Find out the name and origin of Panama’s currency

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Find out the name and origin of Panama’s currency

Panama’s currency is the Balboa, a different name, which refers to the Spanish conquistador Vasco Núñez de Balboa.

The good thing is that the Panamanian currency has the same value as the U.S. dollar, with a quote of 1:1, that is, one U.S. dollar is equivalent to one balboa. Thus, tourists who visit, make a stopover or leave the country have this facility when they arrive in Panama, since the U.S. dollar is widely used in the country.

Also, there are no Balboa bills, the money is only in coin format. Thus, the values are respectively 1, 5, 10, 25 and 50, and are identical to US currencies (including size and weight).

Because of this, people coming from South America, Europe, and other countries don’t need to worry about using the local currency, as they can use the dollar all the time. But if you need to change the currency to the local currency, you can buy 1 Balboa for 1 dollar.

To acquire US dollars to travel, eat and stay in Panama, it is very important that you go to an exchange house. Also, prefer to carry cash and avoid credit cards, as although they are accepted at several ATMs of different banks in the city, there are taxes of 7% on the prices of products in the store, plus 6.38% of taxes incurred on transactions.

Who was Vasco Núñez de Balboa?

September 25, 1513 was marked in history. The Spanish explorer Vasco Núñez de Balboa, almost a month after crossing the forests, swamps and lagoons of the Isthmus of Panama, found the Pacific Ocean.

As the first European to see the great ocean from its east coast, he ventured ahead of the indigenous accounts of a wealthy kingdom to the south, where people used golden utensils. It was the first information related to the Inca empire.

He began his adventure with 190 men, some of them indigenous, and also some dogs. Next to him was Francisco Pizarro, who left a few years later in search of the Inca empire.

When he saw the sea, Balboa entered the waters in full armor, sword in one hand and the flag of Castile in the other. To seize the ocean in the name of the King of Spain, he called it the “South Sea” and entered its waters. With that, it became clear that Asia was far beyond that liquid horizon. Spanish hopes of attaining the riches of the East were dashed, until a Portuguese aristocrat, Fernão de Magalhães, made them possible again. On his voyage, he sighted Balboa’s Mare Del Sur, but thousands of miles farther south, and in 1520 it changed its name to the Pacific Ocean, due to its calm waters.

Why exchange/buy Panamanian currency at an exchange office?

To travel safely and properly, you need to have organization and planning. That’s why exchange houses are essential in this regard.

In addition, by buying currency at exchange houses, you can save time and focus on other details of the trip.

Thus, having an exchange house offers:

Practicality

In the past, it was common to visit exchange houses and then get in touch (by phone or in person) to quote prices or withdraw the currency. This process was labor-intensive and caused stress for people.

But nowadays it is possible to make this quote online and monitor it, as well as search for different currencies.

Safety

Buying dollars and other currencies at an exchange house at a fair price is more reliable than buying from places that are not authorized to do so and offer a below-market price.

Options

The possibilities of a good deal when making online quotes give the customer more convenience when buying.

In addition, they indicate the difference in coin values. This way you will be able to trade directly with the exchange houses.

Real time

When you make your quote online, you can follow the devaluation or appreciation of the desired currency in real time. Thus, the chances of finding good deals increase.

How can Eurocash help you buy Panamanian currency?

We are an exchange house and we are dedicated to trading, buying and selling currencies from all over the world. That way, regardless of the country you come from, we will be ready to offer you our service.

We provide our clients with a complete service in an efficient, secure and transparent manner.

Shop with us safely, quickly and without bureaucracy. In addition, we have a privileged location in Panama and offer delivery service.

All the currencies we trade with have the best rates on the market.

Request your Panama currency quote right now and enjoy your stay in the country. We offer our customers the best prices with the lowest purchase rates in the region.