Average Room Prices
Low Mid High Deluxe US$7-20 US$20-50 US$50-75 US$75+ Average Meal Prices
Low Mid High Deluxe US$2-6 US$6-10 US$10-20 US$20+ -
Tipping
The standard tipping rate in Panama is around 10% of the bill; in small cafés and more casual places, tipping is not necessary. Taxi drivers do not expect tips.
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Disclaimer: We've tried to make the information on this web site as accurate as possible, but it is provided 'as is' and we accept no responsibility for any loss, injury or inconvenience sustained by anyone resulting from this information. You should verify critical information (like visas, health and safety, customs and transportation) with the relevant authorities before you travel.
