🇵🇦 This is the brand hub for Banco General. For the bigger picture on Panama using the US dollar, the flat-fee math and packing small bills, see the Panama Money Guide. For exact ATM districts, see the Panama City ATM Guide. For card acceptance and transport, see the Panama City Money Guide. Flying in? Tocumen (PTY) guide.
💳 Pack Small USD Bills
Panama uses the US dollar, so bring clean small bills for taxis and the islands. CEI ships pristine new-series notes if you want them.
Order USD Bills → CEI Currency ExchangeWhat Banco General is, in one paragraph
Banco General is Panama's largest private bank by assets, founded in 1955, and it operates the widest branch and ATM network in the country, from the Area Bancaria on Calle 50 to the Multiplaza and Albrook malls, David, and Tocumen airport. Because Panama has used the US dollar as its circulating currency since 1904, a Banco General ATM does not involve any currency exchange: a US card withdraws dollar-for-dollar with no FX markup. The only cost is the machine's flat operator fee for foreign cards.
What Banco General charges foreign cards
| Fee component | Amount | Paid to |
|---|---|---|
| Exchange rate / FX markup | None (Panama uses the US dollar) | N/A, dollar-for-dollar |
| Banco General operator fee (foreign card) | ~$3-5 flat (refunded by Schwab) | Banco General |
| Per-transaction cap | ~$300-500 (varies by machine) | Banco General |
| Your home bank's FX fee | None (both sides use USD) | N/A |
| Bank of America non-network fee | Applies (no Alliance partner in Panama) | BoA, use a Schwab card instead |
| DCC / dollar-dispense markup | +5-10% | Always decline; there is no reason to accept it in a USD country. |
Because Panama uses the US dollar, a Banco General ATM has no FX markup; the only cost is the flat $3-5 operator fee, which a Charles Schwab card refunds. Panama has no Bank of America Alliance partner. One larger withdrawal spreads the flat fee.
How to make Banco General free: one larger pull, or a Schwab card
Because Panama uses the US dollar, there is no exchange rate to lose on at a Banco General ATM: a US card withdraws dollar-for-dollar. The only cost is the flat $3 to $5 operator fee. Two ways to beat it: make one larger withdrawal instead of several small ones (the fee is flat, so it costs less per dollar), or carry a Charles Schwab card, which refunds ATM operator fees worldwide and makes the withdrawal effectively free.
Even in a dollarized country, decline any offer to charge in US dollars at a marked-up rate (pure nonsense here) and use the local processing. And remember the Panama-specific rule: pack and break your cash into small bills ($1, $5, $10, $20) before heading to the San Blas and Bocas islands, where boat captains cannot change a $50 or $100.
Where to find Banco General in Panama
Area Bancaria (Calle 50)
Banco General's densest cluster is the banking district on Calle 50 and Via Espana, plus branches citywide. See the Panama City ATM Guide.
Multiplaza & Albrook
In-mall Banco General ATMs at Multiplaza Pacific, Albrook Mall and the other major centers; air-conditioned and safe for a larger pull.
Airport arrivals
Banco General ATMs in the Tocumen arrivals area, your first dollars off the plane, away from standalone DCC machines. See the PTY guide.
David & the interior
Banco General reaches David, Santiago, Chitre and the interior towns, useful before the ATM-thin islands and rural areas.
No exchange step
Every Banco General ATM dispenses US dollars at par; the only cost is the flat operator fee, refundable with a Schwab card.
Use Schwab, not BoA
Panama has no Bank of America Alliance partner, so a BoA card pays the fee; a Schwab card refunds it instead.
Best card pairing with Banco General
Schwab to refund the flat fee, small bills for the islands
Because Panama uses the US dollar, there is no FX markup at a Banco General ATM: a Wise or any no-FX card spends at par. The only cost is the flat $3 to $5 operator fee, which a Charles Schwab card refunds worldwide, making withdrawals effectively free. Make one larger withdrawal to spread the flat fee, pack small US-dollar bills for San Blas and Bocas, and decline DCC.
Get the Wise Card →One larger withdrawal beats several small ones
The Banco General operator fee is flat, and there is no FX cost in a dollarized country, so a single $300-500 withdrawal is far cheaper per dollar than several small pulls. A Charles Schwab card refunds the fee entirely, and Banco General's wide network means a branch or mall machine is rarely far.
Break your cash into small bills first
Panama City takes cards, but the San Blas and Bocas islands run on small US-dollar notes and cannot break a $50 or $100. After a Banco General withdrawal, deliberately break your cash into $1, $5, $10 and $20 bills (buy something at a supermarket) before heading to the islands.
Frequently Asked Questions
Does Banco General charge foreign cards a fee?
Yes, a flat $3-5 fee (no FX, since Panama uses USD). One larger pull spreads it, or a Schwab card refunds it. Decline DCC.
Is there an exchange rate at a Banco General ATM?
No FX at all: Panama uses the US dollar, so Banco General ATMs dispense dollars at par. The only cost is the flat operator fee.
What is Banco General?
Panama's largest private bank (founded 1955) with the widest ATM network, from Calle 50 to the malls to Tocumen. Dispenses US dollars at par with a flat fee.
Is Banco General a Bank of America Alliance partner?
No BoA Alliance partner in Panama. A Schwab card refunds the operator fee; or make one larger withdrawal to spread the flat fee.
Will my US card work at Banco General ATMs?
Yes, with a Visa, Mastercard, Plus or Cirrus logo; dispenses US dollars. Use branch and mall machines, decline DCC, pack small bills for the islands.
Schwab + small bills for Panama
No FX at Banco General (Panama uses USD); the only cost is the flat $3-5 fee, refunded by Schwab. Pack small bills for San Blas and Bocas. Decline DCC.
Get the Wise Card →