Currency Exchange Limits

Discussion in 'General Discussion' started by san_vai, Aug 13, 2013.

  1. san_vai

    san_vai Member

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    I have heard that banks in Laos restricting to convert from kip to other currency, limiting too few hundred $ only? Can someone add, more info. :greedy:
     
  2. peterlaos

    peterlaos New Member

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    I have the same problem. EVERY official bank is limited too exchange maximum of 2000 bath and 200 usd.
    I checked with 5 banks, all the same. You can go to private exchange offices but they not all will or can exhange the Lak to another currency with ofcourse less interesting exchange rate. Example last week 251 for 1Thb. At private exchange on 2 from the 6 i checked could exchange with as rate 260 .
    Seems to be something going on in Laos...
    Until now nobody could give me any explaination,
    seems to be busy since a few weeks.
     
  3. Judith

    Judith Member

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    Same here, last week I need dollars, not 1 bank can help me!!??
     
  4. Frank70

    Frank70 Member

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    Just a step undertaken by The Bank of Lao (BOL) to restrict the sale of foreign currencies in order to encourage the use of national currency whilst in Lao. Do note that BOL did not order commercial banks nor money exchangers to stop selling foreign currencies. At present most commercial banks are facing shortages of US$ and THB in the market. Commercial banks prefer to retain such currencies due to BOL's regulation to hold a required amount of foreign currency reserve in the event any account holders require to withdraw from their foreign currency accounts at any time. Most commercial banks for the time being will only accommodate selling of these currencies to their existing account holders. Hope this is of help.
     
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  5. Kevmac

    Kevmac New Member

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    Trip across to Udon Thani last weekend and the most baht that we could get at the exchange booth on the Lao side of the Friendship Bridge was 2000 baht (tried changing both dollars and Lao kip). A friend who returned to Bangkok on Monday was told at the exchange bureaus at the airport that there is a limit for changing kip into dollars - equivalent of $50 USD max per person
     
  6. Kenneth Schminner

    Kenneth Schminner Member

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    I ran into this situation quite often. But, they will happily exchange your USD, GBP, EUR, etc.. for the Lao Kip. Imagine if you have 100,000,000 Kip and needed to leave Laos, I guess you'll be assed out of luck.
     
  7. Mr.John

    Mr.John Member

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    BOl has instructed all banks to limit sale of US dollars to $200 per person and 2000 baht! I have reen the ordered policy in lao language only. Customers and public have not been notg pgfied!
     
  8. Petrus47

    Petrus47 Moderator Staff Member

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    For kips in Lao and bahts in Thailand, this does not seem to me as a big problem.
    There are ATM's nearly everywhere which mostly accept, credit and debit cards.:cool:

    I don't know what would be the result of a request to get more than 200 $ out of a usd bank account?:greedy:
     
  9. Peter

    Peter Member

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    i do know. no more than as stated above. 200Dollars or 2000Baht. like me i have only kip. if i have a medical emergency and meed to go to hospital in thailand Im stuffed! cant get enuf dollars or baht and its ilegal to take kip ov of Laos. no explanations from bol to public. this is a dodgy place where u 2n loose everything on the wìm of løse bank oficial! craþ sivatiö! crazy situation
     
  10. BaoEvil

    BaoEvil Member

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    I don't have that dilemma since I don't have a penny to my name.
     
  11. Ian Michael

    Ian Michael Member

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    no problems to withdraw usd from your usd account..as long as you have the money in there..
     
  12. Kenneth Schminner

    Kenneth Schminner Member

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    LOL .... I'm in the same boat.
     
  13. JK

    JK Jack of all trades, Master of none

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    I routinely take USD out of a USD account in sums greater than 200. Somebody is pulling your leg Peter. You are just limited on the amount of kip to sell for USD or other currency. Which, to me, is not a big problem...
     
  14. Mr.John

    Mr.John Member

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    I have been working in Vientiane for a good few years, paying my taxes. During this time I have exchanged all my income into kip and invested it in the local banks here which is what the BOL and the government have been encouraging people to do.
    I have recently discovered that the BOL has issued a new policy dated Aug 5th. It is on their website in lao but not English. It has limited the exchange of kip to a max of 20,000 000 per person or buying of US dollars to $200 per person and thai baht to 2000 baht per person which only the maximum amount all the banks will sell. I have all my savings in kip in several banks here. They have effectively stopped me from going on holiday anywhere outside of Laos, I can not go to a hospital in Thailand if I have e medical emergency , and I can not return to my home country with my money! Obviously this effects all lao citizens who shop and use medical facilities in Thailand too! I have written to several international organizations asking them to investigate and help to notify the public on their findings.
     
  15. Kenneth Schminner

    Kenneth Schminner Member

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    So, are we only allowed to buy $200 USD and 2000 THB per person/per bank/per day or just completely maxed out at that limit?
     
  16. Mr.John

    Mr.John Member

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    i couldnt get a straight answer to that. s6e banks will only sell $50#
     
  17. JK

    JK Jack of all trades, Master of none

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    Hmmm... Not sure if you are trolling or if you are actually serious... Those limits are per day first of all, not for your lifetime. I don't personally know any foreigner here that converts their entire income into kip but I guess it could happen. That sounds a bit silly to me but you are not in as bad a state as you seem to think if you did in fact do that. Not sure what you expect the international organizations to do... PM me your number if you are actually serious...
     
  18. san_vai

    san_vai Member

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    to Mr.John,

    Problem is only exchange conversion form LAK to USD & THB. not on withdrawal of USD.
    BOL is doing standard Procedure what other Asian countries doing against sudden rise in USD, if u are leaving country or in case of emergency. banks will shell more USD, as special cases.
    For holiday you can plan in advance and take help of others!!!
     
  19. Laos-NL

    Laos-NL Member

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    At the bordercrossings they prefer getting the visa paid in USD, against the Lao law, as far as I know. So last two times I had not enough dollars left and wanted to pay in Kip. That was possible. Although the exhange rate was almost the same both times, the asked me 300.000 Kip the first time and 350.000 Kip the second time. I told them that, and after a little bit of talking the price went down to 300.000 Kip (still more than the 35 USD I had to pay). I guess the policeman just tried to make 50.000 Kip.... This time I decided to get some USD (Kip to USD) but they make it impossible to get small accounts as I can read here. Normally I pay (almost) everything in Kip.
     
  20. Petrus47

    Petrus47 Moderator Staff Member

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    Still have doubts?
    I got thousand $ from my USD account at ANZ this morning;)

    Pierre
     

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