For gringos, the widely-known Spanish-word for money is dinero, but actual term for cash is efectivo; a word worth remembering. Travelers will frequently come across signs with, "se acepta efectivo, solamente", which roughly translates, "cash only accepted". Panama's currency is the American dollar. Aside from large purchases or paying for multiple-night hotel stays, be sure to always carry plenty of small bills. Whipping out a $20 in most places is like trying to pay with a $100 back in the States. Merchants appear reluctant to make change if they even can.

In addition to prices listed as $, you'll sometimes still find costs designated with B/. for The Balboa. The only remaining traces of the original local money-system are coins given when change is made, though U.S.-based coinage is also circulated and accepted. Local coins are interesting, but the recommended collector's item is a superb half-dollar piece featuring the explorer Vasco Nuñez de Balboa on one side, and the country's emblem on the other. They're not widely used, but available upon request at banks.

The most impressive collection of Panama's original Balboa currency can be seen at the Museo del Canal Interoceánico in Panama City's Casco Viejo district. Modeled from earliest Spanish traditions, there are no bills. Various-sized coins were used as dollar amounts, too.

Credit Cards
Even with expanding technology systems, the majority of business establishments still don't accept credit cards, even in heavily-frequented tourist areas. American Express is widely advertised, though Visa/MasterCard work just as well if anything is accepted at all.
Don't expect to rely upon cards for cash advances from ATMs. I gave up years ago trying to get mine to function in Latin American machines. One hotel desk clerk also cautioned that it's common for ATMs to process a transaction when there's no cash available to dispense. You must then take receipt to the endorsing bank's main branch, endure a long wait, and then hope to state and prove your case, likely in Spanish.

A time-consuming lesson learned the hard-way can be prevented. Before traveling, especially to countries which card issuers might consider high-risk, it is always wise to call and advise them of destination and travel dates. Otherwise, you risk having card usage blocked by the company when making frequent and/or substantial purchases, or from repeatedly trying to use cards in ATM-machines without success. It's how companies safeguard customers, but potentially frustrate unsuspecting travelers.

Travelers Cheques
They may be the safest measure for carrying extra cash, but Panama's businesses won't accept them, Casa de Cambio - currency exchange places refused them, and guards at some banks wouldn't even let me through the door when trying to cash them.
Supposedly, the country's first and largest banking chain, Banistmo, will exchange American Express Travelers Cheques without a service fee, but try finding one when you need one! Towards end of my stay, I spent half-a-day getting redirected from bank to bank trying to cash cheques. Banco General, on the corner of Avenida Cuba & Calle 34 in Panama City, will exchange cheques for a $2.00 fee, regardless of amount. Banco Nacional is the other banking system said to assist travelers.

Banks
The general rule is to avoid needing any banking services even if you speak the language! Nevertheless, sometimes it can't be helped when needing to cash cheques or get cash advances on credit cards; the safest and surest way for relying upon this method. In Panama, bank hours varied by branch and location, but 10:00am - 3:00pm on Monday-Friday are general times. In heavy traffic areas like shopping malls, or in medium-sized cities where there might be only one bank, some had hours posted for half-days on Saturdays.

Expect long-lines (as in out the door and around the corner) on Monday's, and anytime following a holiday closing. To enter a bank, you must first pass through a security station which involves wand-check and search of personal belongings. State your business to the guard, and they'll direct you to the appropriate area. From there, service happens rather quickly compared to the long wait just to get inside.

It won't take long to notice small bank branches on about every other corner in Panama City. However, if you see Centro de Préstamos, it's a banking loan center that doesn't handle cash transactions. Don't let long-lines fool you into waiting, either.

Keeping in Touch -- Communications
While Latin American countries still have no shortage of primitiveness, they're certainly on-pace with modern times in forms of communication; Panama no exception. Here's what travelers can expect to find:

Telephones
Making calls from any type of system first requires purchasing a phonecard, which come in various dollar amounts, and are usually only available in pharmacies, bodegas and grocery stores. Don't expect to find them at hotel desks. Medium-to-lower-end accommodations rarely have phones in rooms, ones which do only programmed to allow calls to the front desk or restaurant. Smaller, family-ran establishments may allow calls through their main line. Otherwise, you'll need to find a public payphone.

Panama has three types of payphones, with the least available being those which accept change, and serve little purpose unless making quick local calls.. Travel information suggests that some phones, which require inserting scannable cards into slots, can only be accessed by this method, but that's wrong. The most common types of phonecards have scratch-off pin-numbers, and can be used for any type of phone that doesn't require coins. Usage instructions are listed on the back. Once entering the random trio of digits which accesses the line, the next step asks to continue in Spanish or English. From there, simply follow the prompts.

Common phonecards are best used for making calls within the country. Increments cost more when calling a cellphone than a landline. Don't think there's an error because listings may have 8-digits. The boom in cellphone usage has warranted the extra number. Cellphone numbers always begin with 6, and will look something like 6###-####.

For international calls, travelers are better off skipping local phonecards and finding a communication center, which also usually offers internet/fax/copying services. Cable & Wireless is the country's telecommunication company sanctioning these centers. A $3 international card was good for a 47-minute call to the U.S.; any remaining minutes usable for local calls.

In Panama City, communication centers are more easily found than in outlying areas. I highly recommend using their phone booths for placing calls, which also include posted lists for country access codes when calling internationally. Not once did I ever come across a public phone which wasn't working, but surrounding noises make hearing almost impossible.

Internet Service
Since home computers are unaffordable to the local population, public internet places are dime a dozen, and usually crowded. Usage fees determine where you'll want to go. The general charge is $1 per hour for high-speed connection. Places advertising 50¢ per hour are guaranteed to have slow-moving dial-up service. Desk clerks sign users in/out. Rates are calculated in 15-minute increments, and rounded-up. If any quarter goes over, stay on if needed since you'll be paying for it.

Computer systems aren't overly outdated, but certainly banged-up from heavy usage which may affect service regardless of transmission speeds. If composing lengthy communications, frequently copy work. Systems were prone to stall or randomly close.

The biggest adjustment for travelers comes with using keyboards programmed for the Spanish language. Standard alphabet placements are the same, but keys are much smaller from squeezing in additional letters and symbols. Punctuation keys are rearranged, but the biggest change to be aware of is using the @ when entering e-mail addresses. It appears on the #2-key, but only works using Alt-codes. Most places had access instructions posted in work stations. Otherwise, ask as function oddly varied between centers and systems.

Travel Documents
It took a rude awakening to finally heed advisories for making several photocopies of important documents and information to scatter through-out belongings. Load-up the glass with passport, traveler's cheques serial number receipts, driver's license if needed, and credit cards with the back-down. This way, hotline numbers are visible without compromising actual card numbers if papers happen to fall into the wrong hands. Then on each copy, write-in important phone numbers not committed to memory.

In Panama, law requires that everyone carry photo identification at all times. Visitors should also always have their tourist cards; purchased when entering the country.

Especially in Panama City, bicycle and foot-patrol officers are everywhere, and on the look-out for safeguarding travelers. While spoken to many times, I was never asked to show anything until late one night while sitting on a bench across from my hotel. The officer was not interested in seeing a photocopy of information. Offer to retrieve official documents from the room netted an advisement warning that they must be carried at all times, or risk getting taken-off to jail. Therefore, copies of documents become even more essential since loss or theft potentials increase from carrying originals everywhere.

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