Top payment methods in Panama: A guide on best ways to pay
Wondering what the most popular ways to pay are in Panama? Explore the top payment options and choose wisely.
Panama, with a population of around 4.57 million people, has a GDP of approximately 91.68 billion making it the 77th largest economy in the world. The official currency of Panama is the Panamanian Balboa (PAB,USD)
The economy is a service-based system centered on the Panama Canal, logistics, and international banking. Its use of the US dollar creates strong ties with the United States, which is also its main trading partner.
| Country | Panama |
|---|---|
| Population | 4.57 million |
| GDP (USD) | 91.68 billion |
| Global Ranking | 77th |
| Currency | Panamanian Balboa (PAB,USD) |
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What is the main payment method in Panama?
The official currency of Panama is the US Dollar, and it is a very common method of payment in cash form for daily transactions. In Panama City and other urban areas, debit and credit cards are widely accepted. Bank-led mobile payment apps, Nequi and Yappy, have become very popular for facilitating easy peer-to-peer transfers.
How to pay in Panama
Each country has its own way of moving money, and choosing the right method can sometimes be difficult. That’s why we have curated the most popular and best payment options for you to use in Panama.
| Payment Method | Description | Type |
|---|---|---|
| Wise | Wise provides international money transfer services. It is known for offering transparent, low-cost currency exchange rates and fast transfers. Wise uses the mid-market exchange rate and charges a small, upfront fee, making it a cost-effective alternative to traditional banks for sending money abroad. The platform also offers multi-currency accounts, allowing users to hold and manage money in multiple currencies. | Online/In-person |
| Cash (US Dollar) | The US Dollar is an official currency, and cash is the primary and most widely used payment method for everyday transactions. | In-person |
| Cards (Visa, Mastercard) | Debit and credit cards are very common and widely accepted in the formal economy, including supermarkets, malls, and restaurants. | Online/In-person |
| Bank Transfers (ACH) | Automated Clearing House (ACH) transfers are a standard method for making payments between bank accounts. | Online |
| Digital Wallets (Yappy, Nequi) | Local digital wallets like Yappy (from Banco General) and Nequi are very popular for easy P2P transfers and QR payments. | Online/In-person |
Is PayPal available in Panama?
Yes, PayPal is accepted in Panama.
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You can spend like a local in 150+ countries, as this clever contactless card automatically converts currency at the mid-market exchange rate whenever you spend - for just a small conversion fee.
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Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.