The official currency of Laos is the Lao Kip (LAK). Banknotes are available in denominations ranging from 500 to 100,000 Kip, with coins being less commonly used. Cash is the primary method of payment, especially in rural areas, while credit cards are more commonly accepted in upscale establishments in larger cities.
Key Currency Information
- Lao Kip (LAK):
- Symbol: ₭
- Banknotes range from 500 to 100,000 Kip, with smaller denominations used for daily purchases.
- Coins are rarely used in Laos, and most transactions are conducted with banknotes.
- Cash vs. Cards:
- Cash is essential, particularly in rural areas, markets, and for small transactions.
- Credit Cards are accepted primarily in high-end hotels, restaurants, and some businesses in major cities like Vientiane and Luang Prabang.
Access to Money in Laos
- ATMs: Available in most urban areas, such as Vientiane, Luang Prabang, and Pakse, ATMs dispense Lao Kip but may charge fees for withdrawals. Some ATMs may also offer USD and Thai Baht, but it’s always better to withdraw Kip for everyday use.
- Currency Exchange: Currency exchange services are available at banks, airports, and authorized exchange counters. Be sure to check the rates and fees to ensure you’re getting a fair deal.
Travel Tips for Handling Money in Laos
- Carry Lao Kip: While US Dollars and Thai Baht are occasionally accepted in tourist areas, it’s best to carry Lao Kip for most local transactions, especially in markets and rural areas.
- Use ATMs in Cities: ATMs are generally accessible in urban areas, but they may charge a fee for withdrawals, so be sure to check with your bank.
- Avoid Street Currency Exchanges: Always exchange money at authorized locations like banks or exchange counters to avoid counterfeit notes and unfavorable rates.
- Cash is King in Rural Areas: Outside the major cities, cash is the primary payment method, so be sure to carry enough Kip when traveling to smaller towns or villages.
By understanding the currency system in Laos and planning accordingly, you can enjoy a smoother travel experience and avoid unnecessary hassle when managing your finances.