How to transfer Laos Kip out of Laos?

[ashash1]

I have a friend who made a long term deposit in Laos when they were offering 14% interest and is now facing a lot of trouble trying to bring those Kip out of Laos. 

 

My understand is they have hardly any foreign currency reserves, and are also seemingly unwilling to make large wire transfers out of the country.

 

I am just wondering if there is anyone else on the forum whose been through anything similar and could offer some advice.

 

Bringing the kip to Thailand and then sending offshore isn't an option because of the double hit on transferring from Kip > Baht > USD which seems be be a 10% loss after fees.

 

Thanks very much.

 

[Briggsy]

Speak to the money changers in Vientiane.

[simoh1490]

The only sensible place to exchange Kip in Laos, trying to exchange elsewhere will wipe out any profit - as suggested, see the money changers, small amounts at each.

[FritsSikkink]

Changing the Kip in Thailand might give some problems too, as hardly anyone wants them 

[Ks45672]

Plenty of usd in Laos 

They are lying if they say they have none

But not much he can do about that..... 

Probably have to keep using the small changes at the daily rate each day until complete 

[ashash1]

8 hours ago, Ks45672 said:

Plenty of usd in Laos 

They are lying if they say they have none

But not much he can do about that..... 

Thanks for the replies.

 

Sorry my meaning was that if you go through the private changers, they don't have the foreign cash reserves to handle large transactions, and the banks who do are not allowed to. 

 

Then you've got the whole issue with Thailand's limit on carrying cash out of the country - which leaves wiring as the only option. 

 

 

Edited June 21, 2018 by ashash1

[simoh1490]

9 minutes ago, ashash1 said:

Thanks for the replies.

 

Sorry my meaning was that if you go through the private changers, they don't have the foreign cash reserves to handle large transactions, and the banks who do are not allowed to. 

 

Then you've got the whole issue with Thailand's limit on carrying cash out of the country - which leaves wiring as the only option. 

 

 

There's no issue with taking money out of Thailand, as long as you report it when you bring it in. So why not change the money in smaller amounts with the money changers, take it to Thailand and report it at Customs and then when you're ready, take it out again using the Customs receipt issued at entry. BTW KIP/USD has gone from 7700 to 8400 over five years, was the investment really worth it?

Edited June 21, 2018 by simoh1490

[Ks45672]

3 hours ago, simoh1490 said:

There's no issue with taking money out of Thailand, as long as you report it when you bring it in. So why not change the money in smaller amounts with the money changers, take it to Thailand and report it at Customs and then when you're ready, take it out again using the Customs receipt issued at entry. BTW KIP/USD has gone from 7700 to 8400 over five years, was the investment really worth it?

Hard to know what a currency will look like vs another currency in 5 years time tho..... 

[jackdd]

About which sum are you talking?

If you exchange KIP to THB at Bangkok Bank in Thailand you lose about 5% (maybe you get a better rate in Laos?). If you then exchange THB to USD at Superrich you lose about 0.1%. So in total 5.1% if it's an amount you can handle in cash. KIP is a risky currency, so it might yield high returns, but later nobody wants it so exchanging it is expensive.

[smotherb]

On 6/21/2018 at 8:19 AM, ashash1 said:

Thanks for the replies.

 

Sorry my meaning was that if you go through the private changers, they don't have the foreign cash reserves to handle large transactions, and the banks who do are not allowed to. 

 

Then you've got the whole issue with Thailand's limit on carrying cash out of the country - which leaves wiring as the only option. 

 

 

So, exchange a little at a time. May have to go to several changers and may take several days depending upon how much kip he has.

[blackcab]

On 6/21/2018 at 8:19 AM, ashash1 said:

Then you've got the whole issue with Thailand's limit on carrying cash out of the country - which leaves wiring as the only option. 

 

There is no problem hand carrying foreign currency out if Thailand. Have a read of this post:

 

 

[Jonmarleesco]

There's a reason those countries with unviable currencies offer those kind of rates. 

[whaleboneman]

On 6/20/2018 at 6:27 PM, simoh1490 said:

There's no issue with taking money out of Thailand, as long as you report it when you bring it in. So why not change the money in smaller amounts with the money changers, take it to Thailand and report it at Customs and then when you're ready, take it out again using the Customs receipt issued at entry. BTW KIP/USD has gone from 7700 to 8400 over five years, was the investment really worth it?

If Kip fell by approximately 10% over 5 years but you made 14% annually then it was worth it - if you can get the money out at reasonable rates.

[HungDonger]

It is not so hard to transfer funds from a Laos Bank to one in Thailand (or elsewhere) providing you can provide the correct paper trail showing initial transfer of funds coming into Laos and documentation proving residency in Thailand. I do it frequently.I have also been able to negotiate excellent rates for transfers.

[HungDonger]

Which Laos Bank and what amount ?

 

[HowFatIsUrDog]

tell us how you managed to open an account in laos. all banks i ask say the same thing work permit work permit work permit.

we can advise you about 10's of thousands  worth of usd equivalent kip but if you are talking 100000's or million US dollars worth of kip then it out of our league.

money changers just to the north of morning plaza on the road that goes to the arch seemed to be cashed up and have seen then dealing with bently merc expensive car driving customers. rates are excellent no matter what you want to change into

so change into dollars at the said moneychangers and then take it back to the banks across the road then wire it from there? 20000usd at a time

else perhaps bitcoin?

 

change kip to another currency only in laos not elsewhere

Edited June 22, 2018 by HowFatIsUrDog

[HowFatIsUrDog]

note too that recent press has thai border confiscating million from border crossers

https://laotiantimes.com/2017/12/14/11647/

 

http://www.nationmultimedia.com/detail/national/30333830

 

one more cant find it now

Edited June 22, 2018 by HowFatIsUrDog

[HungDonger]

" tell us how you managed to open an account in Laos" 

 

Lived there,worked there, had a work permit.....easy