USA GSA Per Diem Rates

Business travel is a fact of life for most organizations. Right along with it comes one of the most misunderstood areas of expense management: per diem. Finance teams lose hours managing meal receipts, and employees are not always sure what they are entitled to. At the same time, there is an IRS-recognized system that can make the process significantly simpler if it is applied correctly.

This guide breaks down everything you need to know about per diem compliance in the United States: what it is, where it applies, how the rates work, what the IRS requires, and how to run a policy that keeps your employees, your finance team, and the IRS aligned.

What is per diem exactly?

The term per diem is Latin for “per day.” In the context of US business travel, it refers to a fixed daily allowance that an employer pays an employee to cover lodging, meals, and incidental expenses (such as tips to hotel staff, baggage handling, and similar small out-of-pocket costs) while traveling away from home for work.

Instead of asking employees to track every cup of coffee and hotel charge, per diem provides a set daily amount. When paid under an accountable plan and within the applicable federal per diem rates for the destination, the reimbursement is non-taxable to the employee—meaning it is not subject to income tax or payroll tax and is not reported as taxable wages on the employee’s Form W-2.

That is a significant benefit for both parties. Employees retain more of their reimbursement, employers reduce payroll tax exposure, and the finance team spends less time managing receipts.

CONUS vs. OCONUS: The geographic foundation of per diem

Before getting into rates and methods, there is a geographic distinction that underpins the entire per diem system. Every per diem rate, every rule, and every dollar amount depends on whether the travel is classified as CONUS or OCONUS.

CONUS: Continental United States

CONUS stands for Continental United States. It refers to the 48 contiguous states plus the District of Columbia. This is the geography that most US business travelers fall under and is the primary focus of this guide.

Per diem rates for CONUS destinations are published by the General Services Administration (GSA) and updated annually, effective October 1. Rates vary by city and county—for example, a trip to New York City has a significantly different per diem rate than a trip to rural Nebraska.

OCONUS: Outside the continental United States

OCONUS includes all locations outside the contiguous United States:

• Alaska and Hawaii, which are US states but geographically outside the contiguous 48.
• US territories and possessions, such as Puerto Rico, Guam, the US Virgin Islands, and the Northern Mariana Islands.
• Foreign countries and international destinations.

OCONUS per diem rates are not set by the GSA. Instead:

• Rates for Alaska, Hawaii, and US territories are established by the Department of Defense (DoD).
• Rates for foreign countries are established by the US Department of State.

This distinction is critical for businesses with employees who travel internationally or to non-contiguous US locations. If an employee travels from Chicago to Honolulu, a CONUS rate cannot be applied to the Hawaii portion of the trip. Applying the wrong rate can result in under-reimbursement or taxable excess payments that may be subject to IRS scrutiny.

The practical rule is straightforward. Always determine whether a destination is CONUS or OCONUS before applying a per diem rate. For CONUS travel, refer to GSA rates. For Alaska, Hawaii, and US territories, refer to Department of Defense rates. For international travel, refer to Department of State rates.

Who sets the rates?

Per diem rates in the US come from several federal bodies, each with a defined scope:

• The GSA publishes official per diem rates for CONUS destinations, updated every October 1. Rates are searchable by state, city, and ZIP code at gsa.gov.
• The IRS publishes special per diem rates and the high-low method that private businesses use for simplified tax compliance. Current guidance is in IRS Notice 2025-54, effective October 1, 2025 through September 30, 2026.
• The DoD sets OCONUS rates for Alaska, Hawaii, and US territories.
• The Department of State sets per diem rates for foreign countries.

Understanding the per diem rate structure

A per diem rate has two distinct components. Understanding this structure is essential before you apply it correctly.

Component 1: Lodging

This is the daily allowance for the cost of a hotel room or comparable accommodation. Lodging rates are location-specific and can vary widely. The standard CONUS lodging rate is $110 per night, but certain cities are assigned higher rates based on local market conditions.

