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Panama City

$352+ Cheap flights from Madrid, Spain (MAD) to Panama City (PTY)

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 1/27. Fares are subject to change and may not be available on all flights or dates of travel.
MAD — PTY
Feb 7 — Feb 141
Sat 2/7
Sat 2/14
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 Madrid Barajas to Panama City Tocumen Intl are usually found in May or March, booked 71 days in advance, depart on a Wednesday or Friday and return on a Wednesday

Cheap flight deals from Madrid to Panama City

Discover tips and strategies to find the most affordable flight options for your journey from Madrid (MAD) to Panama City (PTY). 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 8, 2026.

Most accurate provider

eDreams
3 stars

Most trusted provider

eDreams
3 stars

Round-trip from

$693
(Avianca)

One-way from

$352
(FlightHub)

Popular in

December

Cheapest in

May

Average price

$862

Good round-trip deal

$622 or less

Good one-way deal

$758 or less
Provider with most accurate pricing for Madrid Barajas-Panama City Tocumen Intl flight deals.
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Provider most trusted by Cheapflights users for Madrid Barajas-Panama City Tocumen Intl flights.
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From Madrid Barajas to Panama City Tocumen Intl
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One-way flight from Madrid Barajas to Panama City Tocumen Intl
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Highest demand for flights based on searches. 13% potential increase in price ($123 potential increase over avg. RT price).
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Cheapest flight prices on average. 3% potential price decrease ($26 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 Madrid Barajas to Panama City Tocumen Intl.
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Price to beat on a one-way flight from Madrid Barajas to Panama City Tocumen Intl.
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Find flight deals from Madrid to Panama City

Cheapest flights from Madrid to Panama City
Explore the most affordable flight options available from Madrid to Panama City. Find the lowest fares from popular airlines and budget airlines, with prices last updated on January 8, 2026.

This FlightHub deal was found by Cheapflights users on 1/7. 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.
Mon 4/133:05 pmMAD - PTY
Nonstop10h 35mAir Europa
Thu 4/308:25 pmPTY - MAD
Nonstop9h 50mAir Europa
Deal found 1/7$701
This KLM deal was found by Cheapflights users on 1/7. 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.
Sun 1/188:30 pmMAD - PTY
1 stop29h 25mMultiple Airlines
Tue 10/2710:20 pmPTY - MAD
1 stop18h 45mMultiple Airlines
Deal found 1/7$702
This KLM deal was found by Cheapflights users on 1/7. 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.
Tue 5/128:30 pmMAD - PTY
1 stop27h 20mKLM
Tue 5/266:50 pmPTY - MAD
1 stop31h 40mKLM
Deal found 1/7$703
This KLM deal was found by Cheapflights users on 1/7. 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.
Sun 5/316:00 amMAD - PTY
1 stop17h 50mMultiple Airlines
Tue 6/169:55 pmPTY - MAD
1 stop18h 20mMultiple Airlines
Deal found 1/7$704
This KLM 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 KLM is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Sun 1/184:50 pmMAD - PTY
1 stop29h 40mKLM
Wed 1/286:45 pmPTY - MAD
1 stop22h 40mKLM
Deal found 1/8$708
This KLM deal was found by Cheapflights users on 1/7. 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 2/46:00 amMAD - PTY
1 stop16h 30mKLM
Wed 2/1110:05 pmPTY - MAD
1 stop30h 10mKLM
Deal found 1/7$710
This Avianca deal was found by Cheapflights users on 1/7. 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 Avianca is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Wed 3/181:20 amMAD - PTY
1 stop13h 30mAvianca
Fri 4/311:05 amPTY - MAD
1 stop17h 05mAvianca
Deal found 1/7$711
This Air Europa deal was found by Cheapflights users on 1/7. 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.
Tue 2/243:10 pmMAD - PTY
Nonstop10h 35mAir Europa
Wed 3/189:30 pmPTY - MAD
Nonstop9h 35mAir Europa
Deal found 1/7$712
This Air Europa deal was found by Cheapflights users on 1/7. 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.
Fri 5/293:05 pmMAD - PTY
Nonstop10h 35mAir Europa
Fri 6/128:25 pmPTY - MAD
Nonstop9h 50mAir Europa
Deal found 1/7$713
This Iberia deal was found by Cheapflights users on 1/7. 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 Iberia is selected, and click “Compare selected” under the list of providers to see comparable flight deals.
Sun 5/33:55 pmMAD - PTY
Nonstop11h 05mIberia
Sun 5/109:30 pmPTY - MAD
Nonstop9h 50mIberia
Deal found 1/7$714
This Air France deal was found by Cheapflights users on 1/7. 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.
Sun 5/310:05 amMAD - PTY
1 stop16h 40mMultiple Airlines
Sun 5/106:50 pmPTY - MAD
1 stop31h 40mMultiple Airlines
Deal found 1/7$716
This KLM deal was found by Cheapflights users on 1/7. 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.
Tue 5/126:00 amMAD - PTY
1 stop17h 50mKLM
Fri 6/56:50 pmPTY - MAD
1 stop21h 35mKLM
Deal found 1/7$717

Cheapflights Fare Finder

 
Customize your flight search to find flights from Madrid to Panama City 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 8, 2026.
Use the filters below to find and compare flights from Madrid to Panama City that are best for you.

