Money and duty free for Panama
Currency and Money
Currency information
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
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.
ATM
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.
Banking hours
Mon-Fri 08:00-15:00.
Currency restrictions
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.
Currency exchange
Currency exchange is available at banks, exchange bureaus, and some hotels. However, since the US dollar is legal tender and used alongside the Panamanian balboa, most visitors simply use US dollars without needing to exchange money.
Panama duty free
Overview
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
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.
Banned Exports
Banned exports include cultural artefacts 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.
