Take advantage of low fees and competitive exchange rates when sending money to Laos.
When you need to get money to a loved one overseas, the last thing you want to deal with is navigating a potentially complicated and expensive process. Sending money from the United Kingdom to Laos doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the best deal.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Laos is easy. But do your research and shop around for the best available deal.
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Case Study: Comparing money transfer companies for sending money to Laos
Ailani decided to study in the UK. Now, as a successful working woman, Ailani wants to pay back some of the student loans she had to take out through her years of study and also invest into her parents’ lives. She does a comparison of all the money transfer companies available to transfer money back to Vientiane in Laos and draws up the table below using £500.
|Money transfer company A||Money transfer company B|
|Exchange rate||£1 = 9,762.33 LAK||£1 = 9,913.15 LAK|
|Amount of LAK received for £500||4,881,165 LAK||4,956,575 LAK|
|Transfer time||10 minutes||2-4 days|
|Transfer options||Phone, online account, agent||Online, phone, mobile app|
|Difference in LAK||75,410 LAK|
How should I compare transfer companies when sending money to Laos from the UK?
- 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.
- Delivery 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.
What are your options to send money to Laos from the UK?
- Money transfer services – The money transfer companies that can send money to Laos are Compass Global Markets, Moneygram, Western Union, and World First Foreign Exchange. Moneygram and Western Union have a long history of international money transfers and are especially able in sending cash for pickup within minutes. Compass Global Markets offers competitive exchange rates and World First Foreign Exchange brings out weekly updates on market exchange rates.
How can you receive money from Laos in the UK?
- Money transfer services – Moneygram and Western Union will both allow a person to send money from a local agent in Laos to the UK for cash pickup or to a bank account.
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.Back to topBack to top
Tips for picking up cash in Laos
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 in that doesn’t scream to everyone around you the obvious fact that you have fats amount of cash. Carry the cash in a way that fits into your normal day in life, for example, an envelope in your briefcase.
What are the steps to send money to Lao PDR?
|Sending money through a bank or online service provider to a bank account in Madagascar|
|Send money to a person for cash pickup|
|Picking up cash from an agent location|