Fly from

Madrid

Fly to

Panama City

Route

Depart

Return

Price

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sat 6/6

6:00 am-4:50 pm

1 stop17h 50m

Panama City Tocumen Intl

Sat 6/13

6:50 pm-9:30 am

1 stop31h 40m

$729

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Tue 2/10

3:10 pm-7:45 pm

Nonstop10h 35m

Panama City Tocumen Intl

Mon 3/23

9:30 pm-1:05 pm

Nonstop9h 35m

$747

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sun 2/15

3:10 pm-7:45 pm

Nonstop10h 35m

Panama City Tocumen Intl

Mon 3/23

9:30 pm-1:05 pm

Nonstop9h 35m

$747

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Sun 2/15

3:10 pm-7:45 pm

Nonstop10h 35m

Panama City Tocumen Intl

Tue 3/24

9:30 pm-1:05 pm

Nonstop9h 35m

$747

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Thu 2/26

3:10 pm-7:45 pm

Nonstop10h 35m

Panama City Tocumen Intl

Sun 3/8

9:30 pm-1:05 pm

Nonstop9h 35m

$748

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Thu 2/26

3:10 pm-7:45 pm

Nonstop10h 35m

Panama City Tocumen Intl

Wed 3/11

9:30 pm-1:05 pm

Nonstop9h 35m

$748

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Wed 2/25

3:10 pm-7:45 pm

Nonstop10h 35m

Panama City Tocumen Intl

Mon 3/9

9:30 pm-1:05 pm

Nonstop9h 35m

$748

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Fri 2/13

10:50 am-12:40 am

1 stop19h 50m

Panama City Tocumen Intl

Wed 3/25

2:55 am-11:20 pm

1 stop14h 25m

$792

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Wed 2/11

10:50 am-12:40 am

1 stop19h 50m

Panama City Tocumen Intl

Sat 3/28

2:55 pm-10:30 pm

1 stop25h 35m

$820

MadridPanama City

MAD - PTY

MADPTY

Madrid Barajas

Tue 2/10

10:50 am-8:50 am

1 stop28h 00m

Panama City Tocumen Intl

Sun 3/29

11:05 am-7:40 am

1 stop13h 35m

$820

Flights are sorted by cheapest round-trip flights first.

Deals found on 1/8

Showing 1-10 of 23 results
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Compare providers for flights from Madrid to Panama City

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 Madrid to Panama City in January.
ProviderPrice AccuracyTrust Score*
eDreamsPrice Accuracy3 starsTrust Score*3 stars
FlightHubPrice Accuracy3 starsTrust Score*1 star
Kiwi.comPrice Accuracy3 starsTrust 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 Madrid-Panama City flights, users find the pricing of eDreams to be most consistent on Cheapflights vs. eDreams Users can find the same prices on Madrid-Panama City flight deals on Cheapflights vs. eDreams >95% of the time. Price accuracy is based on data collected from Madrid-Panama City flight searches over the past month and is updated monthly.
  • Most trusted provider: When it comes to deals on Madrid-Panama City flights, Cheapflights users trust eDreams the most. eDreams 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 Madrid-Panama City 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 Madrid to Panama City

Have a flexible travel schedule? Discover the best time to fly to Panama City from Madrid 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 Madrid to Panama City

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

Use this chart to determine the optimal time to book a round-trip flight from Madrid to Panama City. Price data was last updated on January 2, 2026.

The price you pay for your flight from Madrid to Panama City may vary depending on when you book. For the best chance of a lower fare, look to book 71 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 Madrid to Panama City?

Currently, February is the cheapest month in which you can book a flight from Madrid to Panama City (average of $542). Flying from Madrid to Panama City in December is currently the most expensive (average of $780). 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 MAD to PTY?

Find hourly flight availability from Madrid to Panama City. Discover flight options and departure times throughout the day, allowing you to choose a departure time that suits your schedule. Data last updated January 8, 2026.

Regardless of the time of day you decide to fly, the ticket price will remain around the same. Book flights from Madrid to Panama City as you normally would.

How much does it cost to fly round-trip from Madrid to Panama City?

The best insider tips for Madrid to Panama City 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 Madrid to Panama City trip
Airports
MAD

Many airlines at MAD offer automated kiosks for quick check-in, including Iberia. Security lines can be crowded but move quickly.

Read more about MADBy Lori Zaino
PTY

At PTY, Uber is often the fastest and less expensive transport option to Panama City, compared to taxis.

