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$532+ Cheap flights from Panama City (PTY) to Madrid, Spain (MAD)

This is the cheapest one-way flight price found by a Cheapflights user in the last 72 hours by searching for a flight departing on 1/19. Fares are subject to change and may not be available on all flights or dates of travel.
PTY — MAD
Feb 10 — Feb 171
Tue 2/10
Tue 2/17
1 adult, Economy
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1. Tell us where you want to go

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Cheapflights Tip: The best prices from Panama City Tocumen Intl to Madrid Barajas are usually found in February or May, booked 58 days in advance, depart on a Wednesday or Tuesday and return on a Wednesday

Cheap flight deals from Panama City to Madrid

Discover tips and strategies to find the most affordable flight options for your journey from Panama City (PTY) to Madrid (MAD). Learn about various techniques such as flexible date searches, comparing prices across and setting up price alerts. Use these methods to find the cheapest flights available for your travel needs. Data last updated January 11, 2026.

Most accurate provider

CheapOair
3 stars

Most trusted provider

CheapOair
3 stars

Round-trip from

$705
(Air France)

One-way from

$532
(Kiwi.com)

Popular in

December

Cheapest in

February

Average price

$826

Good round-trip deal

$789 or less

Good one-way deal

$636 or less
Provider with most accurate pricing for Panama City Tocumen Intl-Madrid Barajas flight deals.
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Provider most trusted by Cheapflights users for Panama City Tocumen Intl-Madrid Barajas flights.
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From Panama City Tocumen Intl to Madrid Barajas
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One-way flight from Panama City Tocumen Intl to Madrid Barajas
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Highest demand for flights based on searches. 5% potential increase in price ($48 potential increase over avg. RT price).
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Cheapest flight prices on average. 1% potential price decrease ($14 potential savings vs. average RT price).
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Average for round-trip flights in January 2026
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Price to beat on a round-trip flight from Panama City Tocumen Intl to Madrid Barajas.
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Price to beat on a one-way flight from Panama City Tocumen Intl to Madrid Barajas.
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Find flight deals from Panama City to Madrid

Cheapest flights from Panama City to Madrid
Explore the most affordable flight options available from Panama City to Madrid. Find the lowest fares from popular airlines and budget airlines, with prices last updated on January 11, 2026.

This Air France deal was found by Cheapflights users on 1/8. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure Air France is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Tue 1/273:20 pmPTY - MAD
1 stop35h 55mAir France
Tue 2/1010:00 amMAD - PTY
1 stop16h 10mAir France
Deal found 1/8$705
This Air France deal was found by Cheapflights users on 1/8. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure Air France is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Thu 4/302:20 pmPTY - MAD
1 stop14h 55mAir France
Tue 5/196:00 amMAD - PTY
2 stops17h 50mAir France
Deal found 1/8$707
This FlightHub deal was found by Cheapflights users on 1/9. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure FlightHub is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Wed 2/49:30 pmPTY - MAD
Nonstop9h 35mAir Europa
Wed 2/183:10 pmMAD - PTY
Nonstop10h 35mAir Europa
Deal found 1/9$708
This KLM deal was found by Cheapflights users on 1/11. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure KLM is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Wed 2/410:05 pmPTY - MAD
1 stop30h 10mKLM
Wed 2/1811:00 amMAD - PTY
1 stop35h 30mKLM
Deal found 1/11$709
This KLM deal was found by Cheapflights users on 1/10. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure KLM is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Mon 2/210:05 pmPTY - MAD
1 stop19h 20mKLM
Wed 2/116:00 amMAD - PTY
1 stop19h 55mKLM
Deal found 1/10$710
This KLM deal was found by Cheapflights users on 1/10. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure KLM is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Mon 2/166:45 pmPTY - MAD
1 stop33h 30mKLM
Wed 2/256:00 amMAD - PTY
1 stop16h 30mKLM
Deal found 1/10$711
This Kiwi.com deal was found by Cheapflights users on 1/9. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure Kiwi.com is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Tue 5/58:25 pmPTY - MAD
Nonstop9h 50mAir Europa
Tue 5/193:05 pmMAD - PTY
Nonstop10h 35mAir Europa
Deal found 1/9$712
This Booking.com deal was found by Cheapflights users on 1/8. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure Booking.com is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Wed 4/110:20 pmPTY - MAD
1 stop32h 15mTurkish Airlines
Sat 4/47:30 amMAD - PTY
1 stop19h 55mTurkish Airlines
Deal found 1/8$714
This Air France deal was found by Cheapflights users on 1/9. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure Air France is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Wed 4/222:20 pmPTY - MAD
1 stop14h 55mAir France
Wed 4/2910:05 amMAD - PTY
2 stops17h 15mAir France
Deal found 1/9$715
This KLM deal was found by Cheapflights users on 1/11. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure KLM is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Mon 1/2610:05 pmPTY - MAD
1 stop30h 10mKLM
Tue 2/106:00 amMAD - PTY
1 stop16h 30mKLM
Deal found 1/11$716
This Air France deal was found by Cheapflights users on 1/8. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure Air France is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Tue 1/273:20 pmPTY - MAD
1 stop35h 55mAir France
Mon 2/96:45 pmMAD - PTY
1 stop31h 25mAir France
Deal found 1/8$718
This Air Europa deal was found by Cheapflights users on 1/10. Clicking the “Pick Dates” button in this card will allow you to select your dates and further customize your flight criteria. From there, click “Find deals”, make sure Air Europa is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Sun 4/128:25 pmPTY - MAD
Nonstop9h 50mAir Europa
Thu 5/73:05 pmMAD - PTY
Nonstop10h 35mAir Europa
Deal found 1/10$719

