How do you open a bank account in Laos?
- See the data table below for detailed numbers
- Check the FAQ section for common expat questions
- Use our free assessment to get personalized results
From opening an account to wiring money home, banking in Laos has its own set of rules. This guide walks you through all of them.
Banking Overview in Laos
| Feature | Details |
|---|---|
| Currency | Lao kip (LAK) ₭ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Laos
Foreigners can open bank accounts in Laos. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Laos. While you may be able to send money to Laos, full local account features may not be available. Check their website for the latest on Laos-specific services.
N26
N26 is not currently available in Laos. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Laos, consider these factors:
- Exchange rate: The currency is LAK. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Laos is approximately €267 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
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Get Your Free VerdictFrequently Asked Questions
Can I receive my salary in a foreign bank account in Laos?
Technically yes, but most employers in Laos prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
Does Wise (TransferWise) work in Laos?
Wise has limited functionality in Laos. You may need to rely on traditional banks for transfers.
Is mobile banking widely available in Laos?
Yes, most major banks in Laos offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.
How do international money transfers work from Laos?
You can transfer money from Laos via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
Can I open a bank account remotely before moving to Laos?
Remote account opening is generally not available in Laos. You will likely need to visit a branch in person with your documents.