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.
Jump to 
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 One-Week (7-Day) Tours from Panama City, and The Best 2-Week Tours from Panama City.
-
Reykjavik Prices
Iceland PricesPanama City Prices
Panama Prices -
Average Daily Cost Per person, per dayReykjavik $307Panama City $101
The average daily cost (per person) in Reykjavik is $307, 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
-
Accommodation Hotel or hostel for one personReykjavik $160Panama City $35
-
Accommodation Typical double-occupancy roomReykjavik $320Panama 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
-
Local Transportation Taxis, local buses, subway, etc.Reykjavik $52Panama City $11
Hired Cars and Shuttles in Reykjavik
Also for Reykjavik, here are a few examples of actual transportation services:
- Private Airport Transfer: $298
- Private Airport Transfer between KEF Airport & Reykjavik: $278
- Private Transfer from Cruise Ship Port to Keflavik Int. Airport : $270
- Private Blue Lagoon Transfer: $260
- Reykjavik Airport (RKV) to Hveragerdi - Arrival Private Transfer: $246
- Grindavík to Reykjavik Airport(RKV) - Departure Private Transfer : $246
- Reykjavik Airport (RKV) to Grindavík - Arrival Private Transfer: $246
- Keflavik Airport (KEF) to Skarfabakki Cruise Port - Round-Trip Private Transfer: $241
- Private Transfer from Reykjavik Hotels to Keflavik Airport: $239
- Private Luxury Transfer from Blue Lagoon to Reykjavik: $227
- Private Transfer Reykjavik Domestic Airport To Keflavik Airport: $227
- Private Luxury Transfer from Reykjavik to Blue Lagoon: $227
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: $20
- Transfers: $37
- Transfer to Panama City, Hotel and City tour - 1 night: $266
- Transfer to Panama Canal (Miraflores Locks): $14
- Transfer to BIKINI BEACH (for ages 18+) or Santa Clara: $300
- Transfer from Tocumen Airport to hotels in Gamboa or Viceversa: $30
- Transfer from Tocumen Airport to Panama City Hotels : $25
- Transfer from Playa Bonita or Gamboa to PTY Airport: $35
- Transfer from Panama City Hotel to Tocumen Airport: $23
- Transfer from PTY/Panama City to Cruise Terminal or to the Marina: $32
- Transfer from Downtown Panama City to PTY Airport: $24
- Transfer Tocumen International Airport - Playa Blanca, Rio Hato, Buena Ventura: $75
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
-
Food Meals for one dayReykjavik $60Panama City $36
Typical Food Prices in Reykjavik
For Reykjavik, here are some examples of average food and meal prices for travelers:
-
Dinner (Fish Market)$204
Food Tours and Cooking Classes in Reykjavik
For Reykjavik, here are some samples of tours and activities related to meals and dining experiences:
- The Reykjavik Harbor Food Tour: $145
- 3 Hour Shared Christmas Food Tour with Guide in Reykjavik: $149
- Private Vegetarian Reykjavik Food Tour: $195
- Private Reykjavik Christmas Food Tour: $215
Typical Food Prices in Panama City
Here are some examples of typical meal expenses from previous travelers to Panama City:
-
Sandwich$8.24
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
- Street Food Tour in Panama City with 24 samples and secret drinks: $69
- Afro-Panamanian Cooking Class with Meal: $75
- Street Food Tour with 24 Tastings: $75
- Cooking Class in Panama City with 10 Recipes & Bottomless Drinks: $95
- 4-Hour Guided Panamanian Cooking Class and Markets Experience: $95
- Panama: 10-Recipe Boozy Panamanian Cooking Class + Dinner: $95
- Folkloric Dance & Typical Dinner at Sabroso Panamá: $110
- Embera Village Cooking Class Experience in Chagres National Park: $125
- The Real Panamanian Private Food Tour through Panama City: $205
- Street Food Tour in Panama with a Local Guide: $263
Entertainment
-
Entertainment Entrance tickets, shows, etc.Reykjavik $83Panama City $66
Typical Entertainment Prices in Reykjavik
Below are a few sample prices from actual travelers for Reykjavik's activities, tours, and tickets:
-
Art Museum$12
-
Wine and Spa$34
Tours and Activities in Reykjavik
For Reykjavik, here are a few prices for actual activities, tours, and tickets provided by various companies:
- 3 Days Tour in South Coast and Golden Circle with Chinese Guide: $163
- Private Reykjavík Tuk Tuk Tour: $255
- Reykjavik Christmas Walking Tour: $89
- 1 Hour ATV Quad Tour : Pick up from Reykjavik (2 persons per ATV): $130
- 1 hour Buggy adventure - From Reykjavik: $219
- 1+ hour Private Horse riding tour from Reykjavík/Mosfellsbær: $143
- 9pm Whale Watching Cruise in the Arctic Sun: $99
- ATV Reykjavik Adventure: $165
- Adventure in Landmannalaugar and Hot Springs - Reykjavík & Hella: $215
- Black Beach ATV - QUAD Tour: $131
- Blue Lagoon and Northern Lights Tour Including Admission : $231
- Cold & Hot: Adventure Spa Tour Combo: Silfra & Sky Lagoon Self-Drive: $285
Tours and Activities in Panama City
Also, here are some specific examples of entertainment, tickets, and activities for Panama City.
- Canopy-ziplining Adventures in Anton Valley: $195
- Gatun Lake Panamá Wildlife Adventure Guided Experience: $159
- Panama City Tour and Panama Canal – Miraflores Locks Experience: $30
- Private tour of Panama City and the Panama Canal.: $70
- San Blas Islands, 4-Island Tour All-Inclusive Welcome Cocktail: $149
- Tour of the Historic Center of Panama and the Canal: $52
- “Bike Tour Casco Viejo and Panama City Discover the Essence: $40
- “Panama at Your Rhythm: Private Tour with Canal, Old Town and More”: $67
- 1st Mysteries and FreeMasons Tour: $38
- 2 Days 1 Night San Blas Adventure in Pamana: $260
- 2 Hours Private Luxury Tour in a Convertible Car in Panama City: $255
- 2 Hours Tour to Panama La Vieja for Groups: $170
Alcohol
-
Alcohol Drinks for one dayReykjavik $32Panama City $18
Typical Alcohol Prices in Reykjavik
Some typical examples of the costs for nightlife and alcohol in Reykjavik are as follows:
-
Beer$10
Sample the Local Flavors in Reykjavik
Some specific costs for nightlife related activities in Reykjavik:
- Flóki Whisky Distillery Tour & Tasting in Reykjavík: $49
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.