How Much Does Panama City Cost? 2026 Budget Guide | Prices & Tips
Panama City is a fascinating study in contrasts, offering a mix of glittering skyscrapers, lush tropical rainforests, and the historic charm of Casco Viejo. Compared to high-priced regional hubs like Miami, this capital is relatively affordable, though costs vary significantly between the local economy and the tourism-focused sectors. A solo traveler should anticipate daily expenses ranging from $65 for a budget-conscious stay to $648 for a full luxury experience. The city's unique position as a global banking hub means high-end services are plentiful, yet incredibly cheap public infrastructure keeps the floor for travel costs low. Navigating the pricing tiers is key to managing a budget in this cosmopolitan gateway.
Is Panama City expensive to visit?
Panama City is a moderately priced destination where a typical daily budget ranges from $65 to $648 depending on whether you choose local 'fondas' or high-end sky bars.
On This Page
Daily Budget
How much to budget per person per day in Panama City
$65
per person /day
$194
per person /day
$648
per person /day
Trip Costs by Duration
Total estimated costs per person, excluding flights
| Trip Costs by Duration | Budget | Mid-Range | Luxury |
|---|---|---|---|
| 3-Day Trip | $194 | $583 | $1,943 |
| 5-Day Trip | $324 | $972 | $3,239 |
| 7-Day Trip | $453 | $1,361 | $4,535 |
per person — Excludes international flights
Budget Buffer
Recommended contingency for unexpected expenses
It is wise to maintain a 15% budget buffer to cover the mandatory 10% hotel occupancy tax and the 7% ITBMS sales tax on meals. Additionally, foreign ATM fees of $5.24–$6.47 per withdrawal can add up quickly if not factored into the total trip cost.
How Does It Compare?
See how Panama City stacks up against other popular destinations
What Things Cost
Real prices for common tourist expenses in Panama City
Food & Drink (2)
| Item | Price |
|---|---|
| Meal at an Inexpensive Restaurant Local 'fondas' or lunch spots cost ~$9.97 per person. | $9.97 |
| Domestic Draft Beer (0.5L) Brands like Balboa or Atlas cost ~$2.99 in a standard bar. | $2.99 |
Transport (4)
| Item | Price |
|---|---|
| Metro Line 1 Single Ride Incredibly cheap transit at ~$0.35. Requires a rechargeable card costing ~$1.99. | $0.35 |
| Metro Line 2 Single Ride Connects to Line 1 and serves the eastern part of the city for ~$0.49. | $0.49 |
| Taxi from Tocumen Airport to City Center Official regulated flat rate for 1–2 passengers; roughly $30. | $30 |
| Short Uber/Ride-hail trip within city Often safer and more transparent than yellow taxis for ~$4.48. | $4.48 |
Accommodation (3)
| Item | Price |
|---|---|
| Dorm bed in Casco Viejo (Hostel) Staying in the historic district costs ~$25 per night. Prices can drop to ~$18 in less central areas like Obarrio. | $25 |
| Holiday Inn Panama Canal (Mid-range Hotel) A reliable mid-range choice near the canal for ~$112 per night. | $112 |
| Sofitel Legend Casco Viejo (Luxury Hotel) Verified highest luxury tier rate for international adults; approximately $336 per night. | $336 |
Activities (3)
| Item | Price |
|---|---|
| Miraflores Visitor Center (International Adult) Includes the IMAX movie. Non-residents pay significantly more than locals (who pay ~$2.99). | $17 |
| Biomuseo Admission (Non-resident Adult) Admission to the Frank Gehry-designed museum on the Causeway costs ~$18. | $18 |
| Interoceanic Canal Museum (Non-resident) Located in Casco Viejo; entrance is ~$15. | $15 |
Connectivity (1)
| Item | Price |
|---|---|
| Tigo Prepaid Data Plan (15 Days Unlimited) The most comprehensive local plan costs ~$12. | $12 |
Food & Dining
What to eat and what it costs
Dining in the city offers a wide spectrum, from local 'fondas' serving hearty meals for approximately $9.97 to world-class tasting menus. While a domestic draft beer costs around $2.99, visitors should note that a 7% ITBMS sales tax is frequently added to the final bill at sit-down restaurants.
Cheap Eats
Where locals eat — real places, real prices
Niko's Cafe
$6.98–$12Multiple (Obarrio/Balboa) · Local chain
Grab a 'Club Sandwich' or a full Panamanian breakfast for under ~$12.
El Trapiche
$9.97–$18Albrook / Via Argentina · Local food
Try the 'Fiesta Panameña' platter to sample everything for about ~$18.
Mercado de Mariscos (Ceviche Stalls)
$2.99–$7.97Avenida Balboa · Street market
A cup of fresh sea bass ceviche costs ~$2.99; pair it with a ~$1.49 beer.
Fonda Lo Que Hay
$15–$25Casco Viejo · Local chain
A 'Bib Gourmand' spot where you can eat incredible gourmet local food for ~$20.
Getting Around
Transport costs and the smartest ways to move
The city boasts an impressively affordable public transit system, with Metro Line 1 rides costing only $0.35 and Line 2 rides at $0.49. For convenience and price transparency, ride-hailing apps like Uber are preferable to yellow taxis, with short trips within the city averaging $4.48.
Accommodation Overview
Lodging reflects the city’s dual nature, with dorm beds in the trendy Casco Viejo district priced at $25 and reliable mid-range hotels like the Holiday Inn Panama Canal costing $112. Luxury seekers can expect to pay around $336 per night for premier properties like the Sofitel Legend Casco Viejo.
