What's the Currency in Laos?
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Read moreThe currency in Laos is the kip. As the official legal tender in Laos, the kip is officially recognized by the Laotian government, meaning you can use it to settle all financial obligations in the country, including paying for goods, services, taxes, and debts.
Besides the Laotian kip, no other currency is officially accepted in Laos.
There are a couple of reasons why you might be interested to find out the currency in Laos. Click on the reason that best applies to you below to find out more:
Travelling to Laos
With its different currency, banking system, and money customs, figuring out the best way to pay in Laos if you travel there can be tricky. Fortunately, many forms of payments have become ubiquitous around the globe, including:
- Credit cards: Cards from VISA and Mastercard are accepted in Laos, especially in touristy establishments.
- Debit cards: Debit cards linked to your bank account let you make purchases at point-of-sale terminals and withdraw cash.
- Cash: Having some kip banknotes could help for small purchases, tipping, and emergencies. You can typically exchange currency at a bank or exchange bureau before or upon arrival.
- Mobile payments: Mobile payment services like Apple Pay, Google Pay, or Alipay are an increasingly popular way to pay, but you'll need to check beforehand how available these methods are in Laos.
- Prepaid travel cards: A reloadable debit card with a kip balance can give you good value, security, and convenience.
Of these methods, using a prepaid travel card is almost always the best way to pay in Laos because they generally incur lower fees on kip currency exchange than credit cards or bank debit cards do. Moreover, many prepaid travel cards let you hold multi-currency balances, allowing you to dodge DCCs and other sneaky fees while travelling — all while providing the same level of security and convenience as you're used to from your credit or debit card!
Depending on where you're from, you may be able to find a prepaid travel card from your bank. Still, we recommend using a global provider like Revolut because it offers excellent exchange rates, multi-currency balances, and a travel debit card that allows you to spend on your holiday like a local and enjoy peace of mind after each tap, swipe, or cash withdrawal.
Revolut is only available in the United States, the United Kingdom, the EU/EEA, Australia, Japan, Singapore, Azerbaijan, Sri Lanka, Brazil, and Chile. If you live in Canada or New Zealand, the Wise Account is another excellent option to consider. If you're from any other country, we recommend checking out what multi-currency cards are available in your country or whether your bank offers any similar products.
Sending Money to Laos
Every year, many people send money to Laos for all kinds of reasons. These include supporting friends or family, paying for someone's tuition, settling business transactions, purchasing or upgrading property, and many others. If you want to send an international money transfer to a kip bank account in Laos, then you should be aware of the high fees and exchange rates that go along with global money transfers with your international bank (these fees often constitute more than 10% of your transfer amount — you can read all about this in our dedicated explainer here).
Fortunately, international money transfers are a competitive market with many trustworthy alternative providers jostling to offer you the best exchange rates (rates which almost always far outdo those you'll find at the bank!). However, because the cheapest provider to send money abroad differs depending on factors such as where you're sending from, the amount you're sending, the payment method and others, we recommend skipping the hassle and finding the cheapest provider in real time with Monito's live comparison tool below 👇
Find the best deal when sending money to Laos:
Laotian Kip Exchange Rates
The kip is one of around 180 currencies worldwide. This means that the kip trades against all other official currencies around the globe, giving us exchange rates: a measure of how much of one currency we can exchange for another.
Exchange rates can fluctuate over time due to various economic, political, and market factors. A higher exchange rate means that the value of one currency has increased compared to another, while a lower exchange rate means the opposite. Exchange rates are essential when travelling to, buying goods and services from, or sending money to Laos.
With Monito's currency pages, you can follow the live exchange rate to the kip, see which providers offer the best deals, and set up smart email alerts to follow fluctuations:
You can also use the above tool to enter your currency to see its exchange rate with the kip or set up email alerts to be notified when the exchange rate passes a certain value.
Key Facts About the Laotian Kip
Currencies and foreign money can be interesting, unique, fun to learn about because they offer a glimpse into a country's culture, history, and economics. If you're just curious the kip and how it's used as the currency of Laos, here are a few key facts:
Laos Currency Name | Laotian Kip |
---|---|
Laos Currency ISO Code | LAK |
Currency Symbol | ₭ |
Banknote Denominations | 500, 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000 |
Minor Unit | Att |
Central Bank | BOL |
Laotian Currency Since | 1952 |
Alternative Currencies | None |
FAQ About the Currency in Laos
What's the currency in Laos?
The currency in Laos is the kip.
Besides the kip, are there any other currencies in Laos?
Besides the Laotian kip, no other currency is officially accepted in Laos.
What's the best way to get kip in Laos?
The best way to get kip in Laos varies depending on your needs and preferences. In general, you can use your debit or credit card to spend money in Laos or ask your bank whether they offer a specific multi-currency card that supports kip balances. However, this method can rack up higher-than-expected charges, and if you're looking for the best fees and exchange rates, we recommend exploring online travel card leaders like the Wise Account and Revolut, which offer incredibly low-cost spending in dozens of currencies globally to see if they're available in your country.
What's the best way to send kip to Laos?
The best way to send kip to Laos depends on many things such as the country you're sending from, the amount of money you're sending, your payment method, and your recipient's receiving method. You can find the best deal to send kip to Laos by comparing providers on Monito!
When was the kip adopted as the currency in Laos?
The kip was first adopted as the currency in Laos on May 1, 1952.
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