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 Open a Bank Account

Terms and Conditions​

1. Documents required to open a Bank Account

1.1 Lao Individuals who are originally residing in Laos

Legal docuemnts required:

• Valid ID, household registration book, pension card, military ID/police ID, passport, Monk Identity Cards

1.2 Lao Individuals who are not originally residing in Laos and foreigners:         

• Passport
• Work Permit Card (issued by the Ministry of Labour and Social Welfare of Lao PDR)
• Residence Permit Card
• Permanent Resident Card ​
• Staff ID Cards of Embassy/International Organizations issued by the Ministry of Foreign Affairs

Note: if Passport is used to open a bank account, other relevant documents should be provided as following:

• A proof of employment letter from their organizations (if staffs)
• To easily contact, a letter of guarantee is a written undertaking issued by Lao residents who have their accounts with BCEL Public; hewever, if their guarantors don’t have, they should be certified by the village chief who appointed to administer an area that guarantors residing

1.3 Lao/foreign Corporations (Enterprises):

• Business License, tax registration certificate (if any) and a official written request to open an account, a power of attorney letter (if depositors cannot open their account by themselves)

• Additional documents required as following 1.1

• If Business License is used by another to open a bank account, this requires the power of attorney (with the business owner’s ID) to allow that representative to act on behalf of the owner in opening a bank account and managing transactions.   

1.4 Government agencies, projects and organizations:

Bank Account for:

• Government: ​a official written request from the relevant department or organization with a seal/stamp (if any)
• Project: a official written request from the project manager who are in charge (certified by a signature and stamp (if any)), and also MOU required
• Organization: ​a official written request from the organization and also relevant documents (if any) to the organizations should be provided
• Additional documents required as following 1.1

Note: To savings and current accounts, customers can only open one account with one currency except different currencies and fixed-term deposits. 

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 Open a Bank Account

Description

• Available to any account transactions including cash withdrawals, fund transfers, payments for goods and services   

• Convenient use to any account transactions by cheque writing instead of cash to pay for goods or services

1. Issue Cheques

1.1 Customers must write a request letter provided by BCEL in that the customers should specify the quantity of chequebooks, date and signature, which will be a underlying format when ordering to pay.   

1.2 If the account holders want to add another supplementary account, they must go to the bank by themselves and bring their chequebooks/savings/fixed-term accounts. If not the account holders, they must write a power of attorney letter to allow another to act on their behalf. 

• Issuance of chequebooks: 50,000 LAK/  6 USD/ 200 THB/ 50 CNY/Book

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  Bank Statement

Description

• Record each account transaction.

• Easily check and manage daily account transactions
• Essential Document required for: Auction, Interview, etc.

1. Issue bank statements

1.1 Customers must write a request letter provided by BCEL in that the customers should specify the quantity of chequebooks, date and signature, which will be a underlying format when ordering to pay.   

1.2 If the account holders want to add another supplementary account, they must go to the bank by themselves and bring their chequebooks/savings/fixed-term accounts. If not the account holders, they must write a power of attorney letter to allow another to act on their behalf. 

Special Request for Bank Statement:  

• 1 ​​- 3 months: 10,000 LAK/ 1​​ USD/ 40 THB/ 10 CNY/Account
• ​Over 3 months -1 year: 20,000 LAK/ 2 USD/ 80 THB/ 20 CNY/Account
• ​Over 1-3 years: 100,000 LAK/ 12 USD/ 400 THB/ 100 CNY/Account.
• ​Over 3-10 years: 500,000 LAK/ 60 USD/ 2,000 THB/ 500 CNY/Account
• ​Over 10 years (if available): 1,000,000 LAK/ 120 USD/ 4,000 THB/ 1,000 CNY/Account
• Fees to send Bank Statement via Swift: 280,000 LAK/ 35 USD/ 1,100 THB/Account/Month.
• Issuance of chequebooks: 50,000 LAK/  6 USD/ 200 THB/ 50 CNY/Book

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  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

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 Bounced Cheque Vertification

Description

• Legal documents for deposit accounts

• Guarantee cheques if their accounts do not have sufficient funds

Issuance of Bounced Cheque Vertification:

• Bounced Cheque Vertification (not sufficient funds) will be issued to a customer who requires as his/her legal document
• Cheques must be carefully checked in details, including account balance and if not sufficient money then Bounced Cheque Vertification should be issued to a customer who required   
• Fee: 10,000 LAK/Unit

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  Audit Document

Description

• Legal documents for deposit accounts

• Guarantee transaction accounts to any Audit Firms

Providing financial information to Domestic and International Audit Firms:

• Audit Firms should send a request letter signed by the account holder to require the bank to provide information to that Audit Firms
• The account holder’s signature will be checked carefully before providing information to that Audit Firms

Fees, providing information to:

• Domestic Audit Firms: 50,000 LAK/ 6 USD/ 200 THB/ 50 CNY/Unit
• International Audit firms: 100,000 LAK/ 12 USD/ 500 THB/ 100 CNY/Unit

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  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:

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  Mobile Banking Van, Services at Events (Festivals, Ceremonies, Trade Expos)

Description

• This is another of BCEL’s services which makes things more convenient, particularly withdrawals to customers who are attending festivals, ceremonies, and trade expos. 

