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Currency exchange in Panama
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If you are traveling to Panama from a country other than the United States you will need to exchange money for Balboas, which is the Panamanian term for the US dollars they utilize as their currency. When entering Panama from Costa Rica you can exchange Costa Rican colones at the border by approaching one of the many people with small bags. They are typically advertising that they will exchange money for you.
If you entering Panama through Tocumen International Airport, take advantage of the Banco Nacional de Panama located in the airport. This is the only bank in Panama that will exchange currency. To my knowledge branches of Banco Nacional outside of the airport will not exchange money. Otherwise, you will need to visit a Casa de Cambio, which are quite rare outside of Panama City.
If you run out of cash or want to guarantee that you get the best exchange rate, withdraw cash from an automatic money machine (ATM or cash machine), which are identified by red signs saying Clave on them. However, credit cards will often charge high interest rates on cash advances. It also is possible to receive money through Western Union, which has many locations throughout Panama, including in many of the medium-sized towns, especially along the Pan-American highway.
Happy Travels!
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