Cheapflights Fare Finder

 
Customize your flight search to find flights from Panama City to Madrid that fit within your specific budget. Explore options based on user searches and filter the results based on your desired price range. Find flights that match your budget for a cost-effective journey. Over the last 7 days, Cheapflights users made 2,558,603 searches. Data last updated January 11, 2026.
Use the filters below to find and compare flights from Panama City to Madrid that are best for you.

Fly from

Panama City

Fly to

Madrid

Route

Depart

Return

Price

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Mon 2/23

10:05 pm-10:15 am

1 stop30h 10m

Madrid Barajas

Mon 3/23

10:00 am-8:10 pm

1 stop16h 10m

$708

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Wed 2/4

10:05 pm-10:15 am

1 stop30h 10m

Madrid Barajas

Wed 2/18

11:00 am-4:30 pm

1 stop35h 30m

$709

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Wed 1/28

10:05 pm-11:25 pm

1 stop19h 20m

Madrid Barajas

Wed 2/18

6:00 am-8:10 pm

1 stop20h 10m

$718

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Thu 4/30

2:20 pm-12:15 pm

1 stop14h 55m

Madrid Barajas

Tue 5/19

6:00 am-4:50 pm

2 stops17h 50m

$735

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Sat 1/24

9:45 pm-1:20 pm

1 stop33h 35m

Madrid Barajas

Mon 2/9

11:55 am-5:05 pm

2 stops35h 10m

$738

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Wed 2/4

9:45 pm-4:25 pm

1 stop36h 40m

Madrid Barajas

Wed 2/18

5:55 pm-5:05 pm

2 stops29h 10m

$738

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Mon 2/2

10:05 pm-10:15 am

1 stop30h 10m

Madrid Barajas

Mon 2/16

6:00 am-8:10 pm

1 stop20h 10m

$747

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Mon 2/23

9:45 pm-10:25 am

1 stop30h 40m

Madrid Barajas

Mon 3/2

2:25 pm-5:05 pm

2 stops32h 40m

$790

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Mon 2/9

9:45 pm-4:50 pm

1 stop37h 05m

Madrid Barajas

Wed 2/18

11:55 am-5:05 pm

2 stops35h 10m

$815

Panama CityMadrid

PTY - MAD

PTYMAD

Panama City Tocumen Intl

Sat 4/18

10:20 pm-10:30 am

1 stop29h 10m

Madrid Barajas

Sun 4/26

7:30 am-6:30 pm

2 stops42h 00m

$815

Flights are sorted by cheapest round-trip flights first.

