Best Banks in Laos: Services and Comparison

Choosing the right bank in Laos can make a significant difference in managing your finances, whether you are a local resident, expat, or business owner. The Lao banking sector boasts a selection of reputable banks that offer a range of financial products from savings accounts to international money transfers. This article compares the top banks in Laos by services, fees, accessibility, and digital capabilities.

1. Banque pour le Commerce Exterieur Lao (BCEL)

Overview

BCEL is the largest and one of the oldest banks in Laos. It has an extensive branch network across the country and is widely trusted for personal and business banking.

Key Features

• Wide range of account types including savings, current, and fixed deposit accounts.

• BCEL One mobile banking app allowing easy fund transfers, bill payments, and balance checks.

• Supports multi-currency accounts with USD and Thai Baht options.

• International remittance services including SWIFT transfers.

Fees and Charges

• Low minimum deposit for savings accounts.

• Competitive ATM withdrawal fees domestically and internationally.

• Account maintenance fees vary depending on account type. 

2. Lao Viet Bank

Overview

Lao Viet Bank is a joint venture between Lao and Vietnamese interests and is popular among the business community.

Key Features

• Offers multi-currency accounts, especially favorable for Vietnamese businesspeople in Laos.

• Online banking and mobile banking services for convenient account management.

• Business loans, trade finance, and SME banking services.

Fees and Charges

• Slightly higher minimum deposit compared to BCEL.

• Attractive interest rates on fixed deposit accounts.

• Competitive fees on international transactions. 

3. Banque Internationale du Commerce (BIC)

Overview

BIC is a newer player focusing on innovative digital banking solutions for young customers and entrepreneurs.

Key Features

• Easy-to-use mobile app with instant notifications on transactions.

• Flexible account types with low minimum balance requirements.

• Attractive promotions for youth and startup accounts.

Fees and Charges

• No monthly maintenance fees on basic accounts.

• Free domestic transfers between BIC accounts.

• Slight fees for ATM and international services. 

4. ANZ Laos

Overview

ANZ Laos is the local subsidiary of the Australia and New Zealand Banking Group, known for international standards and services.

Key Features

• Strong focus on corporate and business banking.

• Competitive forex services and international wire transfers.

• Modern digital banking platforms with dedicated customer support.

Fees and Charges

• Higher minimum deposit requirements, especially for business accounts.

• Professional account management with personalized service.

• Fees aligned with international banking practices. 

How to Choose the Right Bank for You

• For Personal Use: BCEL and BIC generally offer the best accessibility and user-friendly digital services for personal accounts.

• For Business: ANZ Laos and Lao Viet Bank provide stronger trade finance and corporate services.

• For Expats: Look for banks providing multi-currency accounts and ease of international transfers, such as BCEL and ANZ.

• Digital Banking: If mobile app experience matters, BIC leads with innovative features and promotions. 

Conclusion

Laos offers a diverse banking landscape to meet the needs of locals, expats, and businesses. By comparing services, fees, and digital options, you can select a bank that aligns with your financial goals and lifestyle in Laos. 

About CITS Laos

Managing your banking options and government services in Laos can be effortless with expert guidance. CITS Laos offers resources and digital assistance to help you navigate the Lao financial and administrative systems confidently. Visit cits.lafor support and expertise.