Laos’ currency is the Kip (LAK). It is used for all local transactions. Knowing how to manage money will help you during your trip.
What is the Official Currency of Laos?
The official currency is the Lao Kip (LAK), which has been used since 1955. There are no cents in the Kip, and one US Dollar equals thousands of Kip. The Kip’s value changes over time.
Understanding the Laos Kip (LAK)
The Kip has large denominations, which may make prices seem high. Bills range from small amounts to 100,000 LAK. Small bills are helpful for daily purchases, like food or transport.
Exchanging Currency in Laos
Exchanging currency is easy. Cities like Vientiane and Luang Prabang have many options. You can exchange money at banks, exchange booths, or some hotels. Always check the exchange rate before you exchange.
Best Places to Exchange Money in Laos
Banks like BCEL and JDB offer better exchange rates. Exchange booths are also standard in larger cities. Smaller towns may have fewer options, so plan.
Using ATMs in Laos
ATMs are common in cities. They only give Kip. Expect a small fee for each withdrawal. Inform your bank about your trip to avoid issues with cards. ATM withdrawal limits are around 1 million LAK.
Is USD Accepted in Laos?
Kip is the official currency. USD is accepted in some hotels and tourist areas. However, in markets or rural areas, you must use Kip. Always carry the local currency to avoid problems.
Tips for Managing Money in Laos
Use cash for most payments. Credit cards are only accepted in bigger cities. Always carry some cash. Laos is a cash-driven society, so be prepared.
Using Credit Cards in Laos
Credit cards work in major hotels and shopping centers. Some places charge extra fees for card payments. Always check for hidden charges. Carry both cash and a card for safety.
Handling Large Denominations
The Kip has large bills. It may not be evident at first. Organize bills by size and color. This will help when paying for or using public transport.
Current Exchange Rates for the Laos Kip
Exchange rates change over time. As of 2024, 1 USD equals 20,000–22,000 LAK. Always check the current exchange rate before traveling. Use apps or websites to stay updated.
Conclusion
Managing money in Laos is simple once you understand how to do it. Carry cash, know the denominations, and use credit cards when needed. Be prepared, and enjoy your time in Laos.