Deals found on 1/10

Showing 1-10 of 20 results
1
2

Compare providers for flights from Panama City to Madrid

Provider information is updated monthly. Please note that these providers often have deals for this flight, but the availability may vary on a day-by-day basis on Cheapflights.
Use the table below to compare price accuracy, trust ratings, and cancellation policies for each provider offering flight deals from Panama City to Madrid in January.
ProviderPrice AccuracyTrust Score*
eDreamsPrice Accuracy3 starsTrust Score*3 stars
FlightHubPrice Accuracy3 starsTrust Score*1 star
CheapOairPrice Accuracy3 starsTrust Score*3 stars
GotogatePrice Accuracy3 starsTrust Score*3 stars
OvagoPrice Accuracy2 starsTrust Score*2 stars
BudgetAirPrice Accuracy1 starTrust Score*3 stars

*The Trust Score is based on feedback from users after their booking experience. It measures overall satisfaction, helping us identify issues like hidden fees, problems during the ticketing process, and the quality of customer service. This score is our best indicator of the provider's quality and reliability.

  • Most accurate provider: When it comes to deals on Panama City-Madrid flights, users find the pricing of CheapOair to be most consistent on Cheapflights vs. CheapOair Users can find the same prices on Panama City-Madrid flight deals on Cheapflights vs. CheapOair >95% of the time. Price accuracy is based on data collected from Panama City-Madrid flight searches over the past month and is updated monthly.
  • Most trusted provider: When it comes to deals on Panama City-Madrid flights, Cheapflights users trust CheapOair the most. CheapOair has received a user feedback score of 3 out of 3 stars (3 being the best), meaning they have been trusted the most by Cheapflights users looking for Panama City-Madrid flight deals. Provider user feedback score is based on Cheapflights searches over the past month and is updated monthly.

Best time to book a flight from Panama City to Madrid

Have a flexible travel schedule? Discover the best time to fly to Madrid from Panama City with our price prediction graph.
Estimated round-trip price
Rates are based on past data. Find the cheapest month and day to book your flight based on your travel requirements, then search for cheap deals.

Cheapflights Insights

Everything you need to know about your flight from Panama City to Madrid

How far ahead should I book a flight from Panama City to Madrid?

Use this chart to determine the optimal time to book a round-trip flight from Panama City to Madrid. Price data was last updated on January 9, 2026.

The price you pay for your flight from Panama City to Madrid may vary depending on when you book. For the best chance of a lower fare, look to book 58 days in advance of your trip. Fares are likely to increase a fortnight or so before your departure date.

What is the cheapest month to book a flight from Panama City to Madrid?

Currently, March is the cheapest month in which you can book a flight from Panama City to Madrid (average of $596). Flying from Panama City to Madrid in July is currently the most expensive (average of $711). There are several factors that can impact the price of a flight, so comparing airlines, departure airports and flight times can provide users with more options.

What is the cheapest time of day to fly from PTY to MAD?

Find hourly flight availability from Panama City to Madrid. Discover flight options and departure times throughout the day, allowing you to choose a departure time that suits your schedule. Data last updated January 11, 2026.

When flying from Panama City to Madrid, the time of day you decide to fly out makes little to no difference towards the overall price you’ll pay on tickets.

The best insider tips for Panama City to Madrid flights

AI-powered summary based on content written by travel experts. AI can make mistakes.
Cheapflights partnered with top experts to bring you the best recommendations for your Panama City to Madrid trip
Airports
PTY

For nighttime flights, bring snacks as most eateries close by 10 pm at PTY, ensuring you're not left hungry during your journey.

Read more about PTYBy Taryn White
MAD

Upon arrival at MAD, rideshares like Uber and Cabify offer quick, affordable transport to the city center from dedicated pickup points.

Read more about MADBy Lori Zaino
Our travel experts
Lori Zaino

Lori Zaino

Expert on MAD

Lori Zaino

Lori Zaino

US-born but now based in Spain, Lori's visited 60 countries---and written about them for publications like CNN, Forbes, The Points Guy, NBC, and TripAdvisor. She loves combining affordable adventures with luxury travel experiences and feels equally at home salsa dancing in Colombia, sipping wine in a French castle, or backpacking through Malaysia.

