Currency in Laos: LAK Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Laos with the Laotian kip.
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.
Loading rates...
|
|
|
Frequently Asked Questions
What currency should I use in Laos?
The domestic currency in Laos is the Laotian kip.
What is the Laotian kip currency code and symbol?
The three letter currency code for the Laotian kip is LAK — symbol is ₭.
What doe the Laotian kip look like?
Here is an example Laotian kip banknote:
Which countries use the Laotian kip?
It is the domestic currency in Laos.
Is the Laotian kip a closed currency?
Yes the Laotian kip is a closed currency. Which means that you may find it difficult to purchase the currency (LAK) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
What are equivalent amounts of USD and LAK?
Here are some popular conversion amounts for USD to LAK (US dollar to Laotian kip)*.
*Converted at the current USDLAK interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
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 money for Laos
As mentioned above, the Laotian kip is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (LAK) before departure and will need to buy it upon arrival in Laos.
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the LAK you will incur currency conversion or foreign transaction fees if you use a travel money card in Laos.
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
Laos: Travel Guide
Traveling to Laos requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
USD/LAK Market Data
The below interactive chart displays the USD/LAK change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Laos - Best Rates
To get a good (and fair) exchange rate when sending money to Laos you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Laos
When sending money to Laos it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Laotian kip amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted LAK amount will be transfered to the recipient account you specify in Laos.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Laotian kip deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in 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.
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 money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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.
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.
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.
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.
We have put together some key points to help 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.