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Money Matters in Laos

Money Matters in Laos
Money Matters in Laos
Money Matters in Laos

The official currency of Laos is the Laos kip (LAK), which comes in 100, 500, 1000, 2000 and 5000 kip notes. Although this is the country’s only official currency, Thai Baht and US Dollars are also accepted in many places, especially tourist areas, which can make life easier if you are travelling to Laos from Thailand. You will need a ready supply of kip notes for use in smaller towns and villages as well as for small purchases.

Because it is such a poor country, the cost of visiting Laos is low, even compared to other Asian countries. Accommodation and transport are cheap and most people should be able to get by comfortably on $15 USD per day, although you can spend a lot more if you choose to eat and sleep in exclusive hotels. If you need to save money, it is possible to spend as little as $10 USD per day by eating at the local markets and staying in the cheapest hotels or guesthouses.

Make sure you bring a good supply of cash and traveller’s cheques with you as most places don’t accept credit cards and finding a cash machine can be difficult.

Changing your Money
There are banks located in all main towns and these can exchange all major currencies. The best rates can be found in Vientiane and Luang Prabang, where competition is higher than the rest of the country.

Traveller’s cheques can be cashed in exchange bureaus and banks, which can be found all over Laos and traveller’s cheques in US Dollars, are preferred.

You cannot exchange kip outside of Laos, so make sure you convert your cash before leaving the country.

ATMs
Cash machines have only recently made their way into Laos, and even now they can only really be found in Vientiane. Unfortunately, even in Vientiane the number to ATM machines are limited and they often break down. Also be aware that there is a limit to how much you can draw out at a time and there are quite hefty charges for doing so. To avoid potential problems it is best to make sure you draw enough money for your trip before entering Laos or take traveller’s cheques as these can be cashed in most of the tourist areas.

Tipping
Tipping is not common practice is Laos and will not be expected of you. However, generosity will always be appreciated, especially as the average salary is very low.

Money Matters in Burma

Money matters in Burma
Money matters in Burma
Money matters in Burma

Myanmar’s official currency is Kyat, pronounced “Chat” and usually written as K. The Kyat comes in K1, K5, K10, K15, K20, K45, K50, K90, K100, K200, K500, and K1000 notes and is the best way to pay for small items. US Dollars are also accepted throughout Myanmar and larger fees such as hotel rooms and transport are quoted and paid for in US Dollars.

Changing your Money
Plenty of people will offer to change your money for you as you travel around Myanmar, although the best places to change money are guesthouses, shops and travel agencies. Of course, exchange rates fluctuate between places, so make sure you take a good look around before handing over your cash.

You can only exchange US Dollars and Euros, and rates tend to be slightly better in Yangon than in the rest of Myanmar. Check the serial number on your bank notes carefully as US Dollars that start with AB or BC are often refused.

ATMs
There are no ATMs at all in Myanmar, so it is a good idea to stock up with cash or traveller’s cheques before entering the country. Traveller’s cheques can be changed at a few chic hotels in Yangon for a commission of between 3% and 10%.

Credit Cards
Although not widely accepted, some major hotels, airlines, international shops and restaurants will accept credit cards, but Master Card is not currently accepted in Myanmar.

Tipping
It is common practice to add 5 to 10 per cent to hotel and restaurant bills as a tip.

It is important to remember that the import and export of local currency is strictly prohibited.