Read more
Taryn White

Taryn White

Expert on PTY

Taryn White

Taryn White

Taryn White is a freelance travel writer, digital creator, and travel advisor who has visited nearly 100 countries and all 50 states. She’s familiar with many airports and enjoys beach hopping, boutique hotels, spa experiences, and exploring local culture. Her work has appeared in Travel + Leisure, Condé Nast Traveler, National Geographic, Smithsonian Magazine, AFAR, and more.

Read more

Reviews of airlines servicing Madrid

Get insights into the airlines that provide service to Madrid. Read reviews, discover amenities, and learn about the overall travel experience offered by airlines. Use this information to make informed decisions when choosing an airline for your flight to Madrid. Reviews last updated January 11, 2026.
Get a feel of what it's like to fly with Copa Airlines, Air France, and Air Europa from Panama City to Madrid by reading reviews from past customers. Users have also rated airlines in terms of entertainment options, comfort, food, crew/service, and boarding process.
Copa Airlines
7.6
Good
1,558 reviews

Boarding

7.8

Entertainment

6.8

Crew

8.1

Comfort

7.4

Overall

7.6

Food

6.8

Reviews

1 / 20
2.0
Mediocre

Maria,Dec 2025

PTY - SLA

Old plain no entertainment , no outlet for cell or computer! And online they said you have all that! Almost 6 hrs looking to the floor..terrible expirencw and I pay a lot of money for it
Copa Airlines
7.6
Good
1,558 reviews
Copa Airlines
7.6
Good
1,558 reviews

Boarding

7.8

Entertainment

6.8

Crew

8.1

Comfort

7.4

Overall

7.6

Food

6.8

Reviews

1 / 20
2.0
Mediocre

Maria,Dec 2025

PTY - SLA

Old plain no entertainment , no outlet for cell or computer! And online they said you have all that! Almost 6 hrs looking to the floor..terrible expirencw and I pay a lot of money for it
Air France
7.4
Good
1,518 reviews
Copa Airlines
7.6
Good
1,558 reviews

Boarding

7.8

Entertainment

6.8

Crew

8.1

Comfort

7.4

Overall

7.6

Food

6.8

Reviews

1 / 20
2.0
Mediocre

Maria,Dec 2025

PTY - SLA

Old plain no entertainment , no outlet for cell or computer! And online they said you have all that! Almost 6 hrs looking to the floor..terrible expirencw and I pay a lot of money for it
Air Europa
7.0
Good
583 reviews
Copa Airlines
7.6
Good
1,558 reviews

Boarding

7.8

Entertainment

6.8

Crew

8.1

Comfort

7.4

Overall

7.6

Food

6.8

Reviews

1 / 20
2.0
Mediocre

Maria,Dec 2025

PTY - SLA

Old plain no entertainment , no outlet for cell or computer! And online they said you have all that! Almost 6 hrs looking to the floor..terrible expirencw and I pay a lot of money for it
Iberia
7.0
Good
3,083 reviews
Copa Airlines
7.6
Good
1,558 reviews

Boarding

7.8

Entertainment

6.8

Crew

8.1

Comfort

7.4

Overall

7.6

Food

6.8

Reviews

1 / 20
2.0
Mediocre

Maria,Dec 2025

PTY - SLA

Old plain no entertainment , no outlet for cell or computer! And online they said you have all that! Almost 6 hrs looking to the floor..terrible expirencw and I pay a lot of money for it
Avianca
6.6
Okay
2,488 reviews
Copa Airlines
7.6
Good
1,558 reviews

Boarding

7.8

Entertainment

6.8

Crew

8.1

Comfort

7.4

Overall

7.6

Food

6.8

Reviews

1 / 20
2.0
Mediocre

Maria,Dec 2025

PTY - SLA

Old plain no entertainment , no outlet for cell or computer! And online they said you have all that! Almost 6 hrs looking to the floor..terrible expirencw and I pay a lot of money for it

Related info for your journey

Find useful and relevant information for your journey from Panama City to Madrid. Access travel guides, tips, and recommendations to enhance your travel experience. Get information about local attractions, weather, transportation options, and more.

