LuukKoeyKorat Posted August 29, 2013 Share Posted August 29, 2013 Off to Thailand on a shopping trip tomorrow, withdrew money from my Kip account to change to THB....impossible to exchange in any Lao bank since about 3 weeks ago. Fortunately, exchange is still possible in gold shops albeit at a lower rate. This applies to THB, USD for sure, and a handful of other currencies I don't have confirmation of. Checked Thai banks online to see if they accept Lao Kip....looks like only Bangkok Bank. Just a word of warning especially to Lao expats with Kip business earnings and accounts who might not be aware of this recent central bank directive, it was kept very quiet. PS: I bank with BCEL and they refused to exchange. Cheers Link to comment Share on other sites More sharing options...
Bounngou Posted August 31, 2013 Share Posted August 31, 2013 (edited) kip has been overvalued for a long long time now. this will help create a blackmarket at a more realistic exchange rate. the many non-bank money changers in Vientiane might be able to hold of the quasi devaluation though if they see it in their interests to do so. Edited August 31, 2013 by Bounngou Link to comment Share on other sites More sharing options...
lovelaos Posted September 9, 2013 Share Posted September 9, 2013 (edited) Is there any updates on this? Last week (2/9/13) I tried with BCEL Bank also and was refused. I did exchange from a private dealer at a better rate anyway. I will try again this week. Edited September 9, 2013 by lovelaos Link to comment Share on other sites More sharing options...
LuukKoeyKorat Posted September 10, 2013 Author Share Posted September 10, 2013 As of yesterday 09/09, still the same situation in Luang Prabang with BCEL. I believe its an ongoing indefinite exercise from the Lao central bank :-(, well atleast until they get rid of the shadow currencies. 1 Link to comment Share on other sites More sharing options...
lovelaos Posted September 11, 2013 Share Posted September 11, 2013 As of yesterday 09/09, still the same situation in Luang Prabang with BCEL. I believe its an ongoing indefinite exercise from the Lao central bank :-(, well atleast until they get rid of the shadow currencies. I seem to remember them doing this a few times in the past. If you do get stuck with only kip in Nong Khai there are a few gold shops in the big market who will change kip to Baht for quite a good rate 1 Link to comment Share on other sites More sharing options...
LuukKoeyKorat Posted September 11, 2013 Author Share Posted September 11, 2013 I think I know the one in Than Sadej market - next to the delicious Khao Ka Moo restaurant? As of yesterday 09/09, still the same situation in Luang Prabang with BCEL. I believe its an ongoing indefinite exercise from the Lao central bank :-(, well atleast until they get rid of the shadow currencies. I seem to remember them doing this a few times in the past. If you do get stuck with only kip in Nong Khai there are a few gold shops in the big market who will change kip to Baht for quite a good rate Link to comment Share on other sites More sharing options...
Tony Rabbott Posted September 11, 2013 Share Posted September 11, 2013 go to the bus station and hit on some of the crossborder bus travellers to get rid of your kip;. Link to comment Share on other sites More sharing options...
wooloomooloo Posted September 11, 2013 Share Posted September 11, 2013 go to the bus station and hit on some of the crossborder bus travellers to get rid of your kip;. The one time I went to Lao I took hundreds of twenty baht notes. They're accepted everywhere but you will always get whatever change in Kip. I returned to LOS with one seven thousand Kip note. Link to comment Share on other sites More sharing options...
digo Posted September 22, 2014 Share Posted September 22, 2014 Now, September 2014...someone know if its possible still to change kip to baht in Laos? Link to comment Share on other sites More sharing options...
lovelaos Posted September 24, 2014 Share Posted September 24, 2014 Now, September 2014...someone know if its possible still to change kip to baht in Laos? Yes, you can change anywhere now. Back to normal. Link to comment Share on other sites More sharing options...
petevandell Posted September 30, 2014 Share Posted September 30, 2014 Hi, Is it possible to exchange my Thai Baht THB to Laos Kip LAK in order to open a Fixed Rate Savings account with a Laos bank in order to benefit from the favorable rate for LAK accounts? Thanks Link to comment Share on other sites More sharing options...
lovelaos Posted October 1, 2014 Share Posted October 1, 2014 (edited) Hi, Is it possible to exchange my Thai Baht THB to Laos Kip LAK in order to open a Fixed Rate Savings account with a Laos bank in order to benefit from the favorable rate for LAK accounts? Thanks To open a Laos bank account you must have either a work permit, an enterprise registration certificate, a tax registration certificate or an investment license. If you any have these, no problem. Currently, fixed rate saving accounts for LAK are offering between 13-16% interest. Edited October 1, 2014 by lovelaos Link to comment Share on other sites More sharing options...
petevandell Posted October 2, 2014 Share Posted October 2, 2014 Thank you lovelaos for your reply. Those are very attractive interest rates! I wonder how one might go about obtaining any of those documents you have listed. Is residence in Laos essential, I wonder? For an investment license, is there a minimum amount required? I would welcome any further information you might like to share. Thanks again, Peter Link to comment Share on other sites More sharing options...
petevandell Posted October 2, 2014 Share Posted October 2, 2014 Assuming I manage to open a Laos LAK account, how easy is it to exchange LAK back to USD or THB? There must be a catch with those interest rates! Link to comment Share on other sites More sharing options...
