Hello,
I’m planning on being in Boquete, late November for the best part of 6 months. I’ll be using my visa debit card amongst others to draw cash out for purchases. I take it there’s a few ATMs in Boquete.
Do food stores, restaurants accept card payments readily? One thing that intrigues me is if I were unfortunate enough to lose my cards, how would the bank be able to send replacements to me? As I have heard, rightly or wrongly, the mail stem is generally not used for such things and exact addresses can be a little vague in Panama.
Thanks in advance,
David.
Replies
Many, but not all, debit and credit cards have foreign transaction fees applicable to any charge outside the US. They can range from 0.8% up to 2.5% depending on the card and bank. If you have time, you could seek out one that has no foreign transaction fee. The fees are not charged at the point of sale but applied to your monthly statement.
ATM fees for cash from foreign debit or credit cards may vary some, but probably all are in the range of $5.00. Taking out $500 at a time will keep the charge to around 1%.
Hi Bob,
I agree. Taking a large amount out is the way to go/
The maximum amount you can withdraw from an ATM is $ 500 per day. So the charge is a little over 1 %. If you pay with your Visa card for shopping and stuff there is no such charge.
Some of the smaller businesses add a charge of about 3% for the use of credit cards. This is illegal in the US but permitted here. Credit cards are accepted at the grocery stores and major restaurants. Cash is used more here than the US. I do not think gas stations take cards or the smaller cafes, fondos and tipicos.
Gas stations take credit cards.
Ask your bank whether your cards are activated for use outside Europe. If not, your bank can do it. Take some Visa traveller cheques in US$ with you for emergency. A Britsh friend (permanent resident) had is British Visa card spoiled. He instructed the bank by phone to send the new card to a friend in the UK, who sent it by DHL. It took all together 7 days.
Thanks Robert,
Yes, After hearing of $5.25 ATM fee. I think I'll draw out the larger amounts. As the fee is fixed, it makes sense to do things that way and is indeed far more economical. I have asked my card providers to authenticate my cards for Panama, so that's all done.
As for a lost debit card scenario, I have emailed my bank (tried to phone could not get through) to ask them if they could send a replacement card to someone like Mailbox in Boquete via a PO box number address in Miami. I could then go to Mailbox in Boquete, where I could hopefully pick it up from for a one off fee - I await their reply.
Accommodation-wise, someone put me onto Craig's list. They have some rentals that are very reasonably priced, and I have emailed the owner of one rental asking to book.
MBE sign up via internet. That's what I use when buying spareparts from my Lexus dealer in Miami.
You could get replacement of cards using DHL or Fedex if your companies allow that. We have mail forwarding services from around the world here such as Mail Box Etc and others. ATM's are everywhere. Foriegn transactions fee for ATM is $5.25 every time. That is on top of any other fees your cards may charge. Call your card companies and let them know where you are traveling and tell them you will use DHL or Fedex if anything happens. I have to have some of my cards unlocked for certain countries. It is a security feature thing and a good thing. Most, but not all honor Visa here in stores and restaurants. Quite a few cash operations here in Boquete.
Thanks Hill, the useful information.