If you're interested in learning more about money in Panama (as well as costs, practical matters, etc), this is a good page:
http://www.anywherepanama.com/travel-gui...
The bills used are US dollars but some places list prices in Balboas--as if a dollar were a balboa. Panama does have its own coins that mention the Balboa.
The Panamanian balboa is pegged 1:1 to the US dollar - and has been since it was introduced in 1904 - https://en.wikipedia.org/wiki/Panamanian...
There are balboa coins up to $1 in value - but no notes - the only notes in circulation are US.
The U.S. Dollar is the only currency used in Panama. Confusion lies in that it is known throughout Panama as the Balboa. U.S. coins also freely circulate as to Balboa coins. The coinage is identical in size and shape and completely interchangeable.
Panama stopped using its own currency some years ago (due to hyperinflation), and now uses almost exclusively U.S. dollars. So everything you buy will be priced in dollars. I can't imagine why you'd need any balboas.
We use "both" honestly speaking though, these other people are right in saying we just use US currency. Panamanian currency is much more like a novelty....no different than how you'll likely treat it (souvenir) or how we treat dollar coins in the US.
Use dollars, prices are very cheap respect US.
Hi, I'm going to Panama in December with my school, and I was wondering what is the currency there? I have done research and I know that it's the United States Dollar and the Panamanian balboa, but I was wondering which one do I have to bring there? I know that I will have US money with me, but do I really need to get the balboa money too? And what do I use it for? And when I'm paying something, can I use the two currencies together? I know I have a lot of questions, but it would be really nice if you could help me! Thanks :)
