LOCAL CURRENCY
Panama uses the U.S. dollar as its currency. The official name for it is the balboa, but it is exactly the same bill, and in practice, people use the terms dólar and balboa interchangeably. Panamanian coins are of the same value, size, and metal as U.S. coins, though both are frequently used. Coins include one, five, 10, 25, and 50 centavos (or centésimos) – 100 centavos equal one balboa. Most businesses will not break US $50 and US $100 bills, and those that do may require you to present your passport. (Credit: Lonely Planet).
Although it is advisable to have money on your person as soon as you arrive in Panama, you should consider using ATMs to access additional monies throughout the program. Just as in the U.S., ATMs offer instant currency access on street corners and an important tourist places 24 hours a day, seven days a week. Most banks will charge a fee to use their ATM in Panama, but this fee is minimal (usually no more than $3). Some people still carry traveler’s checks, but cashing them can often carry a hefty commission unless you are near the AmEx office. American Express maintains offices in all of the cities to which we travel and personal checks may be cashed at these offices for AmEx card holders. Some travelers acquire an AmEx card just for this reassuring ability to access money in a pinch.
The standard tipping rate in Panama is around 10% of the bill, though in small cafes and more casual places, tipping is not necessary. Taxi drivers do not expect tips.
Although it is advisable to have money on your person as soon as you arrive in Panama, you should consider using ATMs to access additional monies throughout the program. Just as in the U.S., ATMs offer instant currency access on street corners and an important tourist places 24 hours a day, seven days a week. Most banks will charge a fee to use their ATM in Panama, but this fee is minimal (usually no more than $3). Some people still carry traveler’s checks, but cashing them can often carry a hefty commission unless you are near the AmEx office. American Express maintains offices in all of the cities to which we travel and personal checks may be cashed at these offices for AmEx card holders. Some travelers acquire an AmEx card just for this reassuring ability to access money in a pinch.
The standard tipping rate in Panama is around 10% of the bill, though in small cafes and more casual places, tipping is not necessary. Taxi drivers do not expect tips.