Quick answer. Panama uses the US dollar as its circulating currency, so there is no exchange to do and no FX markup at all: a US card withdraws or spends dollar-for-dollar. The one real cost at Tocumen (PTY) is the $3-5 operator fee that every Panamanian bank ATM (Banco General, Banistmo, BAC Credomatic) charges foreign cards, posted on screen before you confirm; minimize it by making one larger withdrawal, and a Charles Schwab card refunds it entirely. Skip the handful of exchange counters (they exist for non-USD arrivals). Always decline DCC (meaningless here, since both your card and Panama use USD). The cheapest way into the city is the Metro Line 2 airport branch from the Aeropuerto station: tap a contactless Visa/Mastercard or buy a $2 metro card, change to Line 1 at San Miguelito, and the whole trip to downtown costs about $0.85.
Where to get US dollar at PTY
The Tocumen money story is unusual: because Panama uses the US dollar, there is no exchange rate to lose on and no FX markup. The only variable is the ATM operator fee ($3-5 flat) and whether your card refunds it. The cost math below assumes you withdraw $100.
| Option | Where | Markup | Total Cost |
|---|---|---|---|
| Banco General / Banistmo ATM + Schwab (fee refunded) | T1 / T2 arrivals | Dollar-for-dollar, operator fee refunded | ~$100 |
| Banco General / Banistmo / BAC ATM (one larger pull) | T1 / T2 arrivals | No FX; ~$3-5 flat operator fee | ~$96-97 |
| Spending directly on a no-FX card | Anywhere | Dollar-for-dollar, no fee | ~$100 |
| Standalone unbranded ATM with DCC | Terminals / hotels | Operator fee + DCC pitch | ~$90-95 |
| Exchange counter (for non-USD arrivals) | Arrivals | High spread; irrelevant if you carry USD | ~$90 |
Where to find the Banco General, Banistmo and BAC Credomatic ATMs at Tocumen (PTY)
Tocumen International (PTY) is the largest hub in Central America and Copa Airlines' Hub of the Americas, about 24 km east of Panama City. It has two connected passenger terminals: the original Terminal 1 and the newer Terminal 2 (opened 2022), linked by an internal corridor. Because Panama has used the US dollar since 1904 (the local Balboa exists only as coins), there is nothing to exchange: a US debit or credit card works dollar-for-dollar with zero FX markup. That flips the usual airport-money problem on its head. Your only cost is the operator fee that Panamanian bank ATMs charge foreign cards, typically $3-5, shown on screen before you confirm. Look for a Banco General, Banistmo or BAC Credomatic machine in the arrivals areas of both terminals rather than a standalone unbranded ATM, which layers a DCC pitch on top. Minimize the flat fee by pulling one larger amount instead of several small ones; a Charles Schwab card refunds the operator fee worldwide, and a Wise card keeps everything else at zero. Decline DCC (the 'charge in USD' offer is pointless when both sides already use USD).
Terminal 1 (original terminal)
Copa Airlines' Hub of the Americas (the dominant carrier, with connections across the Americas), plus American, United, Delta, Avianca, KLM, Iberia and others. Most legacy and long-haul services use Terminal 1
In the Terminal 1 arrivals area, look for a Banco General, Banistmo or BAC Credomatic ATM rather than a standalone unbranded machine. All dispense US dollars at par (no FX), charging only the $3-5 operator fee shown on screen; a Schwab card refunds it. Withdraw one larger amount to spread the flat fee, decline DCC, and head to the Metro corridor, the taxi rank or the rideshare pickup.
Terminal 2 (opened 2022)
A mix of Copa and low-cost and regional carriers (including Wingo and seasonal charter operations), plus overflow from Terminal 1. Connected to Terminal 1 by an internal corridor that also houses the Metro station
Terminal 2 has its own bank ATMs in the arrivals area on the same terms as Terminal 1. The Metro Line 2 Aeropuerto station sits in the corridor linking the two terminals, so whichever terminal you land in, the same short walk reaches both the bank ATMs and the train into the city.
Do you actually need cash at Tocumen (PTY)?