Component 2: M&IE (meals and incidental expenses)

M&IE is the daily allowance for meals, including breakfast, lunch, and dinner, plus incidental expenses. The GSA defines incidental expenses as fees and tips paid to porters, baggage carriers, bellhops, and hotel staff.

For CONUS travel, the GSA publishes five standardized M&IE tiers. These tiers are fixed. What varies by city is the applicable lodging rate and the M&IE tier assigned to that location.

Source: GSA M&IE breakdowns (gsa.gov).

The individual meal values are important when a meal is provided by the employer, a government entity, or included in a conference registration fee—in such cases, the corresponding meal amount must be deducted from the employee’s M&IE allowance for that day.

The standard CONUS M&IE rate is $68—the default for CONUS destinations that are not assigned a higher tier.

Important: The M&IE rate is not the total per diem. Total per diem = lodging rate + M&IE rate. For example, a $68 M&IE rate combined with the standard $110 lodging rate results in a total standard CONUS per diem of $178 per day.

The three methods for determining per diem

When reimbursing business travel, the IRS allows businesses to use three different approaches.

Method 1: The high-low substantiation method (most common for private businesses)

Rather than looking up a specific GSA city rate for every trip, the IRS high-low method groups CONUS destinations into two categories: high-cost localities and all other localities. The rates below are from IRS Notice 2025-54, effective October 1, 2025 through September 30, 2026:

Source: IRS Notice 2025-54.

The total daily rate includes both lodging and M&IE.

High-cost localities are specifically designated by the IRS in Notice 2025-54. These designations are based on federal per diem rates but are not determined by applying a fixed dollar threshold. Examples include New York City, Chicago, San Francisco, Boston, and Los Angeles.

Seasonal designations: Some locations are treated as high-cost only during part of the year. Certain resort areas and cities may be classified as low-cost during off-peak periods. Always verify the applicable locality and effective dates in IRS Notice 2025-54 before applying the rate.

Commitment rule: If you use the high-low method for an employee, you must apply it consistently to all of that employee’s CONUS travel within the same calendar year. You cannot switch to the regular federal per diem method mid-year for the same employee. For that employee’s OCONUS travel, any permissible method may be used separately.

Method 2: The regular federal per diem rate method

Under this method, you look up the specific GSA-published per diem rate for the city or county where the employee performs work and is required to stay overnight. This produces destination-specific reimbursements and is useful when employees travel to locations with significantly different cost levels.

Use the GSA’s per diem rate lookup at gsa.gov/travel/plan-a-trip/per-diem-rates, searchable by state, city, and ZIP code.

One important note from the GSA: “Traveler reimbursement is based on the location of the work activities and not the location of the accommodations, unless lodging is not available at the work activity location, in which case the agency may authorize the rate where lodging is obtained.”

Method 3: The actual expense method

Some organizations do not use per diem and instead reimburse employees for their actual, documented expenses. Employees submit receipts, and the employer reimburses the amount actually spent. This approach requires more documentation but ensures full reimbursement when actual costs exceed applicable per diem rates.

Special rates: Transportation industry

Employees in the transportation industry have separate M&IE rates under IRS Notice 2025-54. These rates can be used instead of tracking actual meal and incidental expenses:

Source: IRS Notice 2025-54, Section 3.

Incidentals-only rate

If an employer pays for lodging directly—for example by paying for the hotel—employees may receive a per diem allowance for incidental expenses only. The rate is $5 per day for both CONUS and OCONUS locations.

Source: IRS Notice 2025-54, Section 4.

The first and last day rule: The 75% proration

One of the most frequently overlooked per diem details is how to handle the departure and return days of a trip. Since employees are not traveling for a full day on those days, the IRS applies a 75% rule to the M&IE portion only. The GSA provides pre-calculated amounts in its official M&IE breakdown table (see the “First & last day” column in the M&IE tier table above).

Source: GSA M&IE breakdowns (gsa.gov).

