Buying Dollars in Panama: How to Do It?

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In this article, you’ll see everything you need to buy dollars in Panama

For those who make a connection, travel for business or on vacation, it is essential to buy dollars in Panama. That’s because the local currency is the Balboa or the U.S. dollar itself.

If you are a person who does not like to carry coins and prefers to carry bills, it is of utmost importance that you buy dollars. That’s because Balboa exists only in the form of a currency.

Panama has not printed banknotes since 1994, so the country legalized the use of the dollar, which can be purchased at the same price as the balboa. In addition, the Panamanian currency has the same weight, size, and similar metals as U.S. cents. The dollar bill is the Balboa and the cents are called exactly the same as “centavos”.

Prices are usually written with the dollar sign, i.e. USD ($) or B/ before the value. Large dollar bills can be difficult to exchange in Panama, so it’s important to ask for change when making your purchase. This mostly happens outside of Panama City.

Panamanian coins are found in denominations of 1,5,10,25 and 50.

You can buy and sell foreign currency at well-located exchange houses in Panama, such as Eurocash.

The similarity between the U.S. and Panama doesn’t end with the exchange rate. This is because the Panamanian government is very similar to that of the United States, that is, a constitutional democracy composed of a president and a vice president. In addition, the Panamanian economy has been growing in a healthy and gradual manner.

Exchanging dollars in exchange houses is the most indicated, as they are specialists in this type of service.

See how it works

What are exchange offices?

Anyone traveling internationally for work or as a tourist needs to use official money or those accepted in the country if there is more than one, such as in Panama.

In this way, it is quite common for people to look for exchange houses, as the rates are much lower than those of conventional banks. It makes it possible for individuals and legal entities to do business, as well as for companies.

These companies are dedicated to trading with the world’s money to make life easier for their customers. With this, it ensures a stable power of a country’s purchasing power. To this end, these companies normally have the collaboration of the Central Bank.

Therefore, exchange houses operate within the laws of buying foreign currency in kind, as is the case with the dollar, the euro and the balboa itself.

In addition, with technological growth, it is possible to ask to receive your money at your home or hotel.

How does an exchange work?

The exchange house can work both physically and remotely, such as in Eurocash, where you can buy online or visit us in our physical store.

Through our portal, you can get our WhatsApp number or phone number at the bottom of the page, or fill out the form and wait for our contact. Also, depending on the amount exchanged at the exchange houses, you can get a discount.

In addition, the exchange rate can be changed depending on the purpose of your trip.

Is there a limit to buying dollars? How are fees applied?

In general, exchange houses offer much lower rates than bank rates, due to the fact that they are companies that specialize in this type of business.

In addition, there is a limit to the sale or purchase of dollars in Panama and the rest of the world, something around 300 thousand dollars, or conversion to other currencies, something that has the same value. The same goes for import or export cases.

The currency in the exchange office may vary in price according to its price at the end of the day, mainly due to the currency to be used and the incidence of the tax on financial transactions carried out in the exchange office.

In addition, the rate for business travel is lower than that charged for tourism, for example.

How to exchange?

First, check with your exchange office to see what currencies are available. This contact can happen online. If you don’t know the rates and features of the house, ask the manager.

If the house doesn’t have that coin at the time, don’t worry, it will place an order for you and in up to five business days the coin will be available.

Also, if you go to an exchange office, you will pay a much lower rate than in banks.

Eurocash is well located in Panama, so customers have easy access if they need a local withdrawal.

By contacting the exchange houses, the assistants will give you the best deals.

Is it possible to rely on the online services of an exchange office?

The best thing about buying and selling local and foreign currencies on exchange houses is that there are no lengthy processes or bureaucracies. On the other hand, if you buy from banks, you will go through several processes and pay exorbitant fees.

That’s why making a quote when buying coins with Eurocash gives you many more advantages.

With technological advances, it is now possible to buy foreign currency online and receive it at home. That’s why Eurocash offers its customers a delivery service, so you don’t have to waste time or gas when withdrawing your currency.

We are dedicated to buying and selling currencies from all over the world. We are located in Via España, Panama.

In addition, we offer our clients a complete online exchange service, with efficiency, security and transparency.

If you want to buy coins from anywhere in the world safely, fill in your details in the form.

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