Laos Currency: What Is The Current Exchange Rate For Lao Kip?
When traveling to Laos, it is essential to understand Laos currency and money to ensure you’re well-prepared with Lao Kips for your expenses. The favorable exchange rate in Laos will make you feel wealthy, allowing you to afford many things during your stay in this Southeast Asian country. This article will guide you through everything you need to know about Laos currency, from recognizing different bills and finding the best exchange rates to manage your budget’s trip.
Table of Contents
I. What currency is used in Laos?
Lao kip (LAK), Laos national currency, is used for daily transactions, symbolized by ₭. Banknotes in circulation come in denominations ranging from 1,000 to 100,000 kips, covering a wide range of values. There are no coins in circulation, as the country only uses banknotes for all transactions.
Laos first introduced its currency in 1945, called the “Kip of Free Laos.” Later, during the French occupation, Laos used the Indochinese piastre. After several uprisings and monetary reforms, Lao Kip was officially issued in 1979 under the Lao People’s Democratic Republic.
Over the decades, Laos currency has undergone many reforms and changes. Today, despite Lao Kip’s value being affected by inflation, it remains the main currency used throughout the country for everyday purchases, by both residents and visitors alike.
II. What is the current exchange rate for Lao Kip?
The exchange rate in Laos fluctuates based on the currency market and economic policies. If you’re visiting Laos for the first time, you might find the Laos currency and money a bit confusing, especially with Lao Kip banknotes, as the smallest denomination is 1,000 kips. With so many zeros on each bill, it can be challenging to determine if the cost of living in Laos is high.
Therefore, understanding the exact exchange rate for Laos currency will help you better plan your travel budget and manage your expenses in Laos.
To get the most accurate and up-to-date exchange rate, it is advisable to check the conversion table for LAK to Euro, USD, and Pound.
Conversion LAK to Euro, USD et Pound | |||
🇱🇦 LAK | 🇫🇷 Euro | 🇺🇸 USD | 🇬🇧 Pound |
1,000 | 0.041 | 0.045 | 0.034 |
2,000 | 0.081 | 0.090 | 0.068 |
5,000 | 0.2 | 0.23 | 0.17 |
10,000 | 0.41 | 0.45 | 0.34 |
20,000 | 0.81 | 0.90 | 0.68 |
50,000 | 2.03 | 2.26 | 1.71 |
100,000 | 4.05 | 4.52 | 3.42 |
III. How to recognize Laos currency - Lao Kip?
Laos currency uses paper banknotes, which are easily identifiable by the distinctive colors of each denomination. Currently, only 7 denominations of currency are issued, including: 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000.
On the front of the banknotes, you’ll find the image of the leader and former president Kaysone Phomvihane of the Lao People’s Revolutionary Party, except on the 1,000 kip note. Kaysone Phomvihane’s image is printed against backgrounds featuring famous sites in Laos, such as the Xieng Thong Temple, the First Thai-Laos Friendship Bridge, the Pha Keo Temple, and the That Luang Stupa, among others.
The 1,000 kip note, however, features an image of three women representing the historical ethnic groups of Laos: the Lao Theung, the Lao Loum, and the Lao Sung. These groups were later unified under the term “Lao people.”
IV. How to pay inLaos?
In Laos, payment options have been updated and diversified to make transactions easier for international tourists. Here are three payment methods to help you manage your expenses during your trip to Laos.
1. Cash: Lao Kip or USD?
So simple! You can use both!
Of course all your expenses can be paid in Lao Kip, the official Laos currency. You can easily make purchases or payments everywhere, especially in rural areas, night markets, and street stalls.
Additionally, the US Dollar (USD) is also widely accepted in some parts of Laos, particularly in major cities like Vientiane and Luang Prabang. You can use USD to pay in certain hotels and morning markets.
However, for greater convenience, we recommend using Lao Kips, as some places may charge additional fees for converting dollars into the local currency.
If you want to be cautious, you can exchange money at a bank before departing for Laos. You can also exchange money directly at the airport upon arrival in Laos or at local hotels, hostels, and banks. Local exchange rates and service fees are not high, so you can exchange money with peace of mind once you arrive in Laos, without having to change a large amount of currency in advance.
2. Bank cards
This payment method is primarily used in major cities in Laos such as Vientiane, Luang Prabang, and Pakse. Hotels, restaurants, and shops in these areas generally accept credit cards or international payment cards such as Visa, MasterCard, or American Express.
In smaller towns or rural areas like Vang Vieng, bank card payments are rarely accepted, particularly in small shops and local restaurants.
Additionally, it is recommended to check with your bank to ensure your card will work in Laos and to understand the international payment fees to avoid exceeding your travel budget.
3. Money transfers
Currently, QR code payments are becoming increasingly common in Laos, replacing the use of Laos currency and money. For visitors staying long-term in Laos, it is possible to sign up for e-wallet applications available for foreign tourists, such as LOCA, Pi Pay, and TrueMoney (which also allows payments in Vietnam, Thailand, Malaysia, and some other Asian countries).
If you prefer not to carry too much cash during your trip, this option could be ideal for you. E-wallets simplify payments for services through QR codes for money transfers, accepted by many local banks in Laos. You simply need to connect your credit card to the e-wallet app to make transactions quickly and easily.
However, this doesn’t mean you should neglect carrying cash. It is always recommended to have some Lao Kips on hand to handle unforeseen situations!
V. Best places to exchange Laos currency
In your home country, you can go to a bank to exchange Lao Kips, the Laos currency. It is recommended to compare exchange rates from different banks to choose the one offering the best rates!
In Laos, you have 3 options for exchanging Laos currency:
- Local banks: Many banks are available at the international airport or in major cities like Vientiane and Luang Prabang. You can exchange Euros, British Pounds, US Dollars, Canadian Dollars, Australian Dollars, and other foreign currencies for Laotian Kips. Service fees at these banks are generally reasonable, and they offer competitive exchange rates.
- ATM: ATMs are now common throughout Laos, from airports to border crossings and in both large and small cities. You can withdraw money in Laotian Kips, with fees ranging from 1 to 5 USD depending on the bank. You can withdraw up to approximately 250 USD per transaction. Also, be sure to check the international withdrawal fees applied by your bank card to avoid surprises when withdrawing money.
- Currency exchange booths: You can easily find these in markets, shops, and restaurants in cities and tourist sites. However, we do not recommend using their services unless it’s an emergency, as their exchange fees are generally higher than those of banks or ATMs, though their service is faster.
Here is all the information you need about Laos currency and the Lao Kip. We hope this article has provided you with enough useful information about Lao currency to help you plan your budget for your trip to Laos. If you have any further questions regarding your trip to Laos and/or other Southeast Asian countries, feel free to contact Autour Asia, your Asia agency. We are always ready to answer all your questions and offer you travel services and personalized itineraries so you can enjoy an unforgettable stay in these beautiful countries.
Yes, here are some useful tips for using the Laos currency:
- Negotiating Prices: Bargaining is common in Laos, especially in markets and for local transportation. Be respectful and polite with sellers.
- Tipping: While not mandatory, tipping is always appreciated and encourages good service.
- Small Denominations: Small businesses often lack change for large bills. Use smaller denominations and avoid using USD or other foreign currencies for small transactions.
Yes or No!
If you enjoy exploring freely without following a fixed itinerary, you can discover Laos on your own without the need for a travel agency.
However, if you're traveling with family, a group, as a couple, or want to ensure safety and a complete experience, it is recommended to choose a reputable travel agency. You can refer to our article "Laos travel company" or contact us directly at Autour Asia. Our advisors will design an itinerary tailored to your needs.
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