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Monday, December 9, 2019

Best Foreigner Friendly Bank in Siem Reap?

Homepage Forum Siem Reap Forum Expat Corner Best Foreigner Friendly Bank in Siem Reap?

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  • #824

    jameswolf
    Participant

    I would like to know about banking in Cambodia. I do hope some of the forum members will be able to help me here with the relevant information. Why I ask! To run a business in the country you would need a bank so your monies would be safe. Secondly to enter the country with start up money! The other question here is would you have to declare an amount on entering the country! and what is the sum? On entering Thailand I think the sum to declare is over the 45,000 dollar mark. My friend opened a bank account in Cambodia, a sum deposited of 10,000 dollars with Acleda bank. He received a ATM card so he could withdraw when he wished! But the bank would only let him have the account for 3 months, then his account would be closed!!! I would be so happy to know of the best way of banking in Cambodia.

    #825

    Christophe Borgers
    Participant

    Hi,

    Most banks here in Siem Reap accept foreigners to open a bank account. Usually they require that you have at least a 6 months business visa. I never heard about the temporary 3 months bank account with Acleda as you describe… Either way, I wouldn’t recommend Acleda anyway… There are definitely better (and safer) options. Personally I would choose a bank with foreign ownership / management. My personal choice is Maybank. Other options are ANZ Royal and ABA. ABA is well known for its great service.

    Concerning your other question. Usually you just need to deposit about 50USD when opening a bank account. So no need to bring huge amounts in cash when entering Cambodia. I would advice to open a bank account and do a wire transfer afterwards. But if you choose to bring the cash anyway, i think you can bring in 10,000 USD a person in Cambodia without declaring it. In Thailand this is 20,000 USD as far as i know. (So not 45,000 USD as you mention.)

    Every bank will offer you the option of having a debet or credit card. Most banks also have online banking available. Do note that it’s best to withdraw money only from the ATM’s that belong to your chosen bank. ABA has by far the most ATM’s in Siem Reap. Maybank is the poorest option in this case with only a couple of ATM’s (and only 1 in the center of town).

    I hope this helps. If you have any more questions, then don’t hesitate to get in touch!

    Chris

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