Dollar exchange rates

In short: Panama has used the US dollar as legal tender since 1904, and the balboa circulates at par only in coins. So there is no “dollar exchange rate in Panama”: a dollar is worth a dollar. What matters to anyone living, investing or sending money from Panama is what the dollar is worth against neighbouring and European currencies. This page shows the day’s reference rates and a converter.

Reference rates today

Currency1 USD =1 unit = USD
Colombian peso (COP)3,276.88 COP0.00031
Costa Rican colón (CRC)452.89 CRC0.00221
Euro (EUR)0.8939 EUR1.1187
Mexican peso (MXN)18.6114 MXN0.0537
Venezuelan bolívar (VES)901.62 VES0.00111
Brazilian real (BRL)5.5539 BRL0.1801
Pound sterling (GBP)0.7482 GBP1.3366
Canadian dollar (CAD)1.4170 CAD0.7057
Dominican peso (DOP)60.7489 DOP0.0165
Guatemalan quetzal (GTQ)7.6482 GTQ0.1307
Chinese yuan (CNY)6.6878 CNY0.1495
Argentine peso (ARS)1,545.40 ARS0.00065

Live data, updated November 10, 2026, 20:04 (Panama time).

Source: Open Exchange Rates API (open.er-api.com), daily reference mid-market rates. Banks and exchange houses apply their own spread.

Why Panama has no exchange rate

The Monetary Agreement of 1904 adopted the dollar as legal tender and pegged the balboa at par. Panama has no central bank and issues no banknotes of its own, so it cannot devalue or print money. That dollarisation is one of the reasons investors from Colombia, Venezuela, Argentina and other countries with volatile currencies choose Panama to save, buy property or open a company.

Who these rates matter to

ProfileWhat they look at
Colombian or Costa Rican investorHow many pesos or colones are needed to buy in dollars in Panama
Resident sending remittancesHow much the family receives in local currency
Company importing from Europe or ChinaDollar cost of invoices in euros or yuan
European or Canadian touristWhat the trip costs in their currency
Key fact: in Panama you can open a dollar account with no local currency risk. Banks also offer accounts in euros and other currencies, with each institution’s own fees and exchange spreads.

Where to exchange currency in Panama

  • Banks: exchange the main currencies for account holders, with a spread over the reference rate.
  • Exchange houses: at Tocumen airport and in commercial areas. Higher spread, no account needed.
  • ATMs: foreign cards withdraw dollars directly; the issuing bank handles the conversion.
Frequently asked questions

What is the dollar worth in Panama?

A dollar is worth a dollar. Panama uses the US dollar as legal tender and the balboa is pegged at par (1 balboa = 1 dollar).

Can you pay in euros or pesos in Panama?

Not in general. Shops and services charge in dollars. Foreign currencies must be exchanged at banks or exchange houses.

Are the rates on this page the ones the bank applies?

No. They are market reference rates. Banks and exchange houses apply their own spread, usually between 1% and 5% depending on the currency and channel.

Related articles

Sources