The lodging portion is not subject to this proration. If the employee incurs lodging for a night, the full lodging per diem for that night applies.

The rule that makes per diem tax-free: Accountable plans

For per diem reimbursements to be non-taxable to the employee, they must be paid under what the IRS defines as an accountable plan. Without an accountable plan, all reimbursements are treated as taxable wages, reported on Form W-2, and subject to income and payroll taxes.

An accountable plan must satisfy three conditions under Treasury Regulation §1.62-2(c):

Condition 1: Business connection

The expenses must be directly related to performing services as an employee. This includes business travel, lodging, and meals during an approved work trip. Personal expenses do not qualify.

Condition 2: Adequate substantiation

Under a per diem arrangement, employees are not required to retain individual meal receipts, because the per diem rate serves as a substitute for actual expense documentation. However, employees must still substantiate:

• The time, including departure and return dates.
• The place, including the destination city.
• The business purpose of the trip.

The IRS provides a safe harbor of 60 days from when the expenses are incurred for employees to submit this documentation, although employers may enforce stricter timelines.

Condition 3: Return of excess amounts

If an employee receives a travel advance that exceeds allowable expenses, the excess must be returned within a reasonable period. The IRS safe harbor provides up to 120 days for returning excess amounts.

Important nuance: Under a per diem arrangement, if the reimbursement does not exceed the applicable federal per diem rate, employees are not required to return any unused portion—retaining the difference does not affect accountable plan status.

If these conditions are not met, reimbursements are treated as paid under a non-accountable plan. In that case, the amounts must be treated as taxable wages, reported on Form W-2, and subject to applicable taxes.

What per diem does and doesn’t cover

What per diem covers

• Lodging: The nightly cost of a hotel or comparable accommodation.
• Meals: Breakfast, lunch, and dinner during the travel period.
• Incidental expenses: Tips to bellhops, baggage handlers, and hotel staff, along with other small service-related expenses incurred during travel.

What per diem does not cover

• Transportation: Airfare, train tickets, rental cars, and local transportation to and from the destination.
• Lodging taxes: These are not included in the per diem lodging rate and are typically reimbursed separately; employers should define their treatment in the travel policy.
• Personal expenses: Any expenses not directly related to the business purpose of the trip.
• Entertainment: Golf outings, spa treatments, sporting event tickets, and similar costs are not reimbursable under per diem and do not qualify as accountable plan expenses.

A worked example: End-to-end per diem calculation

The following example uses the IRS high-low method, since these rates are defined in IRS Notice 2025-54 and do not require a city-specific GSA lookup.

Scenario: A sales manager travels from their home office in Austin, Texas to New York City for a client meeting. Their trip runs Monday, March 3 through Thursday, March 6, covering four calendar days. Their company uses the IRS high-low method.

Step 1: Determine the destination type

New York City is a designated high-cost locality under IRS Notice 2025-54.

Step 2: Identify the applicable rate

High-cost locality costs $319 per day total, with $86 as the M&IE portion and $233 as the lodging portion.

Step 3: Apply the 75% first and last day rule to M&IE

• Monday (departure day): $86 × 75% = $64.50
• Tuesday (full travel day): $86.00
• Wednesday (full travel day): $86.00
• Thursday (return day): $86 × 75% = $64.50

Step 4: Calculate lodging

The sales manager checks in Monday night and checks out Thursday morning, which is three nights.

Lodging: $233 × 3 = $699.00

Note: The lodging portion applies only to nights stayed. No lodging amount applies to the return day.

Step 5: Total reimbursement

Step 6: Tax treatment

The sales manager’s total reimbursement of $1,000 does not exceed the applicable federal per diem for a high-cost locality. The full amount is non-taxable, provided reimbursement is made under an accountable plan. They are not required to submit meal receipts, but they must submit an expense report documenting the dates, destination, and business purpose of the trip.

What if the company paid $350 per day instead?

