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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.
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.
Abbreviation: PAB
Symbol: B/.
Subunit: 1 Balboa = 100 centésimos
Abbreviation: USD
Symbol: $
The Panamanian Balboa and the US Dollar are used together at equal value throughout the country.
Panama does not issue local banknotes.
All banknotes in circulation are US dollar banknotes:
1, 5, 10, 20, 50, and 100 USD
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.
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.
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.
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.
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.
The official currency of Panama is the Panamanian Balboa (PAB).
Yes. The US dollar is widely and officially used in Panama.
Yes. The Panamanian Balboa and the US dollar are used together at equal value.
Yes. You can make fast and secure money transfers to Panama with PayPorter.
Yes. Credit cards are widely used, especially in city centers and tourist areas.
Yes. Most international cards are accepted; transaction fees may vary by bank.
Last Uptade: December 2025
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.