Currency in Laos
A practical currency and money guide to travel, living and doing business in Laos and the Laotian kip (LAK).
What's in this Laos currency guide:
What currency is used in Laos?
The official currency of Laos (country code: LA) is the Laotian kip, with symbol ₭ and currency code LAK.
Things to know about the Laotian kip
The Lao Kip (LAK) is the official currency of Laos, a country located in Southeast Asia. Here are some things you might want to know about the Lao Kip:
- It is abbreviated as LAK and is made up of 100 att.
- The Bank of the Lao PDR (People's Democratic Republic) is responsible for issuing the currency and managing the country's monetary policy.
- The Lao Kip is not pegged to any other currency, and its value is determined by market forces.
- The Lao Kip comes in denominations of 500, 1000, 2000, 5000, 10,000, 20,000, 50,000, and 100,000 kip. The coins come in denominations of 1, 2, 5, and 10 kip.
- The physical currency features images of notable figures and landmarks from Lao history and culture, as well as Lao inscriptions.
- The Lao Kip is not widely accepted outside of Laos, so it is important to exchange it for a more widely accepted currency before traveling abroad.
- The Lao Kip has faced significant inflation in the past, so it is important to check the current exchange rate before conducting any financial transactions in Laos.
Travel Ideas and Money Tips for Laos
Laos is a beautiful and culturally rich Southeast Asian country that has much to offer travelers and expats alike. From the bustling capital city of Vientiane to the tranquil Mekong River, there is something for everyone in Laos. Travelers can enjoy exploring the numerous temples and monasteries, or take part in outdoor activities such as hiking, biking, and kayaking. Expats will find a warm and welcoming community in Laos, as well as plenty of opportunities to experience the country's unique culture and way of life.
Best things to do and see in Laos
-See the temples in Luang Prabang
-Visit the Kuang Si Waterfalls
-Take a boat ride on the Mekong River
-Tour the ruins of Wat Phu
-Explore Vang Vieng
-Check out the capital city, Vientiane
Top Travel tips for Laos
1. Take advantage of the low-cost flights to Laos and book your tickets in advance.
2. Laos is a relatively safe country to travel to, but be sure to take the necessary precautions to avoid pickpockets and other potential danger.
3. Laos is a Buddhist country, so be respectful of the local culture and customs.
4. The best time to visit Laos is during the dry season, from October to April.
5. Be prepared for a lot of walking, as many of the attractions in Laos are not accessible by vehicle.
Expat Money & Business Guide to Laos
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Laos.
How is the cost of living in Laos?
The cost of living in Laos can be quite low, depending on your lifestyle. A single person can live comfortably on less than $1,000 per month, while a family can live quite well on $2,000 or less. Of course, your costs will vary depending on your individual needs and preferences.
How is the expat life in Laos?
There is a small but active expat community in Laos. The cost of living is relatively low, and there are many opportunities to get involved in the local community. Expats report feeling safe and welcome in Laos.
Any laws in Laos that foreigners should be aware of?
Visitors to Laos should be aware of the following laws:
• It is illegal to import or export Lao kip.
• It is illegal to photograph military personnel or buildings.
• It is illegal to possess drugs.
What is doing business like in Laos?
Doing business in Laos can be difficult due to the country's lack of infrastructure and its bureaucratic procedures. According to the World Bank's Doing Business report, Laos ranks 158th out of 190 countries in the ease of doing business. Starting a business in Laos requires 12 procedures and takes an average of 44 days. Obtaining a construction permit can take up to 351 days. Getting electricityconnected to a property requires 11 procedures and takes an average of 314 days.
How is the economy in Laos?
There is no definitive answer to this question as Laos is a country in transition and its economy is growing rapidly but still lags behind many other developed countries. However, overall, the economy in Laos is improving and the country is making progress in poverty reduction and economic development.
Managing your finances in Laos
Here we list some key points for expats and businesses to consider when managing financial dealings in Laos:
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Understand Laotian kip currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the LAK exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Laotian kip bank account: A local LAK bank account can make it easier for you to manage your finances and pay bills while you are in Laos. It may also be more convenient to use a local LAK bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Laos. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Laos. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Laos, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
USD/LAK – Market Data
The exchange rate of Laotian kip (LAK), or the amount of LAK that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/LAK rate plus recent trend, chart, and historic rates.
| Date | USD/LAK | Change | Period |
|---|---|---|---|
15 Mar 2023 | 16917.21 | 0.1% ▲ | 2 Week |
29 Dec 2022 | 17344.83 | 2.4% ▼ | 3 Month |
29 Mar 2022 | 11716.38 | 44.5% ▲ | 1 Year |
30 Mar 2018 | 8311.00 | 103.7% ▲ | 5 Year |
31 Mar 2013 | 7836.08 | 116.1% ▲ | 10 Year |
03 Apr 2003 | 11000.55 | 53.9% ▲ | 20 Year |
Compare Laotian kip Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Laos or planning a trip or maybe living there, so will need to exchange and spend Laotian kip.
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It is important to note that the exchange rate of the Laotian kip can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect LAK exchange rates before making any financial decisions.
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