A rate of $350 per day exceeds the $319 high-cost per diem. The excess of $31 per day, or $124 over four days, must be treated as taxable wages, reported on Form W-2, and subject to payroll tax withholding.

Special cases worth knowing

Self-employed individuals — Sole proprietors may use M&IE per diem rates for business travel. However, they cannot use per diem for lodging and must substantiate actual lodging expenses with receipts.

Independent contractors — Reimbursements made under an accountable plan with adequate documentation, including time, place, and business purpose, are generally not reported on Form 1099-NEC. Without adequate documentation, the reimbursement must be treated as compensation and reported accordingly.

10% or greater business owners — The per diem substantiation method is not permitted for individuals who own 10% or more of the business. These individuals must substantiate actual expenses instead of using per diem rates. This is a commonly overlooked restriction for small and closely held businesses.

Employees traveling to multiple cities — Apply the per diem rate based on where the employee spends the night, rather than where work activities occur during the day.

50% meal deduction limitation for employers — While per diem reimbursements are generally non-taxable to employees, employers are subject to a separate limitation. Under IRC §274(n), the M&IE portion of per diem reimbursements is generally subject to a 50% deduction limitation. For example, if $86 is reimbursed for M&IE, only $43 is deductible as a business expense.

Building a compliant per diem policy: Practical steps

1. Choose your method and commit — Decide between the IRS high-low method and the GSA location-specific method. Document this in writing. You must apply the chosen method consistently for each employee’s CONUS travel within the same calendar year.
2. Clearly distinguish CONUS from OCONUS — Your policy should specify that CONUS travel follows either GSA rates or the IRS high-low method, and that OCONUS travel, including Alaska, Hawaii, US territories, and international locations, follows the applicable Department of Defense or Department of State rates.
3. Set rates at or below federal limits — You may reimburse below federal per diem rates. Any amount paid above the applicable federal rate must be treated as taxable wages.
4. Define what per diem covers and what it does not cover — Make sure employees understand that transportation costs, lodging taxes, and personal expenses fall outside per diem and require separate reimbursement treatment.
5. Apply the 75% first and last day rule — Document how your policy handles partial travel days and ensure your expense system applies proration to the M&IE portion only.
6. Require proper trip documentation — Employees must submit the date, destination, and business purpose of each trip. Without adequate substantiation, reimbursements must be treated as taxable wages.
7. Establish a clear submission timeline — Expense reports should be submitted within a reasonable period. The IRS safe harbor allows up to 60 days, but employers may enforce stricter deadlines.
8. Build a process for advances and returns — If travel advances are provided, employees must return excess amounts within a reasonable period. The IRS safe harbor allows up to 120 days.
9. Update rates every October 1 — New IRS and GSA rates take effect at the start of the federal fiscal year. Review and update your policy annually based on the latest IRS notice and GSA rate tables.

Quick reference: Verified rates and rules (FY 2025–2026)

Per diem allowances for travel outside the US

The following per diem allowances for travel outside the continental United States (OCONUS) are published by the US Department of State. Rates are organized alphabetically by country and territory. Source: Department of State foreign per diem rates.

COUNTRIES A TO C

A

Afghanistan

All rates are in US dollars (unless otherwise stated).

Kabul, Afghanistan

Albania

All rates are in Albanian lek (unless otherwise stated).

Tirana, Albania

Algeria

All rates are in Algerian dinar (unless otherwise stated).

Algiers, Algeria

Angola

All rates are in Angolan kwanza (unless otherwise stated).

Luanda, Angola

Anguilla

All rates are in US dollars (unless otherwise stated).

Anguilla, Anguilla

Antigua and Barbuda

All rates are in East Caribbean dollars (unless otherwise stated).

St. John’s, Antigua and Barbuda

Argentina

All rates are in Argentinian pesos (unless otherwise stated).

Buenos Aires, Argentina

Armenia

All rates are in Armenian dram (unless otherwise stated).

