I hope the use of bitcoin will help these migrant workers to obviate the necessity to patronise the banking institutions. This is becoming very popular in Nigeria and other African countries.
I hope the use of bitcoin will help these migrant workers to obviate the necessity to patronise the banking institutions. This is becoming very popular in Nigeria and other African countries.
I just sent some money to Laos yesterday by Moneygram. I presume it works the same for Cambodia. I used the Moneygram's web and my credit card and everything went smooth and quick. I sent 300 EUR and I had to pay 3.29 EUR as a fee. The official fee was 3,99 EUR but I got a discount of 0,80 EUR for being a returning customer). My friend in Laos received 350,67 USD (he actually received only 350 USD).
The whole account is: I payed 303,29 EUR and he received 350 USD, The final rate is 1,000 EUR = 1,154 USD, just 1,7% more than xe.com (1 EUR = 1,174 USD)
My friend received the money in cash just 1 hour later. I think it is not a bad deal.
christianpfc (October 29th, 2020)
Seems like a good conversion from Eur to USD.Originally Posted by siscu58
Did they actually pay him in USD ?
USD is effectively the currency in Cambodia, since the ATMs issue USD and USD are typically used for most transactions of over $1~2.
However, in Laos, with the exception of hotels catering to tourists, most transactions seem to be in Lao Kip and businesses have become reluctant to accept USD. So I imagine he will have to convert it.
However, I did notice some very low spreads on currency conversion when last in Laos in early 2019.
No. I was wrong. I thought they payed my friend in USD because that is what the website said but in fact they paid in Lao Kip, as you said.
The exchange rate was surprisingly good. For 300 EUR (cost 303,29 EUR) MoneyGram offered 350,67 USD in their web and finally my friend was given 3,490,000 LKP..
This makes the actual rate at 1 EUR = 11,507 LKP (303,29 EUR for 3,490,000 LKP), well over the official exchange rate.
Since the xe.com mid-market exchange rate is 1 EUR = 10,884 LKP,
It makes a very good deal in my opinion.
goji (October 29th, 2020)
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