Faster money transfers will help Asean workers
Faster money transfers will help Asean workers
The banking sector in Laos is seeking ways to cooperate with other banking systems within Asean countries in the hope of providing swift access to their services ahead of the Asean Economic Community in 2015.
Speaking at the ceremony to launch a new service, Banque Pour le Commerce Exterieur Lao Public (BCEL) Managing Director Mr Vannkham Voravong said it had come about through cooperation between BCEL and CIMB Thai Bank Public Company Limited.
“The new money transfer service is entitled ‘Speed Send Service', which enables the sender and receiver to save time when it comes to the transfer of cash between the neighbouring countries,” he said.
He added that the newest international service will be a good facility for customers, especially for labourers working in Laos and Thailand.
According to Mr Vankham, the charge for the transfer service will be initially set at US$4 per transaction, but this is dependent on the amount of cash to be transferred.
Once the AEC is officially integrated by the end of next year the free flow of migrant workers and the business connections within Asean will be essential factors boosting economic growth in the region.
Currently border trading and the flow of migrant workers alre ady exists throughout the region but this service is set to be a special offer for Asean.
Executive Vice President of Treasury Sales Division at CIMB Thai Bank Public Company Limited Mr Padej Piroonsit said the transfer of cash through the service basically depends on the monetary law of each country.
“Obviously customers can transfer money through the service, it is dependent on the law that already exists in each country. For example, Thailand doesn't allow more than US$500,000 per transaction,” he said.
He said this transfer service is available at various banks in 13 countries in Asia, especially in the Asean countries.
The US dollar is the most acceptable currency to be transferring through the bank service but, if the sender wishes to transfer other currencies, the bank will convert into US dollars based on the exchange rate of CIMB, according to BCEL's service description.
Customers will be required to fill in the form supplied by BCEL and carry an ID card, family book or passport with them before they can transfer or receive cash.
BCEL has a total of 19 branches and 65 service units nationwide; the bank also has the largest market share and customer base. The bank's assets cover 28 percent of the Lao banking sector, 27 percent of loans and 36 percent of deposits.