Yerevan, Armenia

Australia

All rates are in Australian dollars (unless otherwise stated).

Adelaide, Australia

Brisbane, Australia

Canberra, Australia

Darwin, Australia

Hobart, Australia

Melbourne, Australia

Perth, Australia

Sydney, Australia

Austria

All rates are in euros (unless otherwise stated).

Azerbaijan

All rates are in Azerbaijani manat (unless otherwise stated).

Baku, Azerbaijan

B

Bahrain

All rates are in Bahrani dinar (unless otherwise stated).

Bahrain, Bahrain

Bangladesh

All rates are in Bangladeshi taka (unless otherwise stated).

Dhaka, Bangladesh

Barbados

All rates are in Bajan dollars (unless otherwise stated).

Bridgetown, Barbados

Belarus

All rates are in US dollars (unless otherwise stated).

Minsk, Belarus

Belgium

All rates are in euros (unless otherwise stated).

Brussels, Belgium

Belize

All rates are in Belize dollars (unless otherwise stated).

Belize City, Belize

Belmopan, Belize

Bermuda

All rates are in Bermudan dollars (unless otherwise stated).

Hamilton, Bermuda

Bolivia

All rates are in Bolivian boliviano (unless otherwise stated).

La Paz, Bolivia

Cochabamba, Bolivia

Santa Cruz, Bolivia

Bosnia-Herzegovina

All rates are in Bosnia-Herzegovina convertible mark (unless otherwise stated).

Sarajevo, Bosnia-Herzegovina

Botswana

All rates are in Botswanan pula (unless otherwise stated).

Gaborone, Botswana

Brazil

All rates are in Brazilian real (unless otherwise stated).

Brasilia, Brazil

Rio de Janeiro, Brazil

Sao Paulo, Brazil

British Virgin Islands

All rates are in US dollars (unless otherwise stated).

Tortola, British Virgin Island

Brunei

All rates are in Brunei dollars (unless otherwise stated).

Bandar Seri Begawan, Brunei

Bulgaria

All rates are in Bulgarian lev (unless otherwise stated).

Sofia, Bulgaria

Burundi

All rates are in Burundian franc (unless otherwise stated).

Bujumbura, Burundi

C

Cambodia

All rates are in US dollars (unless otherwise stated).

Phnom Penh, Cambodia

Cameroon

All rates are in Central African CFA franc (unless otherwise stated).

Douala, Cameroon

Yaounde, Cameroon

Canada

All rates are in Canadian dollars (unless otherwise stated).

Calgary, Alberta, Canada

Edmonton, Alberta, Canada

Halifax, Nova Scotia, Canada

Montreal, Qubec, Canada

Ottawa, Ontario, Canada

Quebec City, Quebec, Canada

Regina, Saskatchewan, Canada

Saskatoon, Saskatchewan, Canada

St. John’s, Newfoundland, Canada

Toronto, Ontario, Canada

Vancouver, British Columbia, Canada

Victoria, British Columbia, Canada

Winnipeg, Manitoba, Canada

Yellowknife, NW Territories, Canada

Cayman Islands

All rates are in Cayman Islands dollars (unless otherwise stated).

Grand Cayman, Cayman Islands

Chile

All rates are in Chilean peso (unless otherwise stated).

Santiago, Chile

China

All rates are in Chinese yuan (unless otherwise stated).

Beijing, China

Chongqing, China

Guangzhou, China

Shanghai, China

Colombia

All rates are in Colombian peso (unless otherwise stated).

Bogota, Colombia

Cali, Colombia

Cartagena, Colombia

Medellin, Colombia

Congo, Democratic Republic

All rates are in US dollars (unless otherwise stated).

Kinshasa, Democratic Republic of Congo

Cook Islands

All rates are in New Zealand dollars (unless otherwise stated).

Rarotonga, Cook Island

Costa Rica

All rates are in US dollars (unless otherwise stated).

