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Panamanian words for money
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Panama utilizes the US dollar for their currency. However, as a tourist to the Republic of Panama, you may be unfamiliar with various terms used for coins and bills. Here are a few words that you will likely hear.
Balboa: The official term for the currency in Panama (although they utilize the US dollar). One Balboa is equivalent to one US dollar bill.
Centabol: Word for one cent or a penny.
Dolar: One dollar, used interchangeably with Balboa and palo.
Palo: A slang term used to refer to one dollar.
Peso: A term used for fifty cents, whether referring to the fifty-cent coin or a total cost of fifty cents.
Quarter/Cuarter: Twenty-five cents or a quarter.
Rial: A nickel. In rural areas or small markets, totals may even be given in rials. The cost is 5 riales or twenty-five cents.
Tips
Pay with a bill that you know will cover your cost if you are unsure of what the clerk says. However, note that in many areas outside of major cities, stores, markets, and restaurants will have difficulty handling bills over $20.
In stores with electronic cash registers, the clerk will often turn the register so you can read the total, especially if you look momentarily confused!
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