Currency Exchange In Laos - Your Essential Guide To The Land Of The Kip

Laos - Land of a Million Elephants - is a wonderful country located in Southeast Asia. This landlocked nation offers breathtaking landscapes, a rich cultural heritage, and warm hospitality. If you're planning a trip to Laos, understanding the currency exchange system is essential to ensure a smooth and hassle-free experience. 

This article will help travelers to learn more about the intricacies of currency exchange in Laos, exploring the national currency, exchange rates, popular exchange methods, and helpful tips to make the most of your money during your visit.

What Do You Know About Currency Exchange In Laos?

The national currency in Laos

The official currency in Laos is the Lao Kip (LAK), denoted by the symbol "₭". The Kip is a non-convertible currency, meaning it is not widely traded outside of Laos. Therefore, it is advisable to exchange your currency for Lao Kip upon arrival or while you're in the country.

It is issued by the government in denominations of 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000. Kip, on the other hand, is neither accepted nor traded outside of Laos, so you'll have to obtain your Kip once you arrive.

Kip is usually the most cost-effective currency to use in Laos. However, major expenditures, such as luxury hotel room prices and dinners at reputable restaurants, are frequently billed in US dollars.

Kip is the local currency used in marketplaces and convenience stores. However, a market dealer is typically willing to accept Dollars or Baht at an inflated cost. It should be noted that Kip is required by law to be available; a shopkeeper cannot just deal in USD.

Kip is the Laos national currency

Where to exchange money in Laos?

Currency exchange services are widely available in Laos, particularly in major cities and tourist areas. Banks, official exchange booths, and authorized money changers are the primary sources of currency exchange. It's important to note that some businesses, especially smaller establishments in rural areas, may only accept cash in Lao Kip. Therefore, it's recommended to carry a sufficient amount of local currency for such situations.

• Banks: Banks are the most reliable and secure places for currency exchange in Laos. They offer competitive rates and usually charge minimal fees. The major banks in Laos include Banque pour le Commerce Extérieur Lao (BCEL), Lao Development Bank (LDB), and Joint Development Bank (JDB). These banks have branches in main cities such as Vientiane, Luang Prabang, and Pakse, making it convenient for travelers to access their services.

• Exchange Booths: Exchange booths can be found in prominent tourist areas and airports. They are operated by authorized money changers and offer convenient services. While the rates may not be as competitive as those offered by banks, exchange booths provide easy access to currency exchange facilities.

• Hotels and Guesthouses: Some hotels and guesthouses in Laos offer currency exchange services for their guests. However, it's important to note that the rates might not be as favorable as those provided by banks or exchange booths. It's advisable to compare rates before making any transactions.

Laos Currency Exchange Rate

The rate of currency exchange in Laos between the Lao Kip and major international currencies, such as the US Dollar (USD) and Euro (EUR), fluctuates daily. It's important to check the current exchange rates before your Laos trip to ensure you have an idea of the value of your money.

According to 2023, the currency exchange in Laos can be depended on your home country. Being well-informed about the currency exchange options available to you based on your home country can help ensure a seamless and efficient experience when dealing with finances in Laos.

• US currency to Laos: 1 USD = 17,930.00 Laos Kip

• UK currency to Laos: 1 Pound = 22,478.84 Laos Kip 

• France currency to Laos: 1 Euro = 19,307.02 Laos Kip

• Exchange rate Thai baht to Laos kip: 1 Baht = 518.20 Laos Kip 

• Laos money to Peso: 1 Philippines Peso = 320.38 Laos Kip 

Laos currency exchange rate can be varied based on the nationalities

Tips For Currency Exchange In Laos

1. Research Exchange Rates: Before your trip, keep an eye on the current exchange rates and compare them across various sources. This will help you understand and prepare well when exchanging your currency.

2. Carry US Dollars or Euros: While it's essential to exchange your money for Lao Kip, it's also a good idea to carry some US Dollars (USD) or Euros (EUR) as a backup. These currencies are widely accepted in Laos, particularly in tourist areas, and can be handy in emergencies or situations where you're unable to access local currency.

3. Withdraw Local Currency from ATMs: ATMs are widely available in major cities and towns in Laos. They usually dispense Lao Kip, but some ATMs also offer the option to withdraw US Dollars. However, be mindful of the transaction fees and currency conversion charges imposed by your bank or card issuer.

4. Plan your Currency Needs: Consider your travel itinerary and plan your currency needs accordingly. If you're visiting remote areas or participating in activities where access to banks or ATMs may be limited, ensure you have enough cash in Lao Kip to cover your expenses.

5. Exchange Sufficient Amounts: While it's wise to carry some US Dollars or Euros as backup, it's recommended to exchange a significant portion of your money into Lao Kip. This will ensure that you have the local currency readily available for day-to-day expenses, shopping, dining, and local transportation.

6. Keep Small Denominations: It's advisable to keep a supply of smaller denominations of Lao Kip for convenience. Many street vendors, markets, and small establishments may not have sufficient change for larger notes, and it's easier to make transactions with smaller bills.

7. Save Exchange Receipts: When exchanging currency in Laos, it's a good practice to keep the receipts. These receipts may be required if you want to convert any leftover Lao Kip back to your original currency upon leaving the country.

Travelers should be aware when exchanging money to Laos Kip 

Conclusion

Currency exchange in Laos is an integral part of ensuring a smooth and enjoyable travel experience. Familiarize yourself with the Lao Kip, its exchange rates, and the available exchange methods to make informed decisions. Whether you choose to exchange currency at banks, exchange booths, or through ATMs, be mindful of the rates, fees, and security measures. 

More than preparing Laos currency is required; in order to enter Laos, you must have a valid visa issued by the government. It is simply because electronic visas have been established for all international travelers to apply. Start your visa application today, check your visa requirements, and travel to Laos right away! Read more if you are interested in the 5 best cities to visit in Laos! 

In summary, by planning ahead and following the provided tips, you can navigate the currency exchange process in Laos effectively, allowing you to focus on exploring the stunning landscapes, immersing yourself in the rich culture, and creating lasting memories in the "Land of the Kip."