San Jose, Costa Rica

Croatia

All rates are in Croatian kuna (unless otherwise stated).

Dubrovnik, Croatia

Split, Croatia

Zagreb, Croatia

Cuba

All rates are in Cuban convertible peso (unless otherwise stated).

Havana, Cuba

Cyprus

All rates are in euros (unless otherwise stated).

Nicosia, Cyprus

Czech Republic

All rates are in Czech koruna (unless otherwise stated).

Prague, Czech Republic

COUNTRIES D TO F

D

Denmark

All rates are in Danish krone (unless otherwise stated).

Copenhagen, Denmark

Djibouti

All rates are in Djiboutian franc (unless otherwise stated).

Djibouti, Djibouti

Dominica

All rates are in East Caribbean dollars (unless otherwise stated).

Roseau, Dominica

Dominican Republic

All rates are in Dominican peso (unless otherwise stated).

Santo Domingo, Dominican Republic

E

Ecuador

All rates are in US dollars (unless otherwise stated).

Guayaquil, Ecuador

Quito, Ecuador

Egypt

All rates are in Egyptian pounds (unless otherwise stated).

Alexandria, Egypt

Cairo, Egypt

El Salvador

All rates are in US dollars (unless otherwise stated).

San Salvador, El Salvador

Equatorial Guinea

All rates are in Central African CFA franc (unless otherwise stated).

Malabo, Equatorial Guinea

Eritrea

All rates are in Eritrean nakfa (unless otherwise stated).

Asmara, Eritrea

Estonia

All rates are in euros (unless otherwise stated).

Tallinn, Estonia

Ethiopia

All rates are in Ethiopian birr (unless otherwise stated).

Addis Ababa, Ethiopia

F

Falkland Islands

All rates are in Falkland Island pounds (unless otherwise stated).

Stanley, Falkland Islands

Fiji

All rates are in Fijian dollars (unless otherwise stated).

Nadi, Fiji

Suva, Fiji

Finland

All rates are in euros (unless otherwise stated).

Helsinki, Finland

France

All rates are in euros (unless otherwise stated).

Bordeaux, France

Lille, France

Lyon, France

Marseilles, France

Paris, France

Strasbourg, France

French Polynesia (Tahiti)

All rates are in CFP franc (unless otherwise stated).

Papete, French Polynesia

COUNTRIES G TO I

G

Gambia

All rates are in Gambian dalasi (unless otherwise stated).

Banjul, Gambia

Georgia

All rates are in Georgian lari (unless otherwise stated).

Tbilisi, Georgia

Germany

All rates are in euros (unless otherwise stated).

Berlin, Germany

Dusseldorf, Germany

Munich, Germany

Ghana

All rates are in Ghanaian cedi (unless otherwise stated).

Accra, Ghana

Gibraltar

All rates are in Gibraltar pound (unless otherwise stated).

Gibraltar, Gibraltar

Greece

All rates are in euros (unless otherwise stated).

Athens, Greece

Corfu, Greece

Crete, Greece

Rhodes, Greece

Thessaloniki, Greece

Grenada

All rates are in East Caribbean dollars (unless otherwise stated).

St. George’s, Grenada

Guatemala

All rates are in US dollars (unless otherwise stated).

Guatemala City, Guatemala

Guinea

All rates are in Guinean franc (unless otherwise stated).

Conakry, Guinea

Guyana

All rates are in Guyanese dollars (unless otherwise stated).

Georgetown, Guyana

H

Haiti

All rates are in US dollars (unless otherwise stated).

Port au Prince, Haiti

Honduras

All rates are in US dollars (unless otherwise stated).

San Pedro Sula, Honduras

Tegucigalpa, Honduras

Hong Kong

All rates are in Hong Kong dollars (unless otherwise stated).

Hong Kong, Hong Kong

Hungary

All rates are in Hungarian forint (unless otherwise stated).

