Laos' Very First ATM Machine

[Guest]

This was in today's "Bangkok Post," in the "Insider" section:

 

 

 

Bumps on the capitalist road in Laos

 

 

 

Laos ... excuse us, Tiny Landlocked Laos in the mandatory newspaper parlance ... took a baby step along the capitalist road recently. In case you missed it, the country's first automatic teller machine opened in the capital, officially known as Sleepy Vientiane.

 

 

 

Reader M.L., a resident of Vientiane, reports that people have not exactly been queueing to use the technological marvel at the BCEL Commercial Bank on Pangkham Road. It could be that the costs outweigh the convenience.

 

 

 

The machine's arrival was the main story on the front page of the Vientiane Times, which dutifully explained to its readers how the system worked.

 

 

 

But first a word about those costs. Customers can purchase a Cashcard for 25,000 kip (about 150 baht) or a Goldcard at 100,000 kip. A replacement ATM card in Thailand, where incomes are substantially higher, sets you back 50 baht. There's also an annual fee of 100,000 kip, and the fee for each withdrawal is 1,000 kip, or about six baht. Customers can make a maximum of four withdrawals a day, to a limit of 100,000 kip for regular folk and 200,000 for Goldcard holders.

 

 

 

Reader M.L. provides some additional context by converting the kip into the prevailing US dollar rates:

 

"If I want to withdraw cash, I can withdraw a maximum of $2.50 per withdrawal and I get to do this four times per day. So If I want to go on a spending spree, I can withdraw, in one day, the vast sum of $10 _ minus of course the fee of 40 cents since there is a fee of 10 cents every time I withdraw.

 

 

 

"Clearly, this ATM is not designed for the big spender. But would the small spenders use the ATM to get the cash? It's a very expensive way to do your banking.

 

 

 

"And how much did the bank pay for this ATM? Maybe $50,000. Perhaps this arrangement is due to the fact that the largest note in Laos is 5,000 kip (52 cents) so the holding tray would be filled to overflowing if the equivalent of $100 was put in."

[JCK]

Lol - I saw this ATM a few weeks ago. It?s on the side road near the Lane Xian Hotel. I think it dispenses dollars, however, and not kip (can't imagine why!!!!). Good job I wasn't tempted to try and use it - goodbye ATM card!

 

 

 

My God! It's bad enough having to stand behind a Thai for hours whilst they dither at the ATM. Imagine what the Laotians will be like!

 

 

 

<<Laos ... excuse us, Tiny Landlocked Laos in the mandatory newspaper parlance ....... officially known as Sleepy Vientiane.>>

 

 

 

I didn't see the article so don't know who wrote it; a teeny bit condescending perhaps. Not all countries can be world beaters like Thailand.

 

 

[danish30]

I have seen both Thai Farmer Bank and Bangkok Bank present in Vientiane, for some time already. Never used them though, but I believe it would be safer to withdraw money in those if you didn't bring enough with you.

 

 

 

Best regards,

 

 

 

Danish30

[Guest]

Thai BANKS have been there for some time, but are you sure that they have their ATMs there???

[StoneSoup]

As of February of this year, the two Thai banks within sight of the Thai embassy visa office (which is in a little strip of shops, and not at the embassu proper) did NOT have ATM machines. I know one of these was Thai Farmer's Bank - I don't remember the other one's name.

 

 

 

Stone Soup

[danish30]

I can't remember seeing any ATMs on the outside, I will have a closer look next time. They might have an ATM located inside, but for those with accounts in one of those two major Thai banks it is convienient that they are also present in Laos.

 

 

 

Best regards,

 

 

 

Danish30