Chiriquí Chatter

Once you are here for a period of time many things that you take for granted were not obvious to you on your initial visit of when you first moved to Panama. If you are coming to Panama for the first time you might think that traveler’s checks are the best thing to provide you safety of your funds. While it will provide you safety, it will also create more inconvenience than benefit. The larger hotels may accept them, but most stores and smaller hotels will not. The first time I came to Panama I had American Express traveler’s checks and it was nothing but a pain in the butt. I returned to Texas with all but one or two of my traveler’s checks unused.

A better option is to use the ATM to obtain cash. In my case I used a Credit Union account and had no ATM charges other than an occasional $1 assessed by the ATM provider. I had multiple credit cards, which I could have used in an emergency in case the ATM network was not working. Another thing to consider is the size of the bill denominations that you carry. Bills larger than a $20 are also a problem. You will have to wait for the bills larger than a $20 to be authenticated and your passport will be recorded whenever you use them.

If you open a bank account in Panama you should understand the balance limit requirements for the various accounts. It is different for the various banks. For instance my checking account assesses a $10 fee if the balance of the checking account goes below $300 for the month. The same bank only requires a $50 for a savings account. I have heard of others that require a balance of $300 for a savings account. If you have both savings and a checking account and want to withdraw from both accounts each will have a different debit card with different pin numbers. If you have set your account up for Internet access (You have to request it) then you can transfer money between checking and savings and only need one card. Many institutions in the US allow you to choose your pin number. In Panama you do not have that option. Also if you open a checking account make sure you ask for the checks to have international coding on the checks When I opened my account I didn’t know that and my checks could not be processed easily in the US.

Another thing to remember is account inactivity. If you have money in an account and haven’t made any money movement is some period of time, the account may be marked as inactive and you will have to go to the bank with your identification to reactivate the account.

If you are going to deposit US checks in a Panama Bank you should ask the bank’s policy on when the funds will be available. Many will not allow access to those funds for a period of 30 days or more no matter when the funds were received from the US by the bank. You should also understand the bank’s policy for transferring money to or from the US. Not all bank fees are the same.

If you go to a bank and enter an external ATM area, don’t exit before you have put the money in your pocket. If you exit with the money in your hand you are risking an opportunist thief taking your billfold and cash from your hands. I personally don’t use a billfold that I would carry in my back pocket. I use a combination credit card holder and money clip that I carry in my front pocket. It is not impossible for these pockets to be picked, but does require more skill.

There are some obvious places and times when you are at risk of having your pocket picked. The bus depot is known to have many pickpockets. I have talked to several people that have had money lifted from them on the bus or when exiting the bus or while waiting in the bus area. Another time to be careful is when you are in large crowds such as when they have all the parade calibrations or carnival,

While I have never had any problems with anyone wanting to rob me in the time I have lived here, I am always aware of where I am and who is around me. I keep an eye out for people that are too observant and curious.

If you happen to be touched by one of the beggars that you will encounter and want to help them out, don’t pull out your billfold to find a dollar. I keep my change in a different pocket than my money clip and I use this loose change for beggars. If you are driving and come to a corner where an obvious school collection site has been set up, don’t stop, roll the window down and pull out your billfold. A better process would be to stop, get the money you want to donate, put your billfold back in the pocket, roll down the window and make your donation.

If you use good judgment and are cautious you will probably not have any trouble managing money in Panama. However the inverse is also true and if you are careless and flash jewelry and money you may have the wrong type of person helping you with your money matters.

Tags: Reflecting