Budapest, Hungary

I

Iceland

All rates are in Icelandic krona (unless otherwise stated).

Reykjavik, Iceland

India

All rates are in Indian rupees (unless otherwise stated).

Ahmedabad, India

Bangalore, India

Chandigarh, India

Chennai (Madras), India

Hyderabad, India

Jalandhar, India

Kolkata (Calcutta), India

Ludhiana, India

Mumbai (Bombay), India

Nashik, India

New Delhi, India

Pune, India

Indonesia

All rates are in Indonesian rupees (unless otherwise stated).

Jakarta, Indonesia

Semarang, Indonesia

Iran

All rates are in Iranian rial (unless otherwise stated).

Tehran, Iran

Ireland

All rates are in euros (unless otherwise stated).

Dublin, Ireland

Israel (also see occupied territories)

All rates are in US dollars (unless otherwise stated).

Tel Aviv, Israel

Italy

All rates are in euros (unless otherwise stated).

Bologna, Florence, Genoa, Milan, Turin & Venice, Italy

Rome and Naples, Italy

COUNTRIES J TO L

J

Jamaica

All rates are in US dollars (unless otherwise stated).

Kingston, Jamaica

Japan

All rates are in Japanese yen (unless otherwise stated).

Osaka, Japan

Tokyo, Japan

Jordan

All rates are in Jordanian dinar (unless otherwise stated).

Amman, Jordan

Aqaba, Jordan

Petra, Jordan

K

Kazakhstan

All rates are in Kazakhstani tenge (unless otherwise stated).

Almaty, Kazakhstan

Astana, Kazakhstan

Atyrau, Kazakhstan

Kenya

All rates are in Kenyan shilling (unless otherwise stated).

Mombasa, Kenya

Nairobi, Kenya

Korea, Democratic People’s Republic

All rates are in euros (unless otherwise stated).

Pyongyang, Democratic People’s Republic of Korea

Korea, Republic

All rates are in South Korean won (unless otherwise stated).

Seoul (also applies to Ulsan, Busan, Daejon, Jeju Island and Daego), Republic of Korea

Kosovo

All rates are in euros (unless otherwise stated).

Pristina, Kosovo

Kuwait

All rates are in Kuwaiti dinar (unless otherwise stated).

Kuwait, Kuwait

Kyrgyzstan

All rates are in US dollars (unless otherwise stated).

Bishkek, Kyrgyzstan

L

Laos

All rates are in Laotian kip (unless otherwise stated).

Vientiane, Laos

Latvia

All rates are in euros (unless otherwise stated).

Riga, Latvia

Lithuania

All rates are in euros (unless otherwise stated).

Vilinius, Lithuania

Luxembourg

All rates are in euros (unless otherwise stated).

Luxembourg, Luxembourg

COUNTRIES M TO O

M

Macau Sar

All rates are in Hong Kong dollars (unless otherwise stated).

Macao, Macau Sar

Macedonia

All rates are in Macedonian denar (unless otherwise stated).

Skopje, Macedonia

Ohrid, Macedonia

Madagascar

All rates are in Malagasy ariary (unless otherwise stated).

Antananarivo, Madagascar

Malawi

All rates are in Malawian kwacha (unless otherwise stated).

Lilongwe, Malawi

Malaysia

All rates are in Malaysian ringgit (unless otherwise stated).

Kuala Lumpur, Malaysia

Mali

All rates are in West African CFA franc (unless otherwise stated).

Bamako, Mali

Malta

All rates are in euros (unless otherwise stated).

Valletta, Malta

Mauritania

All rates are in euros (unless otherwise stated).

Nouakchott, Mauritania

Mauritius

All rates are in Mauritian rupee (unless otherwise stated).

Port Louis, Mauritius

Mexico

All rates are in Mexican peso (unless otherwise stated).

Mexico City, Mexico

Moldova

All rates are in Moldovan leu (unless otherwise stated).

Chisinau, Moldova

Mongolia