• During the Events, you can access the services, including payments for goods and services. Also, this could reduce risks associated with cash handing, avoid complicated procedures, save time and transaction costs occurred from both buyers and sellers      
• 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.
• Reduce risks associated with cash handing      

• Can access services at the Events:

• Festivals
• Ceremonies
• Trade Expos

Check on the website: www.bcel.com.la or through other advertising channels before the events  

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   Gold Trading

Description

• Trading gold is one of BCEL trading services that you can directly buy or sell gold in the international markets through your personal bank account. The available service including spot trading, good-till-date (GTD) trading (NY), or good-till-cancel trading (GTC) suits those who are interested in risky investments that allow you to make transactions many times in one day.

Benefits

• You can speculate gains and trade many times as you wish in one day (based on your balance). At the end of the maturity, the total amount of generated income in each trading transaction will be transferred to your bank account after settlements. You can also monitor the economic climate and gold trading trends at http://bcel.com.la

​Terms of Services

• You must hold a BCEL bank account such savings or fixed-term deposit
• You should state your purpose of trading in order to open a gold trading account
• You need to request a 10-digit code to be used for approval of your gold trading transaction.
• Trading times: 8:30–15:30, Monday-Friday

​Fees

      USD 35 per each transaction

​Trading Procedures

Spot Trading:

1. Give the name of the account holder
2. Provide the account number specified in the agreement that allows for funds to be deducted according to the determined gold rate.
3. Give the 10-digit code to confirm the order and process of the approval
4. Ask for the gold price with the BCEL staff by calling 021-219308 to order with the agreed price
5. After finalizing the agreed price, BCEL will send you an official agreement to confirm the order and then you must sign and stamp (if you have a seal) before faxing it back to 021-262764 or taking it to the bank in person.
6. In a case that you come to the bank in person after finalizing the agreed price, BCEL will provide a confirmation for the customer who signed the agreement, the signature of whom must match that on the contract. This agreement must officially be stamped each time.                 

Good-Till-Date (GTD) Trading (NY):

1. Give the name of the account holder
2. Provide the account number specified in the agreement that allows for funds to be deducted according to the determined gold rate.
3. Give the 10-digit code to confirm the order and process of the approval
4. Provide your desired price
5. Wait for the official letter of the confirmation from BCEL by fax and then you need to sign and stamp (if you have a seal) before sending it back to 021 262764 or take it into the bank in person
6. This order will be cancelled immediately if the New York market is closed or in the event that the market price does not reach the expected price that you have ordered.

Good-Till-Cancel (GTC) Trading:

1. Give the name of the account holder
2. Provide the account number specified in the agreement that allows for funds to be deducted according to the determined gold rate.
3. Give the 10-digit code to confirm the order and process of the approval
4. Provide your desired price
5. Wait for an official agreement to confirm the order from BCEL by fax and then you must sign and stamp (if you have a seal) before faxing it back to 021-262764 /218977 or taking it to the bank in person.

This order will not expire, but this will only take action if the market price matches with the price that you have ordered (Customers can cancel the order at any time by telephone). 

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   Fund transfer (Walk in Customers)

Description

• Fund transfer service is available to customers who don’t have bank accounts. They can receive transfer money from branches or service units, only informing their name and surname with ID/Household Registration Book/Passport/Military ID/Police ID

• Can receive money within 5 minutes or a preferred day 
• Convenient to customers who don’t have bank accounts, but they can receive transfer money from any branches and service units across the country

• Fees: 15,000 LAK/ 60 THB/ 2 USD
• If cash handing exceed 20,000,000 LAK, the fee will mutiply 0.05% of the amount of transfer money,
• Minimum: 15,000 LAK/ 2 USD/ 60 THB/transaction
• Maximum: 200,000 LAK/ 25 USD/ 700 THB/transaction 
• If Lao citizens, it requires ID, Household Registration Book, Staff ID, military ID, police ID or passport of receivers from another branch or service units in order to prove before receiving transfer money
• If foreigners, they should show passport, Work Permit Card (issued by the Ministry of Labour and Social Welfare of Lao PDR), Staff ID Cards of Embassy/International Organizations issued by the Ministry of Foreign Affairs—before receiving transfer money

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 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

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  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