Traveling to Laos: How to exchange money as smartly as possible

When I was preparing for my trip to Laos, one of the things I was most worried about was exchanging money. At first I didn't know what to do, so I did a lot of research, but luckily I found some really useful tips that I'd like to share with you. If you exchange money in Laos, you can lose money if you do it wrong, so here are some tips from my experience.

1. The official currency of Laos is the kip

First, the official currency of Laos is the Kip. One dollar is worth about 22,500 kip, so you'll need to exchange your money for local currency beforehand. Laos doesn't use coins, and there are eight different banknotes. The most important thing is the exchange rate, which fluctuates a bit depending on the time of year, so be sure to check the latest exchange rate before you leave.

2. Laos is cheaper than you might think

Laos is surprisingly affordable for travelers. For example, a meal at a local restaurant costs about 20,000 kip, or about 2,300 won in Korean won. Street food is even cheaper, and I was able to get a good meal for less than 10,000 kip. Entrance fees to tourist attractions are usually between 10,000 and 50,000 kip, so I was able to enjoy a variety of attractions without breaking the bank.

3. 129 Clothing Store in Paxon Mall is the best place to exchange money!

There are many places to exchange money in Laos, including airports, banks, and private exchange offices, but I found that the best exchange rate was at 129 Clothes in Paxon Mall. This is a well-known exchange spot among locals, and they offered a much better rate than other banks and airports. The mall is easy to find, and I highly recommend it whenever you need to exchange money.

4. Things to keep in mind when exchanging money

There are a few things to keep in mind when exchanging money. First, you can't exchange dollars directly into Lao Kip in Korea, so make sure to exchange dollars beforehand. It's most common to exchange dollars for kip in Laos, especially $100 bills, so it's a good idea to bring large denominations of dollars. Second, private currency exchanges are becoming more regulated, so it's important to exchange money at a safe place. I used 129 Clothing Store in Paxon Mall, but you can also exchange money at a bank or airport, so you have plenty of options.

5. Exchange money safely!

Even though security in Southeast Asia has improved a lot, you should always be cautious when dealing with large amounts of cash. Especially when exchanging money in a crowded place, you should be aware of your surroundings and avoid taking out large amounts of money at once. I always made sure to keep my cash separated.

6. Use a payment system like  Bank GLN

In Laos, you can also use electronic payment systems like  Bank GLN. This is a great way to avoid carrying a lot of cash, but it's important to note that not all stores accept it yet, so it's important to check where you can use it beforehand. There are also plenty of BCEL ATMs throughout Laos, so you can withdraw small amounts of cash whenever you need it.

7. other tips

It is recommended to use all the Kip you exchange in Laos before returning home. The condition of the currency is also important when exchanging money, as graffiti or damage to dollar bills can cause them to be refused in Laos, so be sure to check the condition and be prepared. Now you know how to exchange money in Laos.