Description

1.Required Documents

1.1 Individual

   1.Lao Citizens

• ID Card or Permanent Foreign ID Card (valid for at least 1 month)
• Family book (with photo and certified by respective authority)
• Foreign family book (with photo and certified by respective authority)
• Passport ( valid for at least 6 months )
• Retired ID Card
• Soldier/Police ID Card
• Buddhist Certified Letter (Monk ID Card)

Remarks: Each of the above documents can be used.

 2. Foreigners.

- Passport of the foreigner (valid for at least 6 months) and Stay Permit Letter issued by Department of Foreigner Control (valid for at least 1 month).

- Passport  of the foreigner (valid for at least 1 month) and Work Permit Letter issued by Ministry of Labor and Welfare (valid for at least 1 month) or passport and Diplomatic Card issued by Ministry of Foreign  Affairs Laos (MOFA).

• in case of the Laotian with foreign nationality  who doesn’t have the Stay Permit and Work permit, the submitting of documents for opening account must present the Relations Certified Letter by their relative who holds the Lao nationality and resides in Laos make  and complete the to Guarantee Letter Form provided by the bank for account opening request.
• In case of the foreigner married with Lao citizen, who doesn’t have the Work Permit and the Stay Permit, the submitting documents for opening accounts must be the Marriage Certificate and the Guarantee Letter Form provided by the bank for new account opening request completed by the spouse which the spouse must also come to the bank for account opening and the Marriage Certificate must be certified by the local authority. 
• For foreigners who are tourists, do not have a certain address, do not have a Stay Permit or do not have a Work Permit or who temporarily stay in the Lao PDR, are not allowed open an account.

1.2 Corporates.

1. Government Accounts

• Proposal Letter for new account opening sign and stamp (from ministries, equivalent organization or relevant organizations).
• Proposal letter to open account for the ministries' project, equivalent organization or Departments from National Treasury, Ministry of Finance.
• Executive Director Appointment Letter or Agreement on appointing the authorized signatory.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account owner or the appointed person (For Lao person specified in section 1.1).

2. Government Projects

• Proposal Letter for new account opening (from ministries or relevant organizations with stamp).
• MOU or contract for the project between Lao Government and financier.
• Proposal Letter to open account for the ministries' project, equivalent organization or Departments from National Treasury, Ministry of Finance.
• Executive Director Appointment Letter or Agreement on appointing the authorized signatory.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account owner or the appointed person (For Lao person specified in section 1.1).

3. Temple or Buddhist Organization

• Proposal Letter for new account opening (from relevant authorities or organizations with stamp).
• Position Appointment Letter or agreement on appointing the account owner
• Proxy letter to authorize another person to perform the new account opening.
• Identity documents of the account holder or the proxy person (For Lao person specified in section 1.1)

4. Local Authorities

• Proposal Letter for new account opening from relevant authorities or organizations with stamp.
• Position Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize other person to perform the new account opening.
• Identity documents of the account holder or the proxy person (For Lao person specified in section 1.1)

5. International Organization and The United Nations

• Proposal Letter for new account opening from relevant organizations with stamp.
• Operation Permit
• Regulations of the organization or Executive Directors Appointment Letter that certified (stamped and signed) by the ministries or relevant organizations.
• Executive Director Appointment Letter or Agreement on appointing the account holder
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account holder or the proxy person (For Lao person or foreigner specified in section 1.1).

6. The  Projects of the International Organizations

• Proposal Letter for new account opening from relevant organizations.
• Operation Permit
• Regulations of the organization that certified (stamped and signed) by the ministries or relevant organizations.
• MOU or Contract of the project between Lao Government and the financier.
• Executive Director Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account owner or the proxy person (For Lao persons or foreigners specified in section 1.1)

7. Embassies and Consulates

• Proposal Letter for new account opening (from Embassies and Consulates).
• Authorization Letter of the establishment of the embassy (from relevant organizations)
• Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account holder or the Proxy Person (For Lao persons or foreigners specified in section 1.1)

9. Documentation for International Financial Institutes and International Financial Institute under the supervision of International Organizations.

• Proposal Letter for new account opening from relevant organizations.
• Financial Institute License issued by BOL or MOF.
• International Financial Institutions License.
• Tax License or Taxpayer Number (If any)
• Regulations of the financial institution that certified (stamped and signed) by the ministries or relevant organizations). (If any)
• AML Check List  (If any)
• Resolutions of the Shareholders (If any)
• Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account owner or the proxy person (For Lao persons or foreigners specified in section 1.1)

10. Foreign Representative Office.

• Letter for new account opening (from relevant organizations).
• Certificate of Business Registration
• Tax License or Taxpayer number (If any)
•  Internal Regulations of the bank (If any)
• AML Check List (if any)
• Resolutions of the Shareholders (If any)
• Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account holder or the proxy person (For Lao person or foreigner specified in section 1.1).

11. State Enterprises.

• Proposal Letter for new account opening (From relevant organizations).
• Certificate of Business Registration
• Business Operation Permit (If have)
• Tax License or Taxpayer number (If any)
• Resolutions of Shareholders (if any)
• Executive Director Certificate or agreement on appointing the account holder
• proxy letter to authorize other person to perform the new account opening
• Identity documents of the account holder or the proxy person (For Lao person specified in section 1.1)

12. State own/ joint venture

• Proposal letter for new account opening from relevant organizations.
• Certificate of business registration or concision license or  Agreement from the government
• Business license (If have)
• Tax License or Taxpayer number (if any)
• Resolutions of Shareholders (if any)
• Executive Director Certificate or agreement on appointing the account holder
• Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account holder or the proxy person (For Lao persons or foreigners specified in section 1.1)

13. Shareholders or Partners of Privates and States.

This group of the companies including Production Groups, Agriculture-Livestocks, Fisheries Groups, Service groups, Associations, Cooperatives, Foundation Funds, Saving Groups and etc. The submitting of documents for new account opening required as follow:

• Proposal Letter for new account opening (from relevant organizations).
• Agreement on establishing associations/groups/cooperatives/foundations (from the government office).
• Business license (If have).
• Tax License or Taxpayer number (If any).
• Resolutions of the Shareholders (If any)
• Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account holder or the proxy person (For Lao persons or foreigners specified in section 1.1)

14. Domestic and International Enterprises. Proposal Letter for new account opening from relevant organizations.

• Certificate of Business Registration
• Tax License or Taxpayer number (if any)
• Resolutions of the Shareholders (If any)
• Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account holder or the proxy person (For Lao persons or foreigners specified in section 1.1)

15. Domestic and International concession company

• Proposal Letter for new account opening (with stamp)
• Concession License
• Tax License or Taxpayer number
• Executive Director Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• Identity documents of the account owner or the proxy person (For Lao persons or foreigners specified in section 1.1)

16. Financial institutions

• Proposal Letter for new account opening from relevant organizations.
• Certificate of Business Registration
• Tax License or Taxpayer number(if any)
• Business License issued by BOL or MOF
• Internal rules or regulations of the financial institution that certified (stamped and signed) by the ministries or relevant organizations (If any).
• AML Check List  ( If any ) AML Check List (If any)
• Executive Director Appointment Letter  or Agreement on appointing the account owner.
• proxy letter to authorize other person to perform the new account opening
• Identity documents of the account holder or the proxy person (For foreigner specified in section 1.1)

17.Commercial Bank

• Proposal letter for new account opening (from relevant organizations)
• certificate of business registration
• Tax License or Taxpayer number (if any)
• The Financial institute or commercial bank License issued by the Bank of the Lao PDR (BOL) or the Ministry of Finance (MOF).
• Regulations of the bank that certified (stamped and signed) by the ministries or relevant organizations) (If any)
• AML Check List  (If any)
• Executive Director Appointment Letter or Agreement on appointing the account owner.
• Proxy Letter to authorize another person to perform the new account opening.
• identity documents of the account owner or the proxy person (For foreigners specified in section 1.1)

Product Name

Payroll Service

Description

• The Payroll Service suits corporations, ministries and organizations that want to pay salary for their staff in an easy way which is more convenient, reliable and safe.

Benefits

• Employers can order to pay cheques with unlimited amounts and they are allowed to transfer one account to many other accounts.
• Conveniently and safely make transfers without cash handing in the large amount to pay for each employee.
• Ensure that each employee will receive the right amount to be paid by their employers.
• Conveniently and safely withdraw money at any BCEL branch or service unit across the country
• Can to transfer fund via Internet Banking.

Terms of Service

• Customers who order to pay must open the savings or current accounts with BCEL (If not have any)
• Payrolls via BCEL system between BCEL bank accounts are free of charge.
• If the Payroll is the transfer from a current account to other banks’ accounts, there is a request to complete the requested form provided by BCEL.
• Employers must provide relevant documents, which should be contained names, A/C number of employees who will receive their salaries, with an authorized signature and stamp (If any) to allow the bank to operate the payroll transaction (If the transfer is over the Counter) 

Product Name

Cheque books

Description

Cheque books are Used for all transactions related to deposit accounts including withdrawals, transfers, settlements and etc.

Benefits

To make transactions convenient for customer via their accounts by cheque writing to pay for purchasers.

Terms of Service

Customers must submit BCEL’s Cheque Book requested Form, specify number of the cheque book, the date and signed by the authorized persons specified in the condition when requested for account opening.

Product Name

Certificate of  Defaulted Cheque

Description

Is the Legal Certificates of the deposit account

Benefits

It is used to confirm account balance to account holders who ordered in case of insufficient fund.

Terms of Service

Procedure of  requesting for the Certified Letter of Defaulted Cheque:

• Bank will issue the Certified Letter of Defaulted Cheque to customer who requested for legal evidence.
• The bank official shall check the validity of the cheque, the balance in the customer’s account, in case of the account does not have enough balance, the Bank official shall issue the Certified Letter of Defaulted Cheque to the customer.

Fees

• For fee of the Certified Letter of Defaulted Cheque is 20.000 kip/ account/cheque

(Remarks: The fee is based on the Notice periodically issued by BCEL)

Product Name

Cashier Cheque

Description

Convenient, reliable and safe to use

Benefits

• Customers can order unlimited payments
• Cashier cheque can be used for settlements with any bank in the country, pay for taxes and pay for National Treasury.
• Can be used as guarantee for project bids. Using Cheque is a safer choice for payment. The payer can specify name, account number of payee in the cheque to ensure that such the payments will be credited to the right payee

Terms of Service

• Customers must complete BCEL’s Internal Fund Transfer From
• Customers can purchase Cash Cheque with the bank by cash or deducting the fee from the savings account. In case of the customer has the deposit account with BCEL, the requested person who might be the account owner  or non-account owner must comply with the requirements (Specified above)Cheque Issuance Fee is 15.000 LAK / 2 USD / 60  THB per cheque

 (Note: fees are based on the Notification on fees issued by BCEL periodically )

Product Name

Visa cheque

Description

• For Cashier Cheque or the cheque that customer has a certificate (VISA) from other commercial banks in the country is the complete cheque with enough money in the account, the customer can hand over to the bank or request for a transfer to the account shown on the cheque with bringing cash to the bank. This transaction is convenient and safe.
• Specific Service Days, Every Friday and the end of month, a half day service from  8:30-12:00 .After the cut off time, the cheques will be brought for clearing with BOL at 13:30.

Benefits

• Convenient, Reliable and safe to use.
• Reduced cash withdrawal to deposit with another bank.

Terms of Service

• Customers must write BCEL’s cheque deposit form by making a transfer to the account mentioned on the cheque.
• Cheque should be clean, no dirt, no tears, accurate written amount both in numbers and words, the date on the cheque must written in full form and writing in abbreviation is prohibited, The languages can be used for writing on the cheque are Lao, French and English (According to the Decree of Usage of cheque and Notices issued in each period time).
• For personal cheque must be confirmed by the Bank which the cheque writer has an account with. If a cashier cheque issued by the bank, there should be a signatory confirmation which provided by the issued bank for BCEL. Fees for the cheque deposit (According to BCEL’s regulations issued in each period).

Name

  Financial statement

Description

• Legal documents for deposit accounts

• Necessary Document required for: Auction, Interview, Domestic and International Aid, etc.

Financial Position: ​

• Account holders must write a request letter provided by BCEL
• Issuance Fee: 20,000 LAK/ 2 USD/ 80 THB/ 20 CNY/Account/Unit

Name

  Mobile Banking Van (Services in Rural/Suburb Areas)

Description

• Mobile Banking Van is one of other new services that allows those in rural/suburb communities to access banking services without visiting a branch
• The Ven includes ATMs with online services that customers can withdraw conveniently while customers can also open their bank accounts, exchange, apply VISA, ATM cards, register E-Banking, etc.   
• The location could change weekly to provide services

• Save time and money, especially customers who stay in rural/suburb communities as they don’t need to go to the bank for their prefered services
• Reduce risks associated with cash handing   

• Can access services at the locations as below:

Product Name

Clearing

Description

Clearing is formed to settle transactions between domestic banks though Bank of Laos.

Benefits

To facilitate domestic bank transfers and retrieves

Terms of Service

Terms of Service

• Only use Lao kip for clearing, other currencies can be done by proceeding to the Bank of Laos and VISA cheque must be only in THB and USD.
• Cheque should be settled at the bank before 6 month after the date on the cheque, the cheque must remain clean no stains or tears clear amount in number is written and in words. The date on the cheque must be written in full and it is prohibited to write the date in abbreviation. The language on cheque can be written in Lao, French and English.

(In accordance with the Usage of Cheque Decree and the Notice announced by the bank in each period time).

Product Name

AVIS

Description

AVIS is another choice to simplify and secure the fund transfer to other bank by issuing the Credit Note instead of Cash settlement.

Benefits

• Customer can access to the product at any BCEL service unit or Branch
•  The Customer can do the transaction by using Internet Banking, the customer does not have to hand the cash to the counter which is difficult and risky.
• The Credit Note can be brought to receive cash from the counter without waiting for collection from the issuer. The customers can choose to bring the Credit Note by themselves or allow the bank to settle for them.   

