Using ATMs as a foreigner in Panama can be both convenient and, at times, a source of frustration if you’re not prepared. For most travelers, withdrawing local currency—balboas and U.S. dollars—is necessary for everyday expenses, as cash is still widely used, especially in markets, taxis, and small restaurants. Panamanian ATMs generally accept major international cards like Visa, MasterCard, and sometimes American Express, but it’s always wise to notify your bank of your travel plans to avoid any card blocks or fraud alerts.
In cities like Panama City, Santiago, and David, ATMs are plentiful and generally reliable, making it easy for travelers to access cash at any time of day. They are located in shopping centers, banks, gas stations, and sometimes even outside major supermarkets. Most ATMs dispense U.S. dollars, which are widely accepted alongside the Panamanian balboa, but smaller denominations may be harder to obtain. Always check your receipts to make sure the machine dispensed the correct amount, as disputes can be more complicated as a foreigner.
Fees are another consideration when using ATMs in Panama. Many local banks charge a fixed fee per withdrawal, often ranging from $2 to $5, in addition to potential international withdrawal fees imposed by your home bank. These charges can add up quickly, so it’s advisable to withdraw larger sums less frequently rather than making multiple small withdrawals. It’s also wise to compare fees if your card is associated with a global network, as some banks offer partnerships that reduce or eliminate extra charges.
Security is a key factor when using ATMs in Panama. Like many countries, travelers have occasionally fallen victim to skimming devices or theft. Always choose machines located inside banks or well-lit areas, avoid using ATMs at night in isolated locations, and cover the keypad when entering your PIN. Be wary of anyone lingering nearby or offering unsolicited help at an ATM. While incidents are not extremely common, it’s better to be cautious, especially as a foreigner who may attract attention.
On the island of Bocas del Toro, the ATM situation is more limited. Bocas Town has a few machines, but they are often crowded or temporarily out of service, especially during peak tourist season. Smaller islands and remote communities may have no ATMs at all, which means travelers must plan accordingly. Many businesses on the islands accept only cash, and card machines can be unreliable due to connectivity issues, so bringing enough cash for daily expenses is essential.
It’s important for foreigners to understand that some ATMs have withdrawal limits, typically around $300 to $500 per transaction, though this varies depending on the bank and your own card’s limits. If you need more, you may need to make multiple withdrawals or visit a branch directly, which can take extra time. Planning ahead for large purchases, tours, or accommodations is a smart way to avoid running into limits unexpectedly.
Another tip for travelers is to have multiple payment options. While ATMs are convenient, carrying a backup credit card or a small amount of U.S. cash can save you in emergencies or when an ATM is out of service. Panama is generally safe, but natural obstacles like network outages or remote locations can make it difficult to rely solely on electronic access to money. Diversifying your options adds a layer of security.
Using an ATM also requires some patience, as machines can occasionally malfunction, eat your card, or display temporary errors. Bank branches are generally helpful in resolving these issues, but service can be slower than in your home country. If your card is retained, be sure to report it immediately to your bank and follow the bank’s instructions for card recovery. Knowing the location of your bank’s branch in Panama can make this process less stressful.
Tourists should also be aware that using ATMs in rural areas or outside major cities may not provide the same convenience as in Panama City or David. Fees can be higher, machines can be older, and technical problems may not be resolved quickly. On Bocas del Toro, especially, it’s common for visitors to carry sufficient cash for the entire stay, as ATMs are scarce and sometimes unreliable.
Ultimately, using ATMs in Panama as a foreigner is straightforward if you prepare ahead. Notify your bank, carry multiple forms of payment, and prioritize security when withdrawing cash. Understanding the limitations on islands like Bocas del Toro and in smaller towns ensures that you won’t find yourself stranded without money. With these precautions, accessing your funds and enjoying Panama’s beauty can be a smooth experience.