Panama is a vibrant Central American nation offering a unique blend of modern cosmopolitan life, rich colonial history, and pristine natural wonders. From the engineering marvel of the Panama Canal to the cobblestone streets of Casco Viejo and the untouched beaches of Bocas del Toro, Panama provides diverse experiences for every traveler.
Local currency: US Dollar (USD) — officially called the Balboa in Panama but identical to US dollars.
Daily budget by traveller style
Typical per-person daily spend in Panama.
Cost breakdown
Typical price ranges across major spending categories.
Accommodation
- Hostel
- $15-20 dorm
- Budget
- $40-60 private room
- Midrange
- $90-150 hotel
- Luxury
- $250-600+
Food
- Street
- $2-4 carimañola or empanada
- Local
- $6-12 fonda lunch with drink
- Midrange
- $20-40 mid-range restaurant
- Fine
- $60-120+ fine dining
Transport
- Bus
- $0.25-0.70 MetroBus/Metro
- Taxi
- $5-15 city taxi/Uber
- Airport
- $15-30 Uber from Tocumen
- Daytrip
- $15-35 bus to day trip destinations
Activities
- Museum
- $3-22 depending on museum
- Sites
- $10-20 Panama Canal entry
- Tour
- $40-80 guided half-day tour
- Excursion
- $80-150 San Blas day trip
Trip budgets by length
What a typical trip to Panama costs end-to-end.
Budget traveller
$245-350/week
Midrange traveller
$490-840/week
Luxury traveller
$1,400-2,800+/week
Money-saving tips
Practical ways to stretch your budget further.
Use the Metro and MetroBus for all city transport — a $0.35-0.70 ride replaces $8-15 Uber rides for most city destinations
Eat lunch at fondas (family restaurants) serving a menu del día (set lunch) for $4-7 including a main dish, rice, beans, and a drink
Visit Bocas del Toro on a budget by taking the overnight bus ($28-35) and staying in hostels from $12/night — flights are 4x more expensive
Combine San Blas and Gamboa day trips from budget hostels in Casco Viejo which arrange group taxis at lower cost than private tours
Buy Panama rum (Ron Abuelo or Ron Carta Vieja) from El Rey supermarket for $8-12 vs $25+ at hotel bars — enjoy pre-drinks before going out
Free things to do
Memorable experiences that cost nothing.
Casco Viejo Walking Tour
The UNESCO World Heritage colonial quarter is free to explore on foot. Self-guided walks past plazas, cathedrals, and colorful buildings take 2-3 hours. Free tip-based tours also depart from Plaza Independencia at 10AM.
Miraflores Locks Viewing (exterior)
The bridge over the Miraflores approach channel gives a partial free view of ships transiting the locks. Not as close as the paid observation deck but free.
Amador Causeway Walk
The 3km causeway connecting four islands to the mainland offers stunning skyline views, ocean breezes, and free walking and cycling. Popular at sunset with local families.
Metropolitan Natural Park
The only protected tropical forest inside a Latin American capital city has four free hiking trails through secondary rainforest with monkeys, kinkajous, and over 200 bird species.
Cinta Costera Waterfront
Panama City's 3km waterfront promenade along the Bay of Panama has free outdoor exercise equipment, playgrounds, weekend food markets, and spectacular city skyline views.
Ancon Hill Hike
The 199m hill at the edge of the old Canal Zone offers 360-degree views of Panama City, the Canal, and Pacific Ocean. Free to hike and worth it for the giant Panamanian flag at the summit.
Panama Viejo Archaeological Site (exterior)
The ruins of the original 1519 Panama City including the iconic cathedral tower are partially visible from the road for free. The paid site and museum offer closer access.
San Felipe Church Visits
Multiple colonial churches in Casco Viejo including San Jose Church with its famous Golden Altar are free to visit during opening hours. The Golden Altar alone is worth the visit.