Which place is cheaper, Panama City or Reykjavik?
These are the overall average travel costs for the two destinations. These travel costs come from the actual spending of real travelers.
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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 Budget Tours to Panama, and The Best One-Week (7-Day) Tours from Panama City.
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Reykjavik Prices
Iceland PricesPanama City Prices
Panama Prices -
Average Daily Cost Per person, per dayReykjavik $298Panama City $101
The average daily cost (per person) in Reykjavik is $298, while the average daily cost in Panama City is $101. 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 $155Panama City $35
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Accommodation Typical double-occupancy roomReykjavik $310Panama 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 $51Panama City $11
Hired Cars and Shuttles in Reykjavik
Also for Reykjavik, here are a few examples of actual transportation services:
- Private 7-hour Airport/Cruise Transfer & Tour: $1,831
- Landmannalaugar Super Jeep All Year Transfer: $1,702
- Silver Circle Tour & Roundtrip Airport Transfer: $1,386
- Private 4-Hour Airport/Cruise Transfer & Tour: $1,221
- Private 3-Hour Airport/Cruise Transfer & Tour: $977
- Blue Lagoon with Private Roundtrip Transfer: $613
- From Skarfabakki: Blue Lagoon Round-Trip Transfer: $524
- Blue Lagoon Luxury Spa with Private Transfer: $400
- From ATV Ride and Blue Lagoon Tour with Transfer: $395
- Keflavik Airport (KEF): Transfer to Skarfabakki Cruise Port: $361
- Hvammsvik Hot Springs: Private Return Transfer with Entrance: $343
- Private Airport Transfer: $290
Hired Cars and Shuttles in Panama City
Also for Panama City, here are a few examples of actual transportation services:
- Transfer from Playa Bonita or Gamboa to PTY Airport: $35
- Transfer Tocumen International Airport - Playa Blanca, Rio Hato, Buena Ventura: $75
- Private transfer from Panama to Airport: $36
- Private Transfer pty Tocumen to Panama City Price per Group: $42
- Private Transfer from Tocumen Airport to Gamboa: $40
- Premium Transfers in Panama: $36
- Panama: Private transfer to Tocumen Airport: $24
- Panama: Private Transfer from Tocumen Airport: $24
- Panama: Private Transfer from Tocumen Airport: $23
- Panama Private Airport/Port/Hotel Transfer Service: $28
- Shopping at Albrook Mall & Round-Trip Transfer: $36
- One-Way or Round-Trip PTY Airport Transfer: $51
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 $58Panama City $36
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)$198
Food Tours and Cooking Classes in Reykjavik
For Reykjavik, here are some samples of tours and activities related to meals and dining experiences:
- Harbor Cruise with 3-Course Dinner: $137
- Harbor Cruise with Three Course Dinner from Reykjavik: $139
- Food Tour by locals: $140
- Authentic Reykjavik Food Tour with Flea Market Delights: $146
- Icelandic Food Tour: $147
- Weekend Reykjavik Food Tour with a stop at the Reykjavik Flea Market: $147
- The Reykjavik Harbor Food Tour: $147
- 3-Hour Shared Christmas Food Tour with Guide in Reykjavik: $149
- Food Tour with 6+ Tastings of Icelandic Classics: $154
- The Reykjavik Christmas Food Tour: $171
- Christmas Food Tour with Tastings and Drinks: $171
- Reykjavík All In One Food Tour - Eat, Drink & Explore with Locals: $204
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$8.25
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:
- Panama Evening Food Tour: $60
- Afro-Panamanian Cooking Class with Meal: $75
- Street Food Tour with 24 Tastings: $75
- Panama: 10-Recipe Boozy Panamanian Cooking Class + Dinner: $95
- Folkloric Dance & Typical Dinner at Sabroso Panamá: $110
Entertainment
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Entertainment Entrance tickets, shows, etc.Reykjavik $80Panama 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$12
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Wine and Spa$32
Tours and Activities in Reykjavik
For Reykjavik, here are a few prices for actual activities, tours, and tickets provided by various companies:
- 1 Hour ATV Quad Tour : Pick up from Reykjavik (2 persons per ATV): $140
- 1+ hour Private Horse riding tour from Reykjavík/Mosfellsbær: $169
- 1-Hour Helicopter Tour in Iceland: The Geothermal Tour: $553
- 1-Hour Small Group Sightseeing Boat Tour in Vestmannaeyjar: $164
- 2-Hour Buggy Adventure Tour out off Reykjavik: $264
- 2hr ATV adventure with Pick up from Reykjavik (2 persons per ATV): $163
- 3-Hour Volcanic Springs ATV Adventure From Reykjavik: $339
- A Self-Guided Thingvellir National Park Walking Tour: $8.99
- Arctic Evening Whale Watching Experience: $99
- Aurora by Boat Reykjavik Adventure: $85
- Bonfires and Fireworks New Years Eve Tour in Reykjavik: $190
- Buggy & Golden Circle Full day adventure from Reykjavik: $309
Tours and Activities in Panama City
Also, here are some specific examples of entertainment, tickets, and activities for Panama City.
- “Bike Tour Casco Viejo and Panama City Discover the Essence: $40
- 2 Nights in San Blas - Shared Cabin + Meals + Boat Tour: $179
- 3 Hour Airport Tour from Tocumen: $125
- ALL INCLUSIVE San Blas Islands Day Tour on Sailboat: $240
- City Tour In privates cars Around the city and Panama Canal: $198
- City Tour Panama City + Canal + Shopping: $40
- City Tour: Miraflores Locks, Casco Viejo & Amador Causeway: $90
- Disco Tour,in Private car The Best Clubs & Rooftop,Old Town: $87
- Disco Walking Tour, The Best Clubs and Rooftop, Casco viejo: $50
- Discover Santa Ana and El Chorrillo: an urban and culinary tour: $60
- Ecotour and Indian Village: $150
- El Tigrero Waterfall Adventure: $144
Alcohol
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Alcohol Drinks for one dayReykjavik $31Panama 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$9.77
Sample the Local Flavors in Reykjavik
Some specific costs for nightlife related activities in Reykjavik:
- Eimverk Distillery Guided Tour with Tasting: $48
- Flóki Whisky Distillery Tour & Tasting in Reykjavík: $48
- Reykjavík Pub Crawl Tour with Drinks and Games: $115
- Icelandic Bar Crawl Experience: $160
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.