Laos utilizes the currency unit known as the Lao Kip (LAK). The Kip serves as the official currency of Laos and is divided into smaller units called At, with a stable exchange rate compared to many other currencies worldwide.
The Lao Kip is printed in both paper banknotes and coins, with denominations ranging from small to large. The coins have smaller values, including 10, 20, and 50 At, while the banknotes come in denominations of 500, 1,000, 2,000, 5,000, 10,000, 20,000, and up to 50,000 Kip. Each denomination is designed with images representing cultural landmarks, scenic spots, and important symbols of Laos.
Although the Lao Kip is the official currency, USD or Thai Baht may also be accepted in some larger stores and hotels, especially in border or tourist areas. However, for everyday transactions, the Lao Kip is widely used and accepted as the common means of payment within the country.
Currently, ATMs are available in major province. Major travelers checks can be cashed at banks. Credit cards are accepted in major hotels and a limited number of upscale shopping establishments and can be used to withdraw cash from ATMs. The two major banks in Laos are the National Bank of Laos and the Lao-Viet Bank, offering a wide range of banking services that make currency exchange convenient for tourists.
However, with its own currency, Laos creates a distinct and unique shopping and transaction experience. Travelers will need to exchange currency when visiting Laos, and using the Lao Kip allows them easy access to local culture and products.
