Which bank account should you open in Cambodia?
If you plan to live in Cambodia for a while, one of the first things you will need to do after arriving in the country is to open a bank account. That’s why so many people are asking, how do I open a bank account in Cambodia?
Here at Cambodia Lifestyle, we’re happy to help! So scroll through the following to find out the answer for your Cambodian bank account queries!
How do I open a Bank Account in Cambodia?
Ok, so let’s break down how you open a bank account in Cambodia. There are a couple of key points within this list, so either write them down or seek assistance to make your move seamless.
Here are the steps you should take to open a bank account in Cambodia:
- Gather the necessary documents: To open a bank account in Cambodia, you will need to provide a valid passport, a copy of your work permit or visa, and proof of address, such as a utility bill.
- Choose a bank: Cambodia has several major banks to choose from, including ABA, Acleda, and Canadia Bank. Each bank may have different requirements, so it’s a good idea to research which bank best suits your needs.
- Open an account: Once you have gathered all the necessary documents, you can go to the bank and open an account. The bank will likely ask you to fill out an application form and provide a copy of your passport and proof of address.
- Provide a deposit: Many banks in Cambodia require an initial deposit to open an account. This deposit amount can vary depending on the bank, so be sure to check with the bank beforehand.
- Activation of the account: Once your account is opened, you will be provided with an ATM card and an internet banking account. You will then need to activate the account by following the instructions provided by the bank.
- It’s worth noting that some banks may have additional requirements, so it’s best to check with the bank beforehand. Additionally, some banks may require you to maintain a minimum balance in your account, so it’s important to be aware of this before opening an account. It’s also good to have a local contact to assist you with the process, as the language barrier could be an issue.
If you are moving to Cambodia for work or otherwise, you can explore relocation services or seek advice from local experts for the best options when in-country.
What are the best banks accounts in Cambodia for expats?
So let’s discuss the reasons why certain banks are considered among the best in Cambodia. One notable bank is ABA, which is praised for its QR code-based technology, making transactions with street-side vendors seamless. ABA also boasts one of the largest ATM networks among the major banks in the country.
All the banks in our list are suitable for general banking needs within Cambodia, providing a wide range of products and services, strong reputation, and economic stability. They offer excellent customer service and have an extensive network of branches and ATMs. There are, however, some unique differences that our readers may find useful.
Is ABA the best bank in Cambodia for ex-pats?
Considering convenience, ABA, or Advanced Bank of Asia, is considered by many to be one of the best banks in Cambodia. It introduced a full-scale banking app in the country, maintaining its leading position for user-friendly convenience. In 2022, ABA recorded a significant 250 million transactions, establishing itself as a major go-to bank in Cambodia.
What does ABA offer ex-pats in Cambodia?
Many new ex-pats are impressed by ABA’s technology, uncommonly seen in the West. The innovative mobile application allows users to top up their mobiles, transfer cash domestically instantly, deposit cheques, check ATM locations, pay bills, and use SWIFT international transfers.
Is ACLEDA Bank the best bank for ex-pats?
Considering social impact, ACLEDA is noteworthy. Beyond being a go-to bank, ACLEDA has a strong focus on supporting provincial communities in Cambodia through micro-financial services. This commitment provides firm support for the use of their services.
Is Bank of Canadia the best bank for ex-pats in Cambodia?
Bank of Canadia is known for its established reputation and has been operating for over 20 years. It offers a wide range of products and services, including competitive exchange rates and fees on international transfers. Choosing this bank when moving to Cambodia could be practical based on its general services and promotional offers.
Is Bank of Canadia the best bank for ex-pats in Cambodia?
For those moving to Cambodia through work, it’s important to note that your employer may already have a partnered bank with which you’ll need to open a payroll account. If this partnered bank is not suitable, you may need to open a separate account with your preferred bank and transfer money as needed. Most banks in Cambodia do not charge for domestic transfers, but it’s advisable not to transfer 100% of your cash to avoid being without funds during the transfer period if your receiving account is low or empty.
It’s crucial to be aware of your employer’s banking preferences when moving to Cambodia for work. Your employer may have a partnered bank where you need to open a payroll account. If the designated bank isn’t suitable for your needs, you might opt to open a separate account with your preferred bank and transfer funds as required.
In Cambodia, most banks don’t charge for domestic transfers, but it’s a wise practice not to transfer 100% of your cash. This precaution is essential to avoid being without funds during the transfer period, especially if your receiving account has a low balance or is empty.
When considering which bank to choose as an expatriate in Cambodia, it’s beneficial to weigh the services offered by each bank against your specific needs. The information provided about ABA, ACLEDA, and Bank of Canadia can guide you in understanding the unique features of each institution.
Whether you prioritize user-friendly technology, social impact, or international transfer services, each bank has its strengths. It’s advisable to conduct thorough research and possibly seek local advice to make an informed decision based on your preferences and requirements.
In summary, opening a bank account in Cambodia is a fundamental step for expatriates, and choosing the right bank involves considering factors such as convenience, services offered, and potential partnerships with your employer. Taking the time to understand the banking landscape will contribute to a smoother transition and financial management during your stay in Cambodia.
Author: Gareth Johnson
Gareth Johnson is the founder of Young Pioneer Tours and has visited over 180+ countries. His passion is opening obscure destinations to tourism and sharing his experience of street food.
