Which place is cheaper, Panama City or Reykjavik?
These are the overall average travel costs for the two destinations.
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Should you visit Reykjavik or Panama City?
Which is cheaper to visit? Which is more expensive for vacation?
If you're trying to decide where to visit between Reykjavik or Panama City, this travel comparison, which includes costs, can help. The overall cost of travel is usually a consideration when deciding where to go next, and the cost comparison down below can help you decide based on the average prices from other travelers along with your own travel budget.
Where Should I go: Reykjavik or Panama City?
Reykjavik
Reykjavik is the capital and largest city in the country of Iceland. The city is where the vast majority of the country's population resides and the urban area has about 200,000 residents. The city is sprawling, with a large area covered in suburbs. The the city center is quite compact, with many interesting and colorful houses. There are a lot of things that attract tourists to this city, including an interesting culture and history as well as plenty of shopping and dining opportunities.
Panama City
Panama City is the cosmopolitan capital city of the country of Panama. With a population of almost 900,000 and almost 1.5 million in the metropolitan area, it's a very diverse city with expat residents from all over the world. You don't have to search far to find someone who speaks English, and many Panamanians are quite helpful and friendly.
For some great organized tour ideas, see The Best Budget Tours to Iceland, The Best Tours for Seniors to Iceland, The Best 2-Week Tours from Panama City, and The Best Adventure Tours to Panama.
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Average Daily Cost Per person, per dayReykjavik $246Panama City $86
The average daily cost (per person) in Reykjavik is $246, while the average daily cost in Panama City is $86. These costs include accommodation (assuming double occupancy, so the traveler is sharing the room), food, transportation, and entertainment. While every person is different, these costs are an average of past travelers in each destination. What follows is a categorical breakdown of travel costs for Reykjavik and Panama City in more detail.
Accommodation
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Accommodation Hotel or hostel for one personReykjavik $139Panama City $35
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Accommodation Typical double-occupancy roomReykjavik $278Panama City $70
Compare Hotels in Reykjavik and Panama City
Looking for a hotel in Reykjavik or Panama City? Prices vary by location, date, season, and the level of luxury. See below for options and compare which is best for your budget and travel style.
Kayak helps you find the best prices for hotels, flights, and rental cars for destinations around the world. Compare prices for multiple destinations when planning your next trip.
Our Analysis
We've analyzed the average and typical hotel prices based on guest reviews, star ratings, and hotel amenities here: Reykjavik Hotel Prices and Panama City Hotel Prices.
Local Transportation
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Local Transportation Taxis, local buses, subway, etc.Reykjavik $46Panama City $11
Hired Cars and Shuttles in Reykjavik
Also for Reykjavik, here are a few examples of actual transportation services:
- Reykjavík: South Coast Guided Day Trip by Jeep with Transfer: $1,776
- Private 7-hour Airport/Cruise Transfer & Tour: $1,183
- From Reykjavik Port: Private Blue Lagoon Transfer: $1,050
- Blue Lagoon with Private Roundtrip Transfer: $476
- Door to Door Private Blue Lagoon Transfer: $308
- From ATV Ride and Blue Lagoon Tour with Transfer: $288
- Lava Tunnel Caving & Snorkeling in Silfra with Transfer | Free Photos: $283
- Lava Tunnel Caving with Transfer | Small Group: $283
- Private Luxury Airport Transfer Service: $280
- Private transfer: Reykjavik to Keflavik International Airport (KEF): $277
- Private Airport Transfer from Reykjavik: $270
- Blue Lagoon Admission Ticket Including Transfer: $268
Hired Cars and Shuttles in Panama City
Also for Panama City, here are a few examples of actual transportation services:
- Transfers from PTY Airport to Playa Bonita or Gamboa and Back: $33
- Transfer in private vehicle from Panama Tocumen Airport (PTY)- Panama City: $15
- Transfer in private vehicle from Panama City - Panama Tocumen Airport (PTY): $15
- Transfer in private vehicle from Panamá Tocumen Airport to Playa Bonita: $48
- Transfer in private minivan from Panama Tocumen Airport to Playa Bonita: $70
- Transfer in private minivan from Panama Tocumen Airport to Playa Blanca-Farallon: $160
- Transfer from Playa Bonita or Gamboa to PTY Airport: $35
- Transfer from Panama City Hotel to Tocumen Airport: $23
- Transfer from PTY Airport or Panama City to Playa Blanca and Back: $77
- Transfer from PTY Airport or Panama City to Cruise Terminal: $30
- Transfer from Downtown Panama City to PTY Airport: $24
- Transfer Tocumen Airport to Panama City Hotels.: $25
Is it cheaper to fly into Reykjavik or Panama City?
Prices for flights to both Panama City and Reykjavik change regularly based on dates and travel demand. We suggest you find the best prices for your next trip on Kayak, because you can compare the cost of flights across multiple airlines for your prefered dates.