Read more about PTYBy Taryn White
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 Panama City

Get insights into the airlines that provide service to Panama City. 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 Panama City. Reviews last updated January 8, 2026.
Get a feel of what it's like to fly with Air Europa, Iberia, and Avianca from Madrid to Panama City by reading reviews from past customers. Users have also rated airlines in terms of entertainment options, comfort, food, crew/service, and boarding process.
Air Europa
7.0
Good
579 reviews

Boarding

7.1

Comfort

6.9

Food

6.3

Crew

7.5

Entertainment

6.5

Overall

7.0

Reviews

1 / 13
4.0
Okay

Anonymous,Dec 2025

BCN - MAD

The flight was heavily delayed which put into question my connection. The boarding and unboarding process was horrible. The airline crams as many people as possible on this short flight. A 787 parks in the middle of the airport and a shuttle bus ferries you in. Why? In a major european airport with a huge plane. In addition, the information provided everywhere on the terminal of arrival was simply wrong and this was not the reality.
Air Europa
7.0
Good
579 reviews
Air Europa
7.0
Good
579 reviews

Boarding

7.1

Comfort

6.9

Food

6.3

Crew

7.5

Entertainment

6.5

Overall

7.0

Reviews

1 / 13
4.0
Okay

Anonymous,Dec 2025

BCN - MAD

The flight was heavily delayed which put into question my connection. The boarding and unboarding process was horrible. The airline crams as many people as possible on this short flight. A 787 parks in the middle of the airport and a shuttle bus ferries you in. Why? In a major european airport with a huge plane. In addition, the information provided everywhere on the terminal of arrival was simply wrong and this was not the reality.
Iberia
7.0
Good
3,079 reviews
Air Europa
7.0
Good
579 reviews

Boarding

7.1

Comfort

6.9

Food

6.3

Crew

7.5

Entertainment

6.5

Overall

7.0

Reviews

1 / 13
4.0
Okay

Anonymous,Dec 2025

BCN - MAD

The flight was heavily delayed which put into question my connection. The boarding and unboarding process was horrible. The airline crams as many people as possible on this short flight. A 787 parks in the middle of the airport and a shuttle bus ferries you in. Why? In a major european airport with a huge plane. In addition, the information provided everywhere on the terminal of arrival was simply wrong and this was not the reality.
Avianca
6.6
Okay
2,494 reviews
Air Europa
7.0
Good
579 reviews

Boarding

7.1

Comfort

6.9

Food

6.3

Crew

7.5

Entertainment

6.5

Overall

7.0

Reviews

1 / 13
4.0
Okay

Anonymous,Dec 2025

BCN - MAD

The flight was heavily delayed which put into question my connection. The boarding and unboarding process was horrible. The airline crams as many people as possible on this short flight. A 787 parks in the middle of the airport and a shuttle bus ferries you in. Why? In a major european airport with a huge plane. In addition, the information provided everywhere on the terminal of arrival was simply wrong and this was not the reality.

Related info for your journey

Find useful and relevant information for your journey from Madrid to Panama City. 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 Madrid to Panama City?

    To fly from Madrid to Panama City, you need to book a flight from Barajas (MAD) to Tocumen Intl (PTY). Nonstop flights to Panama City Tocumen Intl from Madrid Barajas take 10h 35m on average. When it comes time to book airfare, you have a few options: there are 7 outbound flights from Barajas to Tocumen Intl offered by 3 different airlines.

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

    The Madrid Barajas to Panama City Tocumen Intl flight path was viewed by 7 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 Madrid to Panama City?

    Avianca and Air Europa can get you from Madrid to Panama City in just under 10h 35m. Your travel time can differ by up to 13h 50m. Madrid and Panama City are separated by a distance of 5065 mi. This flight may include one or multiple stops.

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

    Avianca, at $545, was found to be the cheapest airline from Madrid to Panama City.Alternate airlines to your destination round-trip include Air Europa and Iberia. Avianca is 33% cheaper than the average price of flights available within the next 90 days to this destination.

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

    For one-way options, check prices for Avianca. According to our data, you can fly for as low as $332. Users have also found prices from $341 and $380 on Air Europa and Iberia, respectively.

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

    Consider Qatar Airways (73%), Iberia (73%) or EL AL (73%) when booking your flight. These represent the most reliable airlines when flying from Madrid to Panama City.

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

    The cheapest flight price from Madrid to Panama City is $622. On average you can expect to pay $882. The most popular route, (Madrid Barajas - Panama City Tocumen Intl), can usually be booked for $714.

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

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

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

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

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

    Yes. Cheapflights offers flight deals from Madrid to Panama City 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 Madrid to Panama City?

    Currently, February is the cheapest month in which you can book a flight from Madrid to Panama City (average of $542). Flying from Madrid to Panama City in December is currently the most expensive (average of $780). 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

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Top 3 airlines flying from Madrid to Panama City

Discover the top 3 airlines that operate flights from Madrid to Panama City. 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 8, 2026.
AirlineCheapestAverageFlexibilityOn-time
AviancaCheapest$545Average$1,486FlexibilityNo cancel feeOn-time71%
Air EuropaCheapest$622Average$867FlexibilityNo cancel feeOn-time83%
IberiaCheapest$646Average$997FlexibilityNo cancel feeOn-time77%

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