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. Panama does not issue its own paper currency. Instead, it uses US dollars for all banknotes. Balboa coins exist in denominations of B/.10 and 1, as well as 50, 25, 10, 5, and 1 centésimos. The Balboa and the US dollar are used interchangeably at a fixed rate: B/.1 = US$1.
US Dollar (USD) = 100 cents. US banknotes in denominations of 100, 50, 20, 10, 5, 2 and 1 are in common circulation. US coins ($1, 50¢, 25¢, 10¢, 5¢, and 1¢) are also widely accepted alongside Panamanian coins of identical size and value.
Credit cards are widely accepted in Panama, especially in urban areas, hotels, restaurants, and larger stores. Visa and Mastercard are the most commonly used, though smaller businesses may prefer cash. In addition, many islands, including Isla de Coiba and Isla Contadora, do not have banks, so carrying cash is essential.
ATMs are widely available in cities and towns, and most accept international cards. Some remote areas may have limited access, so carrying cash is advisable when travelling outside major centres.
There are no limits on the amount of currency you can import or export, but if you are carrying US$10,000 or more (or the equivalent in another currency), you must declare it on arrival or departure.
Panama duty free
The following items may be imported into Panama without incurring customs duty:
• Up to 500g of tobacco products (for travellers aged 18 and over).
• Up to 5L of alcoholic drinks (for travellers aged 18 and over).
• Up to 2kg sweets.
• Perfume and eau de toilette for personal use and 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.
Banned imports include narcotics and controlled substances, firearms and ammunition, obscene materials, and endangered species.
This list is not exhaustive. Travellers should consult the official customs website or contact the embassy or consulate near you for the most up-to-date information.
You know where