Food
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Food Meals for one dayReykjavik $30Panama City $21
Typical Food Prices in Reykjavik
For Reykjavik, here are some examples of average food and meal prices for travelers:
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Dinner (Fish Market)$178
Food Tours and Cooking Classes in Reykjavik
For Reykjavik, here are some samples of tours and activities related to meals and dining experiences:
- Exclusive dinner with a local family - Visit a Reykjavík home: $98
- Icelandic Food Tour: $124
- The Reykjavik Christmas Food Tour: $128
- 3 Hour Shared Christmas Food Tour with Guide in Reykjavik: $129
- Reykjavik Market & Lunch Food Tour - BitesizedIceland.com: $142
- Reykjavik Old Harbor Food Tour - BitesizedIceland.com: $145
- Private Reykjavik Christmas Food Tour: $209
- Icelandic Cooking Class in Downtown Reykjavik with Musical Hosts: $296
Typical Food Prices in Panama City
Here are some examples of typical meal expenses from previous travelers to Panama City:
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Sandwich$8.27
Food Tours and Cooking Classes in Panama City
For Panama City, here are some samples of tours and activities related to meals and dining experiences:
- Panamanian Dinner and Folkloric Show Ticket with Pickup: $60
- Panama Evening Food Tour: $60
- Panama City FOOD Tour: $65
- Night Out Experience (360 Panoramic Views + Dinner Show): $80
- Panama: 10-Recipe Boozy Panamanian Cooking Class + Dinner: $85
- The 'Real' Panamanian Private Food Tour: $200
Entertainment
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Entertainment Entrance tickets, shows, etc.Reykjavik $72Panama City $66
Typical Entertainment Prices in Reykjavik
Below are a few sample prices from actual travelers for Reykjavik's activities, tours, and tickets:
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Art Museum$11
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Wine and Spa$29
Tours and Activities in Reykjavik
For Reykjavik, here are a few prices for actual activities, tours, and tickets provided by various companies:
- #1 Northern Lights Tour In Iceland from Reykjavik with PRO photos: $145
- 1 hour Reykjavík E Scooter Adventure: $66
- 1 hour Reykjavík E-Scooter Adventure: $64
- 1-Hour ATV Quad Tour from Reykjavik: $131
- 1-Hour Helicopter Tour in Iceland: The Geothermal Tour: $438
- 1hr ATV & Golden Circle Adventure from Reykjavik: $276
- 1hr Buggy Adventure & Whale Watching from Reykjavik: $289
- 1hr Buggy Adventure from Reykjavik: $172
- 2-Hour RIB Boat Whale Watching Tour from Reykjavik: $169
- 2hr Buggy 'Lava Field Adventure' from Reykjavik: $219
- 3-Hour Private Discover Reykjavik Photography Tour: $172
- 3hr Volcanic Springs ATV Adventure from Reykjavik: $299
Tours and Activities in Panama City
Also, here are some specific examples of entertainment, tickets, and activities for Panama City.
- #1 Walking Tour in Casco Viejo, Panama Canal Museum & Lunch : $77
- "Bridge of the Americas Stand-Up Paddle Private 2 hours Tour " : $100
- 1- or 2-Night Experience in San Blas Islands: $260
- 2 Hours Private Luxury Tour in a Convertible Car in Panama City: $255
- 2 Hours Tour to Panama La Vieja for Groups: $170
- 2 Hr Express Tour for Business Travellers & Airport Layovers: $75
- 2-Day San Blas Adventure from Panama City: $270
- 3 Hour Airport Tour from Tocumen: $125
- 3 Hours Private Photo Tour in Casco Antiguo: $90
- 3-Hour Private Tour in Panama La Vieja: $45
- 4-Hour Gatun Lake Boat Tour and Jungle Wildlife: $99
- 5-Hour Tour to Miraflores Locks and Sloth Sanctuary: $140
Alcohol
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Alcohol Drinks for one dayReykjavik $28Panama City $18
Typical Alcohol Prices in Reykjavik
Some typical examples of the costs for nightlife and alcohol in Reykjavik are as follows:
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Beer$8.79
Sample the Local Flavors in Reykjavik
Some specific costs for nightlife related activities in Reykjavik:
- Gin Distillery tour and tasting: $25
- Eimverk Distillery Tour with Tasting: $32
When we compare the travel costs of actual travelers between Reykjavik and Panama City, we can see that Reykjavik is more expensive. And not only is Panama City much less expensive, but it is actually a significantly cheaper destination. Since Reykjavik is in Europe and Panama City is in Central America, this is one of the main reasons why the costs are so different, as different regions of the world tend to have overall different travel costs. So, traveling to Panama City would let you spend less money overall. Or, you could decide to spend more money in Panama City and be able to afford a more luxurious travel style by staying in nicer hotels, eating at more expensive restaurants, taking tours, and experiencing more activities. The same level of travel in Reykjavik would naturally cost you much more money, so you would probably want to keep your budget a little tighter in Reykjavik than you might in Panama City.
If you're trying to decide if either of these two destinations are within your price range, also see Is Reykjavik Expensive? and Is Panama City Expensive?.
Which is Bigger, Reykjavik or Panama City?
Panama City has a larger population, and is about 4 times larger than the population of Reykjavik. When comparing the sizes of Reykjavik and Panama City, keep in mind that a larger population does not always imply the destination has more attractions or better activities. So, always research the type of place that you want to visit along with the activities and attractions that interest you.
Budget Your Trip is all about finding out how much everything costs so that you can travel cheaper and longer. Created by avid travelers Laurie and Bryan, our goal is to help you plan your next trip on the right budget. With average daily travel costs that are calculated from the budgets of real travelers, plus an analysis of hotel and tour prices, you can find out how much money you need to plan your next adventure. We also have plenty of travel advice, accommodation reviews, and activity suggestions.