Panama’s Currency Puzzler
I recently flew into Panama from Mexico, my mind racing from a nasty hangover and my pockets stuffed with remnants of one final night in Cancun: ticket stubs, beer caps, a really nice electronic hotel key from the Westin that would probably show up on my credit card soon thereafter. I also had about $200 in Mexican pesos – figured I’d exchange them once I arrived to Panama.
Exchanging foreign currency in Panama is not unlike eating six saltines in a minute. It seems like a relatively easy thing to do, but half way through the process one realizes the forces are working against him.
“Excuse me, do you folks exchange Mexican pesos?” It’s a question that elicits more or less the same facial expression as asking whether someone prays to a peanut butter god and if so, whether they’re willing to switch to one made of jelly. Not only did the majority of the people behind the counter say no, but they had few if any ideas as to where it could be done.
This is something I love about Panama, and by love I mean hate. Ask someone in the service industry a question, and if the answer is no, then that’s what you’re getting. Not “no, I’m sorry to say,” not “no, I apologize,” not “no, but let me see if I can help you make it ‘yes.’” Just “no.” Plain and simple.
“Excuse me, would you be able to exchange these pesos for US dollars?” was my question at HSBC, ScotiaBank, Banco General, Global Bank, and my personal favorite, Banistmo where the teller behind the counter looked at my pesos as if it was monopoly money. “What is that?” she asked, fascinated by the acetate layers built into the corner of a 20 peso note. I tried three different currency exchange shops, two of which downright refused to accept my pesos and one that agreed but wanted nearly three times the going rate (meaning, instead of getting $200 back, I’d be getting somewhere around $75).
It seemed like an sensible thing in my hungover state, skipping the currency exchange booths in Mexico in favor of doing it in a country I’m more familiar with. But it’s proved to be something of an impossible mission. Other than trying to pawn them off on a friend who’s going to Tijuana in June 2010, I’ve decided to use this blog for ideas. Panama: the cosmopolitan, international banking hub of the Americas. But does anyone know where I can exchange a few pesos?
Image: http://www.ixtapa-zihuatanejo.com/img/dinero_billetes.gif
| Written by PanaMatt |  |
This post's rating:
(3 votes, average: 5 out of 5)
Loading ...Related Stories
Panama Economy Growth On Pace With China
Random Facts about PTY
Panama’s Olympic Soccer Hopes Crushed
Panama’s Stock Market Grew 223% in January
Filed under: Business, Living & Retirement on February 27th, 2009
How strange! That the most cosmopolitan and modern capital in the region is unable to change a few pesos. For me this is just another example of how shallow Panama is: grand promises and uber hype: yet on the inside, unable to fulfil the most simple of requests. After reading this, I’m actually not surprised at all.
LOL – And in response to your question as to where to exchange currency easily and regularly….NO.
Try Plaza Concordia on Via Espania across from Rey, there are 2 curency exchange there, you might be lucky
I also heard that it is quite difficult to cash travellers checks in Panama City. Is this true? And if so, do you know where it can be done?
do it on ebay