Panama (PA)
Panama is one of the most popular expat countries in the Americas in 2026, especially for retirees, remote-income households, investors, entrepreneurs and families who want US-dollar living, strong air connectivity, private healthcare and established expat communities.
Currency & Money
Practical money tips for living in Panama.
Denominations
Panama uses US dollar notes and Panamanian balboa coins at parity with the US dollar. Coins circulate as 1, 5, 10, 25 and 50 centesimos plus B/.1 coins; US coins are also common.
Payment Culture
Panama is a mixed cash, card, ACH transfer, Yappy and bank-app country. Cards are easy in Panama City, malls, hotels and chains; cash remains useful for taxis, markets, small restaurants, rural trips, tips, beach towns and some government or notary errands.
ATM Tips
Use bank ATMs inside branches, malls, supermarkets or airports. Watch foreign-card withdrawal limits and fees, decline dynamic currency conversion, and keep enough small bills because B/.50 and B/.100 notes can be inconvenient in small shops.
Exchange Tips
Because the US dollar is legal tender, most expats avoid FX for daily life. Keep transfer receipts and bank statements for residency, property, DGI, anti-money-laundering and source-of-funds checks.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents