Using traveller's cheques in Laos

The A$ has lost some 35% against the US$ in the past 2 months (after almost being at parity) and it looks like it is going to keep depreciating, (thankyou Wall St.) As most Asian currencies are still pegged to the US$ then I need to look at locking in an exchange rate for upcoming trip to Thailand/Laos. The easiest and cheapest way to do that is with travellers cheques.

Can anyone please confirm the commissions charged by BCEL to cash US$ TCs into kip and into US$. I have read that it is 1% to exchange TC for kip and 3% to exchange TC for US$. Just looking for confirmation as I have read 3% and 5% on another forum. Please only answer if you actually know, not if you think you know. (I tried calling BCEL by the way, but couldn%26#39;t get through.)

Are there any restrictions on the amount to be converted each time. Will probably want to convert $2000 each time.

And we plan on using kip rather then US$. Is there any disadvantage in that. Is kip just as accepted as US$, everywhere.

Using traveller's cheques in Laos

I can ask at BCEL on Thirsday or Friday. Everything is closed today due to the boat racing. Kip is fine, just be aware as I guess you are, that you will be carrying around a fair few notes. Btw, I suspect the $AUD will appreciate a bit, but don%26#39;t take my word for it.

Using traveller's cheques in Laos

Thanks for offering to ask BCEL direct, that would be much appreciated. Can you also ask if there is any restriction on the ammount that can be cashed. It seems a bit odd but I read somewhere there was $300 limit/day on TC cashing in Laos, maybe that is only if you want actual US$ rather then kip. The reason for TCs is just to lock in a rate and we only want to visit a bank to cash them maybe 2 or 3 times, couple of grand each time.

Let%26#39;s hope A$ appreciates, but it%26#39;s looking grim.

I posted those rates and that was from BCEL on Fa Ngum across from lane xang hotel 1% for kip 3% for us $ and $300 total but you can get around that by going to another bank exchange somewhere else in town. it may be possible to exchange that much inside the bank but that I don%26#39;t know,$2000 in kip you might need a wheelbarrow to carry that much kip (17,400,000 kip)just kidding callao

I asked them today. 3% for Traveller%26#39;s cheques with a maximum of $500.USD that you can cash at any one given time.

Hi..i just changed TC in any bank and also small money changer in Laos at always the same commission that is 2% at the actual rate of 1USD= 8.530 kips

(i have AMEX TC)

A suggestion: bring dollars AND kips because somewhere they use both for paying (u can choose) and sometimes can be different and good for you to use USD or KIPS

Example:

Our hotel was charging (as they listed)

- 50.000 kips OR 7 USD for a double no bathroom

- 70.000 kips OR 8 USD for a double with bathroom

The first option in USD with the actual rate is 5.8 USD and not 7, while 70.000 is 8.2 USD

I khown..small difference but could be a cheap breakfast no?

Ciao

I do appreciate the info being provided, but you can see the confusion. So far in this post I have 1%, 2% and 3%.

Rufuscat, is that 3% when you exchange for actual US$ or does that 3% also apply when exchanging the TC for kip.

That is a 3% comission for changing the cheque, regardless of what currency you change it into. The info I gave you was direct from the ';tellers mouth';, so to speak. I have an account at BCEL and had to make a withdrawal yesterday.

Cheers,

Ron

OK, A$ has pretty much collapsed now, 45% depreciation over the past 3 months. Our planned 6 week trip is curently going to cost double what we had planned, and that is a very significant ammount of money. If you%26#39;ve read some of my other recent threads, you get the idea that I%26#39;m pretty annoyed about it.

I might be wrong, but I think we are getting close to the bottom for the A$. So the travellers cheque idea has gone out the window, not much point in locking in a lousy exchange rate. Probably better now to use ATMs and hope we have seen the bottom in the A$.

Rather then start a new thread I will ask here. As our trip is now going to cost double I need to cut costs whereever I can. So I don%26#39;t want to be hit with 3% every time I make an ATM withdrawl in Laos. I can get around this by using baht, i.e. take a wad of baht cash into Laos. My question is, is baht just as acceptable as kip or US$, everywhere, like Pakse, Si Phan Don, Pak Beng etc etc. and will whoever you are paying give you the official exchange rate for it.

Baht is fine throughout Laos.

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