Banjosa is small enough that the lake, the forest trails, and the main viewpoints are all reachable on foot. The circular path around the lake takes about 40 minutes; the forest trails above it are steeper but still manageable without any specialist equipment.
For day trips to Devi Gali, Jandali, or the Rawalakot valley, you will need private transport. Motorbikes and car hire can be arranged in Rawalakot; a few of the guesthouses and dhabas at Banjosa keep contact numbers for local drivers. There is no formal taxi stand at the lake — negotiate with drivers in Rawalakot if you are not driving yourself.