Panama’s local currency is the balboa; However, with an entirely dollarized economy, the dollar is accepted and circulates freely throughout the country, equating its value with that of the balboa in equal proportion. But what if you don’t bring U.S. dollars but euros? We’ll tell you all about it here!
Why do I need to exchange euros in Panama?
The circulation of euros is not allowed in Panama, which is why any tourist, businessman or investor who wants to visit the country, must mandatorily exchange euros for dollars or balboas. Without the exchange of currencies it will be practically impossible for you to carry out activities, pay accommodations, taxes, taxis, food, supplies or any other type of purchase that involves the use of money.
Where can I exchange euros in Panama?
Exchanging foreign currencies in Panama can be somewhat complicated, especially for those who do not have authorized credit cards, let alone a bank account in the country.
Exchanging euros in a bank is almost ruled out, since most of these entities exchange currencies exclusively to their cardholders, i.e. people who already have a bank account. Another negative aspect of banks is that they have a daily exchange limit, so you won’t be able to change the amount you need at that time.
Fortunately, in Panama there are many exchange houses that provide the service of exchanging foreign currencies. However, not all of them are legally established, for this reason, we recommend evaluating the different options very well in order to choose the one that transmits the most security and confidence.
Tips on Changing Euros to Dollars/Balboas in Panama
Based on our experience in the business, we want to offer you some useful tips so that you know how and where you can exchange euros in Panama without putting your money at risk.
Avoid exchanging money on the street or in unauthorized places
People who offer to exchange money on the street or upon your arrival at the airport are a complete fake, for no reason entrust your money to strangers to carry out this type of monetary transactions.
On the other hand, just as there are scammers, there are also many clandestine exchange houses; These types of sites are not legally constituted and do not have the necessary permission, so you can be a victim of a scam and be deceived with counterfeit bills.
Make sure you have a valid ID to exchange money
Banks are asking for many more requirements; However, to make your exchange from euros to dollars at an exchange office, you will only need to have a valid identification document (ID card or passport) to successfully complete your transaction. Note: If you do not have a valid identification document, you will not be able to access the services of a legal exchange office.
Look for an exchange that offers you a good rate
In the country, it is very common for exchange rates to vary from one place to another. In this sense, we recommend that you evaluate all the available options and make your decision based on the advantages and security provided by the exchange house you plan to select.
Eurocash, a benchmark in foreign exchange for more than 10 years
At Eurocash we are Panamanians and we want to show the best of Panama, therefore, we offer a safe and transparent space where you can exchange your euros for dollars/balboas with total confidence.
Don’t wonder anymore where to exchange euros in Panama! We are leaders in foreign exchange by handling the most competitive rates in the market, without restrictions or commissions… Visit us now.