Tag - lak

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.