Accommodation Budget in Panama City
Budget
Hostels, budget hotels, shared facilities
Mid-Range
3-star hotels, boutique stays, great locations
Luxury
5-star hotels, suites, premium amenities
💡 Prices vary by season. Book 2-3 months ahead for best rates.
Money-Saving Tips
Insider tricks to stretch your budget further
- 1 Purchase a rechargeable Metro card for $1.99 upon arrival to access the incredibly cheap $0.35 transit system.
- 2 Eat at Niko’s Cafe, a local institution with multiple branches in Obarrio and Balboa, for high-quality cafeteria-style meals at low prices.
- 3 Visit the Mercado de Mariscos at the end of Avenida Balboa for fresh ceviche cups that are significantly cheaper than restaurant appetizers.
- 4 Walk the 6km Cinta Costera waterfront path instead of taking taxis between the downtown skyline and Casco Viejo.
- 5 Stick to local beers like Balboa or Atlas, which typically cost $2.99, rather than imported craft options which can double the price.
- 6 Use El Trapiche on Via Argentina to sample authentic Panamanian cuisine at mid-range prices rather than dining exclusively in tourist-heavy Casco Viejo.
- 7 Buy a local Tigo prepaid SIM card for $12 to get 15 days of unlimited data, avoiding expensive roaming charges or hotel Wi-Fi fees.
- 8 Take the public bus to the Albrook Mall terminal to catch regional connections rather than booking private shuttles.
- 9 Refill water bottles at the tap, as Panama City is one of the few places in Latin America where municipal water is generally safe to drink.
- 10 Avoid the $30 airport taxi by using a ride-hailing app, which can often save $5.89–$9.42 depending on the time of day.
Seasonal Pricing
When prices rise and fall throughout the year
Dec, Jan, Feb, Mar
+25–40%
May, Jun, Sep, Oct
-20–30%
Apr, Nov
The dry season (Verano) from December to March sees full occupancy. Visiting in the shoulder months of April or November offers the best balance, though rain is common in November.
Events to Watch
- ● Carnaval (late Feb): +50% hotels
- ● Fiestas Patrias (Nov): Significant closures and peak local travel
Free Things to Do
The best experiences that cost absolutely nothing
- 1 Hike to the summit of Ancon Hill for the best panoramic views of the city skyline and the canal entrance.
- 2 Stroll through the historic streets of Casco Viejo to see the ruins of the Old Social Club and colonial architecture.
- 3 Visit the Iglesia de San José to view the famous Golden Altar (Altar de Oro), which was famously hidden from pirates.
- 4 Walk or bike the Calzada de Amador (Amador Causeway) to enjoy sea breezes and views of the Bridge of the Americas.
- 5 Explore the outdoor exhibits and the vibrant multi-colored exterior of the Biomuseo grounds designed by Frank Gehry.
- 6 Watch the sunset from the Cinta Costera, where local families gather and street performers often appear in the evenings.
- 7 Visit the Bahá'í Temple (Templo Bahá'í) located on a hill north of the city for peaceful gardens and unique architecture.
- 8 Browse the fresh catches and lively atmosphere of the Mercado de Mariscos (Seafood Market).
- 9 Relax in Parque Omar, the city’s largest green space, which features walking tracks and frequent community events.
- 10 Attend a free cultural performance or art exhibition at the Centro Cultural de España (Casa del Soldado).
- 11 Explore the Plaza de la Independencia and Plaza de Francia to see monuments dedicated to the history of the Panama Canal.
- 12 Visit the Metropolitan Natural Park (Parque Natural Metropolitano) for birdwatching, though note that some specific trails may occasionally require a nominal fee.
Worth the Splurge
Premium experiences that justify the price tag
Panama Canal Helicopter Tour
Unmatched aerial views of the entire canal transit system from ocean to ocean.
Tasting Menu at Maito
Consistently ranked as one of Latin America's best restaurants for Panamanian fusion.
Popular Activities
Top-rated tours and experiences in Panama City
Day Trip Costs
Popular day trips from Panama City and what they cost
San Blas Islands (Guna Yala)
$120 by 4x4 Jeep + Boat
$22
$154
Taboga Island
$24 by Ferry
Free
$60
Payment & Money
How to pay and what to know about money
US Dollar (USD)
Yes
High in malls, hotels, and upscale Casco Viejo restaurants; cash essential for buses, fondas, and markets.
10% is standard in restaurants and often pre-added as 'propina voluntaria'. Taxis are not tipped unless they provide extra service (~$1.18–$2.35).
Use Banco General or MultiBank for reliability. Fees are high (~$6.47), so withdraw larger amounts at once. Machines dispense USD.
Expected in artisan markets like the Mercado de Artesanías. Not common in retail stores or restaurants.
Connectivity
eSIM: $9.42–$14 for 3GB (opens in new tab)
Local SIM: $12–$18 including a 15-day unlimited plan.
WiFi: Excellent in Casco Viejo cafes, malls, and most mid-to-high range hotels.
Buy a local Tigo SIM card for ~$12; it offers much better value and unlimited data compared to eSIMs.
Why you can trust this guide
35+ countries • 8 years analyzing travel data
Independent developer and travel data analyst based in Prague. 35+ countries visited across Europe and Asia, 8+ years analyzing flight routes, accommodation prices, and seasonal weather patterns.
- All neighborhoods verified by walking them
- Curated locations based on walkability & safety
- Real-time availability via live partner maps
- Prices based on Booking.com & Numbeo averages
Methodology: This guide combines on-the-ground neighborhood research, current hotel pricing data, and real traveler feedback to provide honest, actionable accommodation recommendations for Panama City.
Updated: February 16, 2026
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