Banking in Cambodia
Banks in Cambodia
List of Banks in Cambodia
- ACLEDA Bank. ACLEDA Bank Plc. …
- Canadia Bank. Canadia Bank is one of the largest local banks in Cambodia in terms of the market share of deposits and loans. …
- Foreign Trade Bank of Cambodia. …
- Union Commercial Bank. …
- Vattanac Bank. …
- Campu Bank. …
- Maybank Cambodia. …
- ABA Bank.
How to Open a Bank Account in Cambodia?
In order to set up a bank account in Cambodia, you usually need the following documents and the banks require your physical presence:
- A copy of your passport
- A copy of your business visa, as well as a letter of employment written by your employer
- Proof of Address in Cambodia
Can I open a Cambodian bank account online?
Due to documentation requirements, it isn’t possible to open a Cambodian bank account online, it requires your physical presence.
How much money do you need to open a bank account in Cambodia?
Banks require a minimum initial deposit of US$10 for residents, US$50 for non-residents, and US$100 for a corporate account.
What is the interest rate on a bank account in Cambodia?
Most offer <0.5% for a savings or current account / checking account.
ABA bank offers 3.7% to lock in your money for 36 months.
Can foreigners open a bank account in Cambodia?
Yes, with the correct documents.
Currency of a Bank Account in Cambodia
Most foreigners opt to open a US dollar bank account. You can use US dollars on the street in Cambodia and to purchase property.
According to the National Bank of Cambodia (NBC), while the KHR is growing in terms of circulation, 80% of transactions in the country are still done using the U.S. dollar.
- Khmer Riel (KHR) & US Dollars (USD) are available
The banks usually will issue a Debit card (Mastercard, Visa card or UnionPay). It may be possible to set up a new bank account without a work permit. You need to visit all the banks in person with your current bank statements and proof of address in Cambodia.
What is Proof of Address?
This is usually a utility bill, letter of proof of residence from your landlord or letter from the British embassy confirming your address in Cambodia.
It may be prudent to open a local bank account in US dollars, where you place small amounts of money & open an offshore international bank account where you hold the majority of your money in an international currency such as USD, GBP or EUR for security.
Many Brits open local bank accounts in USD not KHR, then hold an offshore account in GBP, EUR or USD for security.
Many British expats in Cambodia then opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money, whilst not attracting any offshore taxes.
What Happens if I Lose My ATM Card in Cambodia?
Many ATM machines in Cambodia have mechanical issues and sometimes it will swallow your ATM card. There are also internet connectivity issues.
If you lose your card, do not panic. Take a photo of the ATM Machine and call that bank. Usually you can come and pick that card up within the next three working days. Take a photo of your debit card when you set up your account for security purposes. This way, if you lose the card, you can read out the number.
How Much is the Khmer Riel Worth?
1 USD = 40,000 KHR approx.
*10th Nov, 2021
Many British expats in Cambodia opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money.
Offshore wrappers have no capital gains tax & no income tax. There is no tax on death if you are non-domicile in the UK (i.e. you are a permanent resident abroad). They offer a high degree of security & protection.
Want to Open an International Bank Account?