Terms of Service

• There are Bank transfer or bank deposit from have to be filled
• We do require an authorize signature of the account holder (in case of having a Bank account)
• For none of account owner must be authorized from the account holder by authorized form with their National ID, Family book or Passport
• Customer must indicate all services information such as:  Name and Account number of receiver a Bank‘s name that the customer is going to transfer money to
• Fees: 15000 LAK/2 USD/60 THB per transaction

(Notice: Fee is based on BCEL letter in each term)

Name

 Open a Bank Account

Description

  Your payment transactions could be easier whether paying for goods/services/bills including electricity, water, telephone, etc. by cash paid out or deducted from your deposit account.

• Save time, costs of transports and show your legal payments on time
• No queue while you can also access the services at any BCEL counters      

• Only show your bills and a bank account being used for that payment.
• Fill an application form provided by BCEL

Product Name

On Site Cash Pick-Up Service

Description

It is another service option which is convenient and safe for the customers who are in need to deposit a large amount of cash by requesting the bank for cash pick up in the door-to-door service.

Benefits

• The customers can deposit a large amount of cash without going to the bank.
• Cash will be credited immediately to the customer’s account after BCEL cashier signed to confirm the cash receive.

Terms of Service

• The customers must propose to BCEL for the purpose of requesting the service.

• The customers must sign a contract for On-site Cash Pick up Service with BCEL before making transaction.

Fees

• The distance not over 10 KM fee 100,000 Kip / time
• The distance 10,1 KM-15km fee 150,000 Kip / time
• The distance 15,1 KM-20km fee 200,000 Kip / time

(Remarks: Fees are according to the bank’s Announcement in each period time)

Product Name

Bank Statement

Description

It is a recording of the deposit account transactions

Benefits

• Facilitate customers to monitor the account periodically.
• Can be used to confirm project bids, interviews, domestic and international grants.

Terms of Service

• The customer has to submit BCEL’s request form, specify date and sign by the authorized person according to the condition specified when opening the account.
• In the event of the account owner requires for the bank statement, please contact the teller at BCEL service counters along with the Cheque Book or the Passbook, the Fixed Deposit Passbooks.  If the third person is assigned to perform, the Recommendation Letter or letter of Authorization must be signed by the account owner in accordance with the payment terms specified in the new account opening application form.

Fees

• 1 month-1 year:20.000 LAK/ 3 USD/90 THB/ 20 CNY / account

 (less than 20 pages, if it is over 20 pages charge 5.000 LAK,1 USD,25 THB,10CNY/ unit

• Over 1-2year: 50.000 LAK,7 USD, 220 THB, 50 CNY/ ACCOUNT

Not over 20 pages, if over charge 5.000 LAK,1USD,25 THB, 10 CNY/unit

• Over 2-3year: 100.000 LAK, 13 USD. 440 THB , 90 CNY / account

Not over 20 pages, if over charge 10.000 LAK, 2USD, 50THB, 10 CNY/unit

• Over3-4 year:200.000 LAK,25 USD, 880 THB, 180 CNY /account

Not over 20 pages, if over charge 10.000 LAK,2USD,50THB, 10 CNY/unit

• Over 4- 5 year: 300.000 LAK, 37 USD, 1.310 THB, 260 CNY / account

Not over 50 pages, if over charge 20.000 LAK,3USD,90THB, 20CNY/unit

• Over 5 – 10 year: 500.000 LAK, 65 USD, 2.200 THB, 430 CNY / account).

Not over 50 pages, if over charge 20.000 LAK,3USD,90THB, 20CNY/unit

• Over 10 year (in case can be provided): 1.000.000 / LAK 125 USD/ 4.400THB/ 860 CNY/ account).

Not over 100 pages, if over charge 50.000 LAK,7USD,220THB, 50CNY/unit

• Fees for sending statement by SWIFT is 280.000LAK/35 USD/1.230THB,250CNY/ account/month Remarks: The fee is based on the notice periodically issued by BCEL)

Name

  Foreign Exchange

Description

• The service is designed to suit your needs in that this will allow you to buy or sell a variety of currency pairs at the reasonable rates. Furthermore, the bank also provides other services, such as purchasing bank notes, traveler’s checks, and foreign currency drafts at any BCEL-service units or branches throughout the country.

Benefits

• By the nationwide BCEL network, exchanging currencies will be more convenient, save your time and costs of transport. In addition, you will receive a fair rate in each day to make the favorable exchange among a variety of currency pairs with the maximum amount at that date.    

​Terms of Services

• The bank accepts Cash or the BCEL passbook such as savings or current deposit accounts (if exchanging funds from bank accounts) and also need to fill out all of the details in the form provided by the bank. 
• You can check in details of all daily exchange rates on the display boards at any exchange or service units, branches and on the bank’s website.     

• Free of charge