  • What airports do I use to fly from Panama City to Madrid?

    Madrid Barajas is the airport most travelers will use when flying to Madrid from Panama City Tocumen Intl. Booking flights from Tocumen Intl (PTY) to Barajas (MAD) should be relatively easy as there are 6 daily flights to Madrid from 7 different airlines. 9h 35m is how long a flight from Panama City to Madrid Barajas will take if you book a nonstop flight.

  • How popular is this Panama City to Madrid flight route?

    This flight path from Panama City Tocumen Intl to Madrid Barajas was viewed by 24 users in the past month. Keep an eye out for changes in search interest prior to high and low season.

  • How long is the flight from Panama City to Madrid?

    A quick flight from Panama City to Madrid can take about 9h 35m. Air France provides one of the quickest options available for as low as $708. The distance between Panama City and Madrid is about 5065 mi. This flight may include one or multiple stops.

  • What are the cheapest airlines flying from Panama City to Madrid round-trip?

    Avianca, at $597, was found to be the cheapest airline from Panama City to Madrid.Alternate airlines to your destination round-trip include KLM and Air Europa. Avianca is 24% cheaper than the average price of flights available within the next 90 days to this destination.

  • What are the cheapest airlines to fly from Panama City to Madrid one-way?

    One-way options have recently been found by users for as low as $434 on Turkish Airlines. Other airlines that offer cheap prices include Air Europa from $510 and Avianca from $535 one-way.

  • What are the most reliable airlines from Panama City to Madrid?

    Looking for the most reliable airlines to get you to your destination on time? Our data shows these are most likely to get you from Panama City to Madrid on time: Qatar Airways (81%), Iberia (81%), EL AL (81%).

  • What are the cheapest flights from Panama City to Madrid?

    Looking for the cheapest flight from Panama City to Madrid? While on average our users pay $1,623, our data indicates the cheapest price to be $615. The most popular route (Panama City Tocumen Intl - Madrid Barajas), is priced around $638.

  • Can I find deals for flights from Panama City to Madrid that include hotel bookings?

    Yes. In addition to deals on Panama City to Madrid flights, Cheapflights offers vacation packages that include both flights and hotel.

  • How can I find direct flights from Panama City to Madrid?

    After entering your origin and destination, apply the non-stop filter on the search result page to find direct flights from Panama City to Madrid.

  • Can I find deals for business class flights from Panama City to Madrid?

    Yes. Cheapflights offers flight deals from Panama City to Madrid by cabin class. In addition to browsing deals, you can also filter by cabin class on the search results page after making a search.

  • What is the cheapest month to book a flight from Panama City to Madrid?

    Currently, March is the cheapest month in which you can book a flight from Panama City to Madrid (average of $596). Flying from Panama City to Madrid in July is currently the most expensive (average of $711). There are several factors that can impact the price of a flight, so comparing airlines, departure airports and flight times can provide users with more options.

See more FAQs

Traveling to a place near Madrid?

Book flights to Madrid if you plan to visit one of these locations
Getafe

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Top 7 airlines flying from Panama City to Madrid

Discover the top 7 airlines that operate flights from Panama City to Madrid. Compare their services, reliability, and customer satisfaction ratings to choose the airline that best suits your travel preferences and needs. Over the last 7 days, Cheapflights users made 2,558,603 searches. Data last updated January 11, 2026.
AirlineCheapestAverageFlexibilityOn-time
AviancaCheapest$616Average$735FlexibilityNo cancel feeOn-time71%
KLMCheapest$654Average$762FlexibilityNo cancel feeOn-time75%
Air EuropaCheapest$665Average$827FlexibilityNo cancel feeOn-time83%
IberiaCheapest$677Average$840FlexibilityNo cancel feeOn-time77%
Air FranceCheapest$695Average$784FlexibilityNo cancel feeOn-time77%
Turkish AirlinesCheapest$698Average$762FlexibilityNo cancel feeOn-time77%
Copa AirlinesCheapest$728Average$1,280FlexibilityNo cancel feeOn-time70%

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