mexxx Posted October 2, 2014 Share Posted October 2, 2014 the catch is that the kip is over valued & the communists know it & exchanging kip is not always possible. Link to comment Share on other sites More sharing options...
lovelaos Posted October 3, 2014 Share Posted October 3, 2014 Thank you lovelaos for your reply. Those are very attractive interest rates! I wonder how one might go about obtaining any of those documents you have listed. Is residence in Laos essential, I wonder? For an investment license, is there a minimum amount required? I would welcome any further information you might like to share. Thanks again, Peter Required information on the law is here http://www.vientianetimes.org.la/Laws%20in%20English/19.%20Law%20on%20the%20Promotion%20of%20Foreign%20Investment%20(2004)%20Eng.pdf The 13-16% interest I mentioned is for LAK only. THB and USD accounts are considerably lower. 1 Link to comment Share on other sites More sharing options...
lovelaos Posted October 3, 2014 Share Posted October 3, 2014 Assuming I manage to open a Laos LAK account, how easy is it to exchange LAK back to USD or THB? There must be a catch with those interest rates! The 'catch' is you have to deposit in LAK for 48 months to get 16% interest. 1 Link to comment Share on other sites More sharing options...
Penefattore Posted October 25, 2014 Share Posted October 25, 2014 Currently, fixed rate saving accounts for LAK are offering between 13-16% interest. Could you write which banks are offering 16% ? Link to comment Share on other sites More sharing options...
Penefattore Posted October 25, 2014 Share Posted October 25, 2014 To open a Laos bank account you must have either a work permit, an enterprise registration certificate, a tax registration certificate or an investment license. what's an investment license ? might it be I was given one when I opened a brokerage account with BCEL-KT to invest in LSX ? Link to comment Share on other sites More sharing options...
Spaniel Posted November 2, 2014 Share Posted November 2, 2014 I just left Luang Prabang on Friday, 31 Oct, and was able to exchange my extra kip to bhat at the exchange desk at the airport. Link to comment Share on other sites More sharing options...
DavidMavec Posted November 2, 2014 Share Posted November 2, 2014 I just left Luang Prabang on Friday, 31 Oct, and was able to exchange my extra kip to bhat at the exchange desk at the airport. Sure, that was only for a short period in 2013 that you couldn't exchange LAK to other currencies. Link to comment Share on other sites More sharing options...
lovelaos Posted November 23, 2014 Share Posted November 23, 2014 Currently, fixed rate saving accounts for LAK are offering between 13-16% interest. Could you write which banks are offering 16% ?A few micro finance banks offer 16%. Most major banks offer 13% for long term (5 year) savings. Link to comment Share on other sites More sharing options...
DavidMavec Posted November 23, 2014 Share Posted November 23, 2014 Currently, fixed rate saving accounts for LAK are offering between 13-16% interest. Could you write which banks are offering 16% ?A few micro finance banks offer 16%. Most major banks offer 13% for long term (5 year) savings. Indochina is offering 12.5% for the first two years which gets bumped up to 13.5% if you let them automatically renew your account after two years maturity. 1 Link to comment Share on other sites More sharing options...
Penefattore Posted November 27, 2014 Share Posted November 27, 2014 A few micro finance banks offer 16%. apart EMI which else ? Link to comment Share on other sites More sharing options...
Penefattore Posted November 27, 2014 Share Posted November 27, 2014 Indochina is offering 12.5% for the first two years which gets bumped up to 13.5% if you let them automatically renew your account after two years maturity. Do they require the work permit or is passport enough ? Interest is paid yearly or at maturity ? Link to comment Share on other sites More sharing options...
Penefattore Posted November 27, 2014 Share Posted November 27, 2014 I was tempted to invest in http://www.phongsavanhbank.com/psv/index.php?lg=ENG&modules= but they don't show their balance sheets. Any hint about where I could find them ? Link to comment Share on other sites More sharing options...
lovelaos Posted November 28, 2014 Share Posted November 28, 2014 Indochina is offering 12.5% for the first two years which gets bumped up to 13.5% if you let them automatically renew your account after two years maturity.Do they require the work permit or is passport enough ? Interest is paid yearly or at maturity ? B2(work permit) visa is required to open any bank account in Laos and they're very strict about it. Link to comment Share on other sites More sharing options...
DavidMavec Posted November 28, 2014 Share Posted November 28, 2014 Indochina is offering 12.5% for the first two years which gets bumped up to 13.5% if you let them automatically renew your account after two years maturity. Do they require the work permit or is passport enough ? Interest is paid yearly or at maturity ? They require a work permit. Interest is paid at maturity for the interest rate I specified but you can choose to receive interest at the time you deposit the money, for a slightly reduced rate. The only bank I know of in Laos that does not require a work permit is Phonesavanh, which I have heard is in trouble. Link to comment Share on other sites More sharing options...
Penefattore Posted December 2, 2014 Share Posted December 2, 2014 B2(work permit) visa is required to open any bank account in Laos and they're very strict about it. and I don't understand why. I mean, if I want to invest in their stock market I need a bank account and nowhere in their foreign investors law is written that a work permit is needed for financial investments. Same should be for fixed deposits. Anyway if they want to keep their high rates for domestic savers I will just invest my money elsewhere. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now