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Travel Related
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COST MONEY AND
BANKS |
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Panamá is the most economically advanced country in Central America
and has the highest GDP per head (although income distribution is so
polarized that poverty remains widespread). This, together with the use
of the US dollar as the national currency, makes costs higher than in
other countries in the region.
Currency, exchange and banks
Panamá adopted the US dollar as its currency in 1904, and has not
printed any paper currency since. Dollars are referred to
interchangeably as dólares or balboas . Panamá does mint its own coinage:
1, 5, 10, 25 and 50...
Panamá adopted the US dollar as its currency in 1904, and has not
printed any paper currency since. Dollars are referred to
interchangeably as dólares or balboas . Panamá does mint its own coinage:
1, 5, 10, 25 and 50 centavo pieces, which are the same shape and size as
- and are used alongside - US coins. Fifty cents is also referred to as
a " peso ", and five cents as a " real ", so 35 cents, for example, can
also be described as "siete reales". US$100 and US$50 bills are often
difficult to spend, for fear of forgeries or simply because change is
difficult to come by, so it's best to make US$20 bills the largest you
carry.
It is difficult to change foreign currency in Panamá, and you should
change any cash into US dollars as soon as you can. In Panamá City there
are Banco Nacional branches at the airport and on Via España in the El
Cangrejo district, or you could try Panacambios, a casa de cambio also
on Via España. Foreign banks will generally change their own currencies.
Travellers' cheques are the safest way to carry your money and are easy
to change so long as they are issued by major companies (Visa,
Mastercard) and are in US dollars. The three major banks in Panamá -
Banco Nacional, Banco del Istmo and Banco General - will all change
these, as will some of the international banks in Panamá City. Most
banks are open from 8 or 8.30am to 3 or 4pm Monday to Friday, and some
also open from 9am to noon on Saturday; almost all branches now have
ATMs . Major credit cards are accepted in the more upmarket hotels and
restaurants in Panamá City and the larger provincial towns. Visa is the
most widely accepted, followed by Mastercard.
Costs
Though costs are low compared to Europe and North America, Panamá -
along with Costa Rica and Belize - is one of the more expensive Central
American countries. Sticking to a tight budget you can just about get by
on around US$25 a day, though...
Though costs are low compared to Europe and North America, Panamá -
along with Costa Rica and Belize - is one of the more expensive Central
American countries. Sticking to a tight budget you can just about get by
on around US$25 a day, though you should be prepared to spend more than
that in Panamá City and in remote areas where basic goods have to be
brought in by sea or air. A basic double room in a hotel or pensión will
usually cost at least US$10, and you will often have to pay twice that
to get somewhere comfortable. Fortunately, bus transport is inexpensive
- more or less US$1-1.50 an hour - and if you stick to basic local
restaurants you can eat well on a dollar or two for each meal. Because
of low taxes and import duties, imported consumer goods - electronics,
clothing and the like - are often cheaper than in Europe or North
America.
Leaving Panamá, there's a US$20 departure tax , payable at the airport.
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