"Kip" is the currency of Laos. Kips come in the form of bank notes and there are no coins in Laos. The notes are presently in denomination of 500 kip, 1000 kip, 2000 kip, 5000 kip, 10000 kip, 20000 kip and 50000 kip. 50,000 kip is worth approximately $6 US.
The kip is a closed currency, which means that they are not a fully convertible currency so therefore it can only be purchased inside of Laos. There are plenty of banks and currency exchange booths in Laos where you can exchange your country's money for kips and there is no fee involved.
You can also exchange your money in many other places than just the bank. Gold and jewellery shops, bars, mini marts and some businesses on the streets are happy to give you kips for foreign currencies.
ATMs are also available 24 hours a day in Laos that accept credit and debit cards to provide convenient access to your funds both during and outside normal banking hours. The ATMs are simple to use because it allows you to select your choice of language, and any amount you withdraw comes in kip notes.
In Laos, Thai baht and US dollar is also accepted everywhere in the country. So even if, for some reason, you have trouble accessing kips you can still use baht or dollar notes to make your purchase. Believe it or not, but Lao citizens love baht and dollars more than kips because it doesn't have much value.
Some people don't like to carry big chunks of Lao kips but it's highly recommended to use them for goods and services in Laos because you'll know exactly how much change you should be given.