pitrevie Posted March 8, 2014 Share Posted March 8, 2014 I had a very interesting experience this week attempting to transfer a small sum to a bank account in Laos from the Bangkok Bank in Thailand. I was told that first it would have to be converted to dollars and then transferred. I learnt later that the Bangkok bank does not have a correspondent bank in Laos and has to transfer via J P Morgan in New York who do have such an arrangement hence the requirement for the conversion to dollars. This is rather surprising given that the ASEAN Economic Community is supposed to start in 2015 and Laos actually joined the group in 1997 as Sarah Palin is wont to say "I can see Laos from my house". However its nice to know that the banks have worked out a way of earning more in commission. It reminds you of the old Flanders and Swann song The Gas Man Cometh and its chorus line, "Oh, it all makes work for the working man to do." Its nice to see the banks adapting in these harsh economic times. 1 Link to comment Share on other sites More sharing options...
billd766 Posted March 8, 2014 Share Posted March 8, 2014 Flanders and Swann Link to comment Share on other sites More sharing options...
Mangkhut Posted March 8, 2014 Share Posted March 8, 2014 I would like to know this myself. I was travelling in Laos some time ago and I saw several huge advertisment boards along the roads in Laos for on laotian bank (I dont remember which one....) that one was offered an annual interestrate12-13 % if you placed your savings in US dollars in this bank or 8-9 % if you placed ditto in thai baht.....I just have to replace my savings account as can get only 3 % annual interest rate here where Iive..... 1 Link to comment Share on other sites More sharing options...
masuk Posted March 8, 2014 Share Posted March 8, 2014 Flanders and Swann a luverly bit of comedy. Ta muchly. now for 'underneath the arches'....... Link to comment Share on other sites More sharing options...
humqdpf Posted March 8, 2014 Share Posted March 8, 2014 Try Western Union - much easier and quicker. THe recipient does not have to open an account. 2 Link to comment Share on other sites More sharing options...
TommyD Posted March 8, 2014 Share Posted March 8, 2014 the high interest rate of up to 12% is when deposit a amount in Lak (Lao Kip) normally can receive money transfers in USD, Euro's and THB no problem if the receive has a account open in that currency, but indeed even when wire from the EU it also goes JP Morgan in New York Link to comment Share on other sites More sharing options...
thailandbeachisland Posted March 8, 2014 Share Posted March 8, 2014 How can a foreigner open a bank account in Laos ? Link to comment Share on other sites More sharing options...
Skygod2000 Posted March 9, 2014 Share Posted March 9, 2014 A foreigner needs to be in possession of a work visa for Laos. Link to comment Share on other sites More sharing options...
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