Lao PDR, or more widely known as Laos, is a lower to middle-income economy and boasts one of the fastest growing economies in the East Asia and Pacific area.
The country offers a diverse amount of opportunities and in its population alone is an example of this – with 49 broad ethnic groups and 4 linguistic groups.
Singapore and Laos have longstanding economic ties that focus especially on deepening community relationships and development cooperation.
Compare Money Transfer Services
Due to its powerful existing relations, local Laos students are encouraged to take the opportunity of studying abroad in Singapore. Ailani is one of these students and decided to go and study in Singapore.
Now, as a successful young working woman, Ailani wants to pay back some of the study loans she had taken out through her years of study and also contribute to her parents back home. She compares all the money transfer companies available to transfer money back to Vientiane in Laos and draws up the table below using 1,000 SGD.
Money transfer company A
Money transfer company B
1 SGD = 6100.38 LAK
1 SGD = 6299.36 LAK
Amount of LAK received in Laos for 1,000 SGD
Phone, online account, agent
Online, phone, mobile app
Difference in LAK
How should you compare transfer companies when transferring money between Lao PDR and Singapore?
Exchange Rates. Bear in mind that currency exchange is only legal at official bank branches. Some of the companies will offer a more competitive exchange rate but might require an actual phone call with a call centre to book a rate.
Pickup Methods. Some companies, like Moneygram, can only send a USD amount which will be picked up at an agent location and will still need to be exchanged legally as mentioned above. Western Union sends the cash pickup in the LAK. Receiving the money in a bank account is also an option.
Fees. The fees can in some instances vary quite a bit, depending on the type of transfer service used and whether it is above or below a certain minimum and maximum amounts. Generally speaking, as above, the marginal increase in fees is justified by the short amount of transfer time.
Bank to Bank Benefits. Money transfer services are available through local banks in Laos and in Singapore, but both will require a call or visit to a branch to determine rates and fees.
Turnaround Time. The turnaround time for available companies ranges from a couple of minutes and five days. Anything longer than that is not worth paying for compared to what competition offers.
Transfer Methods. Ailani can either choose a local agent she is comfortable with or set up an online account with regular payments. If she’s hasty and needs someone else to the admin, she can easily phone support and do a payment.
Transfer Options. These include recurring payments, spot contracts, and once-off payments.
Minimum/Maximum Transfer Amounts. The available options offer freedom in having a wide variety of minimum and maximum amounts.
Customer Service. The services to be used in sending money all offer phone and email support. A physical bank branch might yield the fastest results if Ailani hits a snag somewhere in her payments.
What are your options to send money to Lao PDR from Singapore?
Banks – There a couple of Singapore banks that will allow you to send money to Laos. These include Citibank and Maybank. Visit a local branch to determine the available currency options and costs involved.
How can you receive money from Lao PDR in Singapore?
Money transfer services – Moneygram and Western Union will both allow a person to send money from a local agent in Laos to Singapore for cash pickup or to a bank account.
Banks – Although Maybank list branch locations in Laos, support for sending money to Singapore needs to be verified at the branches.
Safe ways to send emergency cash transfers to Laos
Ailani might not need to live in a weekly fear that there will be emergency cash situations as she keeps a constant flow of sending money over to Laos, but one should always be prepared. She has found in her research that Moneygram and Western Union both offer emergency cash transfers to Laos in multiple locations. Below are locations for some of the bigger areas in Laos.
Cash pickup locations in Lao PDR when using Western Union and Moneygram
Lao Development Bank Chanthabouly, Muang Chanthaboury District Vientiane Capital, Vientiane Capital 2700 +856-21-222197 Monday to Friday, 8:30am to 3:30pm, Saturday and Sunday, closed
Acleda Thongkhankhan Service Unit Thongkhankham Village, Chanthabouly Vientiane, Vientiane 856 +856-21-285197 Monday to Friday, 8am to 4pm, Saturday and Sunday, closed
Meexay Market Pakse Service Un Khuataphab Village, Pakse Champasak, Champasak +856-31-215466 Monday to Sunday, 8:30am to 5pm
Joint Development Bank 410 Unit 30 Thatluangkang VillageVientiane 0 21223433 Monday to Sunday, 8:30am to 4:30pm
MS.Bounleuth Thatluang Kang Village Saysettha, Vientiane Capital 02055658310 Monday to Sunday, 7am to 6pm
Bcel – CPS Lukmuang Village Champasak Province, Pakse, Capasak, 031212770 Monday to Friday, 8am to 4pm, Saturday and Sunday, 12pm to 12M
Tips for picking up cash in Lao PDR
With some transactions, the actual amount received will not necessarily be received in the native currency of Laos. It is advised to make a note that any currency exchange can only happen at an official bank outlet.
Timing is also important in Laos and most money transfer services won’t offer services after 5pm. This means that Ailani and her parents will need to time the trips well with workdays to visit an agent location before it closes – or before available currency runs out!
Always take along something to carry the money inconspicuously, such as an envelope or briefcase.
What are the steps to send money to Lao PDR?
When sending money to a recipient in Laos
You will need the full details of the recipient and as an extra measure, photo ID
The agent location
Amount and currency that you would like to send
In some cases, you will first need to register an account (especially with an online transfer method)
When you send or receive money to a bank account
The full bank name and also very importantly, the BIC / SWIFT or the alternative the local banks require to receive international money
The bank account number and branch number
The correct amount and currency
What do you need to pick up cash?
Your photo ID, or government form of ID
The tracking or reference number of the money transfer
For added safety, have a copy of the transaction receipt and the details of the sender
Zyane Tan is an associate editor at Finder. An experienced copywriter and content creator, Zyane enjoys writing on a wide array of subjects. When she’s not busy typing away, she’s reading and musing over a pint.
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