How to open a bank account in Cambodia?

How to open a bank account in Cambodia? Opening bank account in Cambodia is extremely easy, particularly when compared with countries such as China, or Vietnam. Having a bank account in Cambodia will also save you money and allow you to buy things online and embrace the fin-tech cashless society that is becoming the norm now.

How much does it cost to withdraw money form an ATM in Cambodia?

This where the money saving part comes in, the minimum charge for withdrawing form an ATM with an international card is $4-5. If you are withdrawing larger amounts, from the few ATM’s that allow it then costs are even higher.

Therefore if you qualify, then opening a bank account in Cambodia makes logistics and financial sense.

Who can open a bank account in Cambodia?

Here is the tricky part as it were, you have to be on a long term visa, either a work visa, retirement visa, or the like. If you are one of the estimated 71000 people on expired tourist visas you will not be able to open a bank account (we have tried). The good news is that converting from a tourist visa is now relatively cheap, easy and we can help with the process.

To read about converting to a business visa from a tourist visa click here.

What do I require to open a bank account in Cambodia?

You will need to present your passport, with the correct visa and may, or may not be asked to provide a work permit. ABA did not ask me, although Sathapana did. My bank account at FTB (more on them later) was arranged by my employer and not by choice.

You will also need to show a rental contract in your name to open a bank account in Cambodia. You will be asked why you want a bank account and your job, if you are self-employed simply say to receive salary, be it from abroad, or locally.

What is the best bank in Cambodia for expats?

During communist times there was literally one bank in Cambodia, but banks seem to popping up every day in the country now, meaning it is a tough choice as to what bank account you should open.

ABA Bank – Cambodia

In reality the bank with the most branches, ease of access and the best banking is ABA Bank. You will see their ATM’s everywhere and most restaurants bars and shops will either allow you to scan via your ABA account, or to send a direct ABA bank transfer. They offer Visa, MasterCard and most interestingly UnionPay, with you being allowed to have multiple cards.The ABA banking app is by far the best and most professional of all banks, which really makes a difference. In reality even if you have accounts at other banks, you need to have ABA regardless.

ACLEDA Bank

This bank was originally set up as micro-finance institution for people in the countryside, but has since expanded to be one of the biggest banks in Cambodia. Lots of branches throughout the country. Their cashless option is also decently accepted. These are one of the banks that the government will accept cash deposits for opening a company. The app is not as goos as ABA, but better than many others.

Sathapana Bank

They have just built a shiny new office in Phnom Penh, are one of the biggest lenders in the country and are trying to position themselves for both foreign and local clients. The parent company is biggest bank in Japan, so expect these guys to be really competitive in the future. One of the few banks that will allow an “online account” if you do not have a work visa (works similar to Wing). Opening an account here is simple and takes 30 minutes, you will though need to present a work permit. The app is OK, but again nowhere near as good as ABA.

You can read about Sathapana Bank here.

Foreign Trade Bank

Had my employer not opened this bank account for me I would not have this account. The cards are incredibly flimsy and there are simply far too few branches, meaning it is almost impossible to with draw your money. In the end you end up transferring to your ABA via Wing – which costs money. They are useful if you want to open a business in Cambodia though, as one of the approved banks for the capital investment. The worst banking app I have ever seen in the world, like ever.

Wing Specialized Bank

Wing are not a bank as such, but were created a part of the fin-tech revolution in Cambodia. You will see branches everywhere and they are kind of like a localized version of Western Union, who they are also partnered with. You can store money on your Wing app and do everything from pay bills to topping up your phone, as well as cashless payments and transferring money to Cambodian bank accounts.  At some point we will give Wing their own article, but the most useful, or interesting aspect of Wing is that anyone can open an account, regardless of visa.

You can check out the Wing App here.

Amazingly there are a ton of other banks in Cambodia, in reality far too many than the market dictates, with some form of consolidation likely to happen at some point. This means there are other options for opening a bank account in Cambodia, but for now at least these are enough to keep you going.

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