Money and banks
Panama adopted US dollars (referred to interchangeably as dólares or balboas) as its currency in 1904, and has not printed any paper currency since. The country does, however, mint its own coinage: 1, 5, 10, 25 and 50 centavo pieces which are used alongside US coins, plus a new US$1 coin. Both US$100 and US$50 bills are often difficult to spend, so try to carry nothing larger than a US$20 bill. It is difficult to change foreign currency in Panama – change any cash into US dollars as soon as you can. Foreign banks will generally change their own currencies.
Travellers’ cheques are impossible to change, so you’re better off with a credit card, and a debit card for ATM withdrawals. The three major banks are Banco Nacional, Banco General and HSBC. Almost all branches have ATMs, as do many large supermarkets; all ATMs demand a US$3 levy on every transaction. Major credit cards are accepted in most hotels and restaurants in Panama City and the larger provincial towns, though hardly anywhere in Bocas del Toro. Visa is the most widely accepted, followed by MasterCard. Some shops will charge an extra five percent if you pay by credit card.
Opening hours
Opening hours vary, but generally businesses and government offices are open Monday to Friday from 8am to 4pm. Post offices are open Monday to Friday 8am to 5pm, and Sat 8am to noon, while the major banks are generally open from 8am to 3pm Monday to Friday, and from 9am to noon on Saturday. Shops are usually open Monday to Saturday from 9am to 6pm.
Panama has several national public holidays, when most government offices, businesses and shops close. Panama City and Colón also each have their own public holiday, and there is one public holiday for government employees only. When the public holidays fall near a weekend many Panamanians take a long weekend (known as a puente) and head to the beach or the countryside – it can be difficult to find hotel rooms during these times. Public holidays that fall midweek are sometimes moved to a Monday or Friday to avoid disrupting the working week. Several of these public holidays also coincide with national fiestas that continue for several days.
Public holidays
Jan 1 New Year’s Day
Jan 9 Martyrs’ Day
Feb/March (date varies) Carnaval
March/April Good Friday
May 1 Labour Day
Aug 15 Foundation of Panama City (Panama City only)
Nov 2 All Souls’ Day
Nov 3 Independence Day
Nov 4 Flag Day (government holiday only)
Nov 5 National Day (Colón only)
Nov 10 First Cry of Independence
Nov 28 Emancipation Day
Dec 8 Mother’s Day
Dec 25 Christmas
Phones
Panama’s privatized telephone company is owned by Cable & Wireless. Local calls are cheap, and there’s a wide network of payphones that take phonecards sold in shops and street stalls; a Telechip card allows you to make both local and international calls. Local numbers should have seven digits; local mobile numbers have eight digits and begin with a “6” or a “5”. Many internet cafés also provide international phone calls for between US$0.05–10/minute to North America or Europe. You can make international reverse charge calls from payphones via the international operator (t106).
Mobile phone coverage is growing, and even covers remote stretches of the Darién and Guna Yala, with the Móvil and Digicel networks having the best coverage outside of the capital. It’s easy to buy a local SIM card in Panama City (around US$3) and replace the card in your own phone with it, although you may need a “hacker” to unlock your phone for use of the Panamanian networks.