Money Matters

Panama's economy is based primarily on a well-developed services sector that accounts for three-fourths of GDP. Services include the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism.

The local currency is the Balboa and has the same value of one US Dollar. In fact the bank notes are American Dollars. For coins both the American and Panamanian are in circulation, they have the same denominations and sizes, weight etc. just different.

Traveller Checks can be exchanged at major banks at the expense of the bank's commission.

Credit Cards such as Visa, Master Card, American Express, etc. are widely accepted. The most important banks present in Panama are the following:

• Banco Nacional de Panama
• Banco General S.A.
• Bladex. Banco Latinoamericano de Exportaciones, S.A.
• MetroBank
• Citibank, Panama.

A word of caution though, most commercial establishments are very reluctant -and will even refuse- bills (paper money) of $50 or $100. In the best of cases you will be asked for identification and fill in your signature and identification number. Other times they will simply use a machine to check it. For that reason we recommend you to carry only $20, $10, $5 and $1 bills.