Banque Pour Le Commerce Exterieur Lao Public (BCEL) has announced that customers will now be able to receive international bank transfers directly into their accounts through MoneyGram.
The bank’s new service will make it easier for Lao people to receive money from relatives settled abroad and it is also a boon for digital nomads who work for foreign employers but are remotely based out of Laos. The transferred amount is expected to reach the recipient in just 24 hours.
To arrange for a MoneyGram transfer to their bank accounts, customers will need to mention their account number and account name to the sender, and they don’t need to visit the bank to receive the transfer.
The bank accepts transfers in Thai baht, US dollars, Euros, Singaporean dollars, Hong Kong dollars, Australian dollars, Canadian dollars, Japanese yen, and Pounds sterling.
BCEL also assists customers who need to transfer money abroad via SWIFT, the international standardized system, through BCEL’s correspondent banks for the payment of goods and services, school fees, and other fees.