Monday, 11/12/2023

FXStreet treats your personal information as confidential and does not disclose it to any third parties other than the company selected. Your privacy is our greatest concern. FXStreet treats your personal information as confidential and does not disclose it to any third parties other than the company selected. Your privacy is our greatest concern

Money Transfer Service

Domestic remittance service

LaoVietBank executes customer's remittance order to the beneficiaries in Laos and receive money transferred to customers by crediting the account in case the beneficiary has an account at LaoVietBank; otherwise, paying by cash or forwarding the bank appointed.

Benefits for customers:

- Safe, quick, simple procedures;

- Customers can transfer money as requested;

- Avoid risks when using cash;

- Simple, convenient procedures;

- Quickly and accurately transfer via the bank;

- Enjoy competitive fees;

- Get banking advice on payment channel matching the need;

- Enjoy interest rate on balance of the deposit payment account;

- Enjoy many accompanying services;

- With extensive network with 05 branches and the system of nationwide transaction points and transaction offices, LaoVietBank will execute payment orders with high speed and accuracy for customers.

Product characteristics:

- Domestic remittance service of LaoVietBank help customers transfer money to a beneficiary with or without an account at LaoVietBank or at any other bank in the territory of Laos participating in the payment system;

- Customers need to provide information about the beneficiary: name, account number and beneficiary bank. If the beneficiary does not have a bank account: customers need to provide additional name, ID card/passport (valid), address, and contact phone number (if available);

- For remittance service with the account in the same system of LaoVietBank, after remittance service procedure is completed; the beneficiary will be able to receive money immediately.

Conditions for registration:

- Individual customers at home and abroad;

- Where the customer is a non-resident and wish to perform foreign currency remittance, he/she must comply with regulations on foreign exchange management.

Registration dossier:

- In case of without account, prepare Cash deposit slip cum Payment order;

- If the account is available at LaoVietBank, customers need to present ID/Passport (valid), and fill Payment order.

Foreign remittance service

 Abroad money transfer service or money receipt from abroad for the purposes of direct transfer, current transactions, and capital transactions under the foreign exchange control regulations of Laos.

Benefits for customers:

- Fast speed, secure, accurate, secure because LaoVietBank use the most modern bank technology of Laos;

- Competitive fees;

- Simple, compact procedures;

- To meet diverse needs of transfers in foreign currencies such as USD, GBP, EUR, THB, and VND.

- Staffs are fluent in profession and advise the most effective and safest transfer method;

- Nationwide transaction network.

Product characteristics:

- Customers can select money transfer channels via SWIFT, Western Union or INTERNAL.

- Residents who are Lao citizens can transfer money abroad for following purposes:

+ Travel, tourism, visits abroad;

+ Learning, medical treatment abroad;

+ Payment of charges and fees for foreign countries;

+ Subsidies to their relatives abroad;

+ Inheritance money transfer for their heirs abroad;

+ Money transfer in case of settling overseas;

+ One-way transfer to other legal needs

+ Nonresidents, residents who are foreigners: are allowed to transfer balances on deposit accounts in Laos or lawful revenues to abroad area as required, on the basis of the regulations of the State Bank of Laos on foreign exchange management;

- When performing money transfer, customers must provide full information on the payee: Recipient's details (name, account number or ID card number, beneficiary bank, country code, bank code, etc;

- The amount allowed to be transferred is dependent on your remittance purposes and must comply with regulations on foreign exchange management of the SBV and LaoVietBank in each period.

Conditions for registration:

Customers using the service are resident individuals as Lao citizens; nonresidents, residents as foreigners.

Registration dossier:

- For resident individuals who are Lao citizens:

+ ID card or passport;

+ Other documents as prescribed by the State Bank and LaoVietBank in each period.

- For resident individuals who are foreigners, nonresidents:

+ Valid passport, visa