Foreigner — literally "old outsider."
Everyday, usually neutral, and often affectionate — 老 here is familiar rather than aged, the same 老 in 老朋友 (old friend). It can still sting depending on tone, and the formal word is 外国人 (wàiguórén).
Most speakers mean nothing by it, but some foreigners find it othering. Use 外国人 if you want to be careful.
Reading a definition isn't the same as saying it to someone. Lingo Kaiava is a voice tutor set to Chinese — it uses 老外 the way locals do, corrects you in the moment, and never "fixes" the way real people actually talk into textbook Chinese.
Free to start. No signup for your first conversation.