When traveling through Panama, it’s important to know the costs and have an idea of what kind of budget you’ll need. Panama is not a super cheap travel destination, but how much you’ll need to budget depends entirely on your travel style. If you’re mindful of your spending, it doesn’t have to be too expensive. To give you an idea of the costs, we’ve provided an overview of prices in Panama below, so you can determine the budget you’ll need for your trip.
Food and drink costs in Panama
In Panama, you pay with the US dollar. Both restaurant food and supermarket groceries are not very cheap in Panama. If you eat out, expect to pay around $8 to $17 per person, depending on the restaurant. Cooking your own meals is the most cost-effective option. Almost every hostel has a shared kitchen where many people prepare their meals. By making your own breakfast and lunch, you can save a lot of money. You can also save money on drinking water. A 1.5-liter bottle of water costs around $1.70. In some places, you can refill your bottle for $0.25. If this option is not available, the cheapest option is to buy the largest bottle you can and use it to refill your own bottle each time you go out.
Transportation costs in Panama
In general, buses and roads in Panama are good. The cheapest way to travel is by bus. A trip from Panama City to Boquete takes about 9 hours and costs around $30-$35. With the bus, you can get anywhere in Panama, but sometimes the connections are not very convenient, and you may have to transfer buses several times. For this reason, there are shuttle buses that travel directly between popular destinations. These are much more expensive than regular buses. Depending on your bargaining skills, a 10-minute taxi ride costs around $3 to $5. If you have a bit more budget and want to travel comfortably through Panama, renting a car for part of your trip is very nice. This way, you can visit places that are less accessible by bus. It’s a fun way to travel and saves you a lot of hassle and travel time. Renting a car in Panama starts at around $50 per day, including full insurance. Interested? Read these tips for renting and driving a car in Panama.
Costs for tours and activities
Tours and activities come in all shapes and sizes, so the costs vary considerably. Half-day tours cost around $34 to $50, and full-day tours cost around $78 to $101. It depends entirely on what type of tour it is. A day trip to Coiba National Park in Santa Catalina costs around $80 to $110. Island hopping is much more affordable in Bocas del Toro. In Santa Catalina, horseback riding costs around $45 per hour, and you can rent a surfboard for half a day for $11. In Panama, you can do many hikes on your own, so there will be no costs for that. Only in Boquete did we hire a guide for the El Pianista Trail.
Costs for hostels and hotels in Panama
When sleeping in a basic hostel or hotel, a private room costs around $30 to $40, and if you choose a dormitory, you’ll spend around $15 to $20. If you prefer to stay in a more comfortable hostel or hotel with more amenities such as a pool, a private room will cost you between $45 to $65, and a dormitory between $20 and $25. Prices depend on what the hostel or hotel has to offer, the season, and how far in advance you book. Of course, the better the hotel, the higher the prices. In the high season, during the winter months, the prices of good hotels can quickly rise if you don’t book in time. We’ve made a list of the most fun hostels and hotels in Panama per destination. These are all great places where you’ll meet many other travelers and have a guaranteed good time. Check out our tips for the best hostels and hotels in Panama.
Average daily budget in Panama
The cost of a trip to Panama depends on your travel style. If you cook for yourself regularly, stay in hostels, and don’t do too many tours, you can travel comfortably for around $50 per day. If you do a bit more, stay in more luxurious accommodations, and eat out more often, a realistic daily budget would be around $70. If you’re not too concerned about money and like to stay in upscale hotels, costs can quickly rise to $85 per day or more. Traveling in Panama can be done in many different ways, and the cost of your trip is entirely up to you.
