Laos, a landlocked country located in Southeast Asia, has its own unique currency known as the Lao kip. Although neighboring countries such as Thailand and Vietnam accept USD as a widely used currency, Laos operates primarily using the kip. Let’s delve into the details of Laos’ currency and explore some frequently asked questions related to it.
What currency does Laos use?
Laos uses the Lao kip as its official currency. The currency code for the Lao kip is LAK, and it is represented by the symbol “₭”. One Lao kip is subdivided into 100 att, although att coins are rarely used in everyday transactions.
1. Can I use US dollars in Laos?
While it is possible to use US dollars in certain establishments and hotels, the primary currency used in Laos is the Lao kip. It is advisable to exchange your dollars for kip to ensure convenient transactions.
2. Where can I exchange my currency in Laos?
Currency exchange services can be found in many banks, hotels, and authorized money exchange offices throughout Laos. It is recommended to use official exchange services to ensure fair rates.
3. Are credit cards widely accepted in Laos?
Credit cards are accepted only in larger hotels, restaurants, and tourist-oriented establishments in major cities like Vientiane and Luang Prabang. However, it is always wise to carry cash for transactions, especially in rural areas.
4. Can I withdraw cash from ATMs in Laos?
ATMs are commonly available in major cities and towns in Laos. However, it is important to note that many ATMs may only dispense Lao kip, so it’s advisable to check the availability of foreign currency withdrawal before proceeding with the transaction.
5. What denominations does the Lao kip come in?
Lao banknotes come in various denominations, including 500, 1000, 2000, 5000, 10,000, 20,000, and 50,000 kip. Be aware that lower denominations, such as the 1000 kip bill, are more commonly used, while larger notes may not be accepted at smaller establishments or in rural areas.
6. Are there any restrictions on currency import/export in Laos?
Laos sets limitations on the amount of Lao kip that can be imported or exported. As of now, the maximum amount for both import and export is set at 2 million kip. Any amount exceeding this limit requires authorization from the Bank of Laos.
7. Can I use Thai baht or Vietnamese dong in Laos?
While border areas may accept Thai baht or Vietnamese dong, it is generally more practical to use the Lao kip for transactions within the country. Currency exchange services are widely available near the borders if needed.
8. Is it better to exchange money at the airport or in the city?
Exchanging a small amount of money at the airport upon arrival is convenient for immediate expenses. However, for better rates, it’s advisable to exchange larger amounts of money in the city where more exchange options are available.
9. What should I do with leftover Lao kip before leaving the country?
You can exchange Lao kip back into your home currency or other acceptable currencies before leaving Laos. Make sure to keep the exchange receipts, as they may be required.
10. Are counterfeit banknotes a concern in Laos?
Counterfeit notes can be found in circulation, so it is advisable to examine banknotes carefully before accepting them. Pay attention to security features such as watermarks, security threads, and holograms, which can help identify genuine currency.
11. Can I use foreign currencies in rural areas?
In rural areas, it’s best to use Lao kip for transactions since foreign currencies are rarely accepted. It’s recommended to carry enough cash and smaller denominations when venturing outside major cities.
12. Do I need to tip in Lao kip?
Tipping is not widely expected or practiced in Laos, but it is becoming more common in tourist areas. If you choose to tip, it is acceptable to give small amounts of kip or use US dollars.