What Is the Currency of Panama? – Everything You Need to Know About the Panamanian Balboa (PAB) and the US Dollar (USD)

💰 Official Currency of Panama

The official currency of Panama is the Panamanian Balboa (PAB).
Its international currency code is PAB.

However, the US Dollar (USD) is also widely used in daily life in Panama. While banknotes in circulation are US dollars, coins are issued as Panamanian Balboa.

The Panamanian Balboa and the US Dollar are pegged at a 1:1 exchange rate and are both accepted as legal tender.

🏛️ A Brief History of the Panamanian Balboa

The Panamanian Balboa was introduced in 1904, following Panama’s independence. The currency is named after the Spanish explorer Vasco Núñez de Balboa.

Since its founding, Panama has adopted a monetary system closely integrated with the US dollar. As a result, the country does not issue its own banknotes and only mints Balboa coins.

Panama does not have a central bank, and its monetary policy is largely tied to the US dollar.

💹 Abbreviations and Symbols of Panama’s Currency

Panamanian Balboa

• Abbreviation: PAB

• Symbol: B/.

• Subunit: 1 Balboa = 100 centésimos

US Dollar

• Abbreviation: USD

• Symbol: $

The Panamanian Balboa and the US Dollar are used together at equal value throughout the country.

💱 Banknotes and Coins in Panama

📌 Banknotes

Panama does not issue local banknotes.
All banknotes in circulation are US dollar banknotes:

1, 5, 10, 20, 50, and 100 USD

📌 Coins

The Panamanian Balboa is issued in coin form:

1, 5, 10, 25, and 50 centésimos
1 Balboa

These coins are the same size and value as US dollar cents and can be used interchangeably.

💸 Can You Send Money from Türkiye to Panama?

Yes.

With PayPorter, sending money from Türkiye to Panama is fast, secure, and cost-effective.

Thanks to PayPorter’s international transfer infrastructure, transfers to bank accounts in Panama can often reach the recipient within a short time.

🔹 PayPorter Advantages

• Low transaction fees

• Fast transfer process

• Secure and licensed infrastructure

• Money transfers to more than 185 countries

📍 To send money from Türkiye to Panama, you can visit the relevant page on our website.

🌍 Can Panama’s Currency Be Used in Türkiye?

No.
The Panamanian Balboa is not used in Türkiye and is not commonly available in physical form.

However, the US dollar can be bought and sold at many banks and exchange offices in Türkiye.
In addition, secure money transfers from Panama to Türkiye can be made via PayPorter.

💡 Interesting Facts About Panama’s Currency

• Panama is one of the few countries that does not issue its own banknotes.

• The Balboa is pegged 1:1 to the US dollar.

• Cash and card payments are the most common payment methods in the country.

• Panama has one of the most stable financial systems in Latin America.

• Balboa coins can easily be confused with US cents.

❓ Frequently Asked Questions About the Currency of Panama (FAQ)

What is the official currency of Panama?

The official currency of Panama is the Panamanian Balboa (PAB).

Is the US dollar accepted in Panama?

Yes. The US dollar is widely and officially used in Panama.

Does Panama have two currencies?

Yes. The Panamanian Balboa and the US dollar are used together at equal value.

Can I send money from Türkiye to Panama?

Yes. You can make fast and secure money transfers to Panama with PayPorter.

Is credit card usage common in Panama?

Yes. Credit cards are widely used, especially in city centers and tourist areas.

Can I withdraw cash from ATMs in Panama?

Yes. Most international cards are accepted; transaction fees may vary by bank.

Last Uptade: February 2026

This content is provided for general informational purposes only and does not aim to cover all aspects of the topics discussed. The information herein should not be considered a substitute for advice from a qualified professional. Nothing in this publication should be interpreted as legal, tax, or professional advice provided by PayPorter or its affiliates. While we strive to keep our content accurate and up to date, we make no representations or warranties regarding the completeness, accuracy, or timeliness of the information provided.