Partly. Panama City taxis, street food, and the San Blas and Bocas islands want cash US dollars in small bills, so pull a float at the airport. Malls, chain hotels, Casco Viejo restaurants and Uber take cards. Here is what works on a card and where cash still rules:
Metro Line 2 (airport branch) (~$0.85 to downtown (transfer to Line 1)): Tap a contactless Visa/Mastercard or buy a $2 metro card at the Aeropuerto station in the terminal corridor; ride Line 2 and change at San Miguelito to Line 1. Cheapest option by far, roughly 5am-11pm weekdays.
Taxi (Corredor Sur) (~$30-40 to Panama City): Official airport taxis take the Corredor Sur toll road, about 30-45 minutes to downtown. Agree the fare in advance (many are cash US dollars); confirm whether tolls are included.
Uber (~$18-30 to Panama City): Uber operates at PTY and bills your card through the app, usually cheaper and clearer than a street taxi; follow the app's rideshare pickup instructions.
Hotel / private transfer (Varies (arranged in advance)): Many Panama City hotels arrange a meet-and-greet transfer billed to the room or card, convenient with luggage or for late arrivals.
⚠ DCC trap. When the ATM or terminal asks if you want to be charged in your home currency instead of the local currency, always decline and choose the local currency. Accepting locks in a 3-13 percent markup that your no-FX-fee card cannot undo. Full DCC explainer →
Frequently Asked Questions
Do I need cash to get from Tocumen (PTY) to Panama City?
No. Metro Line 2 (airport branch) accepts contactless. Most taxis accept cards. Uber and other apps are card-only.
Can I order US dollar before flying?
Yes. CEI Currency Exchange ships physical US dollar to your US address in 2-5 days at rates well below airport counters. Order 50-100 US dollar for taxis and tips on day one.
Do I need to exchange money at Tocumen Airport?
No. Panama's circulating currency is the US dollar, so there is nothing to exchange and no FX markup: a US card spends and withdraws dollar-for-dollar. The few currency counters at PTY exist for travelers arriving with euros, pounds or other Latin American currencies. If you carry US dollars or a US card, ignore them entirely and either spend on the card or pull dollars from a Banco General, Banistmo or BAC Credomatic ATM.
What does an ATM at PTY actually cost if everything is already in dollars?
The exchange rate costs you nothing, because it is dollar-to-dollar. The one charge is the ATM's own operator fee, which Panamanian banks set at roughly $3 to $5 per withdrawal for foreign cards and post on screen before you confirm. Because it is a flat fee, one larger withdrawal is cheaper per dollar than several small ones. A Charles Schwab debit card refunds ATM operator fees worldwide, which effectively makes PTY withdrawals free; a Wise card adds no fees of its own but does not refund the operator charge. Always decline DCC.
How do I take the Metro from Tocumen Airport into Panama City?
The Metro Line 2 airport branch runs from the Aeropuerto station in the corridor connecting Terminals 1 and 2 (roughly a 5 to 10 minute walk from arrivals, though signage is poor). Tap a contactless Visa or Mastercard at the gate, or buy a reusable metro card for $2 and load it at any station machine. Ride Line 2 toward the city and change to Line 1 at San Miguelito for the central axis; the full trip to downtown costs about $0.85. The airport line runs roughly 5am to 11pm on weekdays, with shorter weekend hours. With luggage or late at night, a taxi or Uber via the Corredor Sur toll road (about 30 to 45 minutes, roughly $30-40) is easier.
Should I bring US dollars in small bills for Panama?
Yes. Panama City hotels, malls, chain restaurants and Uber take cards, but a lot of the country runs on cash small bills: taxis, neighborhood tiendas, street food, and especially the San Blas (Guna Yala) islands and the Bocas del Toro outer islands, where boat captains and island stays often cannot break a $50 or $100 note. Pack a stack of clean $1, $5, $10 and $20 bills from your US bank before you fly, and use the PTY bank ATMs to top up dollars as needed. There is no exchange step, so this is purely about having the right denominations.
Is there a Bank of America Alliance partner at PTY?
No. Panama has no Bank of America Global ATM Alliance partner, so a BoA debit card pays BoA's standard non-network and, on the ATM side, the local operator fee. Since everything is already in dollars there is no FX cost, but the cleanest setup is still a Charles Schwab card (refunds the operator fee) or a Wise card, plus a supply of US dollar small bills for taxis and the islands.