Panama Currency to USD: A Comprehensive Guide

The Panamanian balboa is the official currency of Panama, but it's pegged to the US dollar at a 1:1 ratio, making it easy for tourists to navigate.

You can exchange your US dollars for balboas at airports, banks, and currency exchange offices throughout the country.

Panama's currency is divided into 100 centésimos, but coins are rarely used, so you'll mostly be dealing with bills.

In Panama City, you'll find plenty of ATMs and currency exchange services, making it easy to get the cash you need.

The Panamanian Balboa to USD exchange rate has been relatively stable over the last 14 days, with a slight fluctuation on January 12th when it dropped to 0.9998 USD.

You can check the current exchange rate on our website, which is updated in real-time. As of January 15th, 2025, 1 Panamanian Balboa is equivalent to 0.986705 USD.

To give you a better idea of the exchange rate history, here's a table showing the rate for the last 14 days:

If you're planning to send money from Panama to the US, keep in mind that the exchange rate may vary depending on the transfer method and the sender's bank fees.

Panama's currency situation can be a bit confusing at first, but it's actually quite straightforward. Prices are quoted in Balboas, which are equal to the U.S. dollar.

In reality, there are no Balboa bills in circulation in Panama, which means the U.S. dollar is the only currency actually in use here.

Panama's use of the U.S. dollar as its official currency has been instrumental in maintaining the stability of the country's financial system.

The U.S. dollar is a widely recognized and stable currency, ensuring a strong foundation for Panama's economy. This stability has had a positive impact on Panama's economic growth, attracting foreign investment and further bolstering its financial stability.

Here are some key benefits of Panama's currency stability:

Inflation in Panama has consistently averaged less than 3% over the past 25 years, which is significantly lower than the average inflation rate experienced in the United States.

The stability of a country's currency is a crucial aspect of its financial stability. Panama's adoption of the U.S. dollar has been instrumental in maintaining the stability of its financial system.

Panama's low inflation rates, averaging less than 3% over the past 25 years, are a direct result of using the U.S. dollar. This is significantly lower than the average inflation rate experienced in the United States.

The consistent and reliable value of the U.S. dollar has attracted foreign investment to Panama, further bolstering its financial stability. This has had a positive impact on Panama's economic growth.

Here are the benefits of Panama's currency stability:

The stability of Panama's currency has played a vital role in ensuring a robust and thriving economy.

Panama's banking system has traditionally been attractive due to its powerful incentives, including banking privacy principles and solid trusts.

The country's banking secrecy has been a major draw, but it's worth noting that Panama has recently signed Tax Information Exchange Agreements (TIEAs) with the U.S. and other countries.

These TIEAs were signed to satisfy the OECD's criteria for removal from its "gray list", which documents "uncooperative jurisdictions" as defined by a tax standard endorsed by the G20.

Panama's decision to sign TIEAs marks a significant shift in its approach to financial transparency, but it's still considered a haven for banking secrecy.

The country's history of refusing to sign TIEAs with the U.S. has been well-documented, but its recent actions aim to improve its reputation and comply with international standards.

Panama's banking system remains a popular choice for those seeking financial privacy, despite its recent efforts to increase transparency.

As you plan your trip to Panama, it's essential to be aware of some key considerations regarding money. U.S. coins are widely accepted in Panama, so you won't have any trouble using them for transactions.

However, it's worth noting that Canadian coins are not always accepted, and it's best to avoid using them altogether.

If you're interested in investing in real estate in Panama, be aware that prices have experienced significant inflation in popular areas for foreign retirees and snowbirds. It's a good idea to do thorough research and consult with local experts before making any decisions.

In general, credit cards are widely accepted in Panama, but it's still a good idea to carry some cash, especially when visiting smaller towns and rural areas. Some establishments may only accept cash, so having local currency on hand can be beneficial.

To stay safe while using bank machines, exercise caution and be aware of your surroundings. Keep an eye on your card during the transaction and promptly retrieve it once the transaction is complete.

Here are some key tips to keep in mind when using bank machines in Panama:

By following these simple tips, you can navigate the currency landscape in Panama with confidence and make the most out of your visit.

Panama's economy is a force to be reckoned with, expanding at an average of 8.4% between 2004 and 2013.

The country's strong economy is driven by its strategic location, with the Panama Canal being a major contributor. The canal's expansion has made it possible for the largest ships to pay between $500,000 to $800,000 for a single trip through the canal.

Panama's economy is diversified, with no single sector representing more than 20% of the country's GDP, making it a stable and attractive destination for investors.

The country's infrastructure is also top-notch, with excellent roads, power, and water services, and telecommunications that are widely recognized as the best in the region.

Here are some key costs to consider when visiting Panama:

Panama has one of the world's fastest-growing economies, expanding an average of 8.4% between 2004 and 2013. This growth is expected to continue, with projected growth of over 5% in 2018.

The Panama Canal is a major contributor to the country's strong economy, with the largest ships paying $500,000 to $800,000 for a single trip through the canal. This revenue source is significant, but not the only one driving Panama's economy.

Panama's economy is diversified, with no one sector representing more than 20% of the country's GDP. This diversity is a key factor in the country's financial stability.

Panama's infrastructure is the best in the region, with excellent roads, power, and water services. This is a major advantage for businesses and tourists alike.

Here are some key facts about Panama's economy:

Panama's use of the U.S. dollar as its official currency has maintained the stability of the country's financial system. This has helped to keep inflation rates low, averaging less than 3% over the past 25 years.

Costs in Panama are relatively low, with middle-class salaries starting at $1,000 a month.

Dental cleanings are a bargain, ranging from $15 to $30, and surgeries can cost up to 50% less than in the US, with prices starting at $5,000.

A doctor's consult at a public facility or small private clinic costs between $1 and $15, while upscale hospitals charge $25 to $70.

Tipping in Panama is lower than in the US, with 10% being an adequate amount for a restaurant meal or tour.

Taxis don't typically require tipping unless the driver goes above and beyond their duties.

If you're planning to visit remote areas or islands, be prepared for limited ATM facilities and potential withdrawal fees of $3 to $5 per transaction.

ATMs are widely available in Panama City and other major hubs, but it's a good idea to ask your hotel if they accept credit cards, especially in rural areas.

To avoid any issues, it's a good idea to have at least $500 in cash on hand when entering the country, as immigration officers may request proof of solvency.