It\u2019s a well-known fact that Cambodia offers affordable living standards complemented by the trademark Asian hospitality. That\u2019s why it\u2019s no surprise that the Kingdom of Cambodia has been a choice destination for expatriates over the past decade.<\/p>\n
However, not many discuss the nitty-gritty of actual everyday life in the country. So, to make your life easier, Realestate.com.kh is giving you the essentials of how banking works for expatriates in Cambodia!<\/p>\n
The Cambodian Riel (KHR) is the official currency of Cambodia, however, the U.S. dollar is widely accepted throughout the country. Both currencies are used in everyday transactions; with the USD used for big transactions and the KHR usually used for small purchases or as petty change.<\/p>\n
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. As an expat, you don\u2019t have to worry much about this, as all banks in Cambodia support both currencies.<\/p>\n
Opening a bank account<\/strong><\/p>\n One of the best things about expat living in Cambodia is the ease of opening an account with almost any bank. All you need (as an expat) to open an account are the following:<\/p>\n Bring all of these 3 documents to any major bank and their staff will set you up with your very own Cambodian bank account. However, there are instances of some bank branches\/representatives asking for additional documentation as an exercise of due diligence. Better have these ready just in case:<\/p>\n So, the question now is, which bank should you go to?<\/p>\n TOP 5 Banks for Expats in Cambodia<\/strong><\/p>\n As a general rule for expatriates, we recommend you pick the bank that is most accessible to you. You can never be too sure when an emergency will arise, hence, we highly recommend that you also adopt this rule-of-thumb.<\/p>\n But let\u2019s say you\u2019re in a major city and there\u2019s a wide range of banks well within your area. This is where our recommendation of the top 5 banks for expats in Cambodia comes in:<\/p>\n ABA BANK<\/strong><\/p>\n ABA also is known as the Advanced Bank of Asia founded in 1996 is wholly owned by the Montreal-based National Bank of Canada (NBC), after its last 10 % share was acquired by NBC in October. ABA Bank serves financial products geared towards individual persons, micro-financing needs, and SMEs.<\/p>\n While ABA Bank is not the biggest bank in Cambodia in terms of assets, they do have the most sophisticated online banking app and payment network. Expat communities online generally recommend ABA Bank because of the ease of transaction within Cambodia and with personal accounts from their home countries.<\/p>\n ABA Bank has 67 branches nationwide, assisted by over 100 self-banking kiosks, and over 210 ATMs available nationwide.<\/p>\n Minimum Deposit Amount<\/strong>: USD 50 (for non-residents) \/ USD 10 (for residents) CHIP MONG BANK<\/strong><\/p>\n Chip Mong Bank is a relatively new entry into Cambodian banking sector. Having only started official operations in January 2019, ChipMong Bank has quickly grown to fill the gaps within Cambodia\u2019s increasingly digital banking space.<\/p>\n Chip Mong Bank is owned and operated by the ChipMong Group, a local conglomerate invested in different consumer products and services in the country. With their backing, Chip Mong Bank has opened a total of 5 offices (as of November 2019) located in Mao Tse Tung Blvd (Head Office), Phsar Deum Thkov, Preah Norodom, Boeng Salang, and Toul Kork.<\/p>\n Minimum Deposit Amount:<\/strong> USD Zero (0) for Premier Account J-TRUST ROYAL BANK (formerly known as ANZ ROYAL BANK)<\/strong><\/p>\n ANZ Royal Bank was established in Cambodia in 2005. The bank was initially a joint venture between Australia and New Zealand Banking Group Ltd., and The Royal Group of Cambodia. In 2019, the Japanese J-Trust Bank bought into the partnership and has taken over official operations since August of the same year.<\/p>\n Despite ANZ Royal Bank\u2019s limited presence with only over 40 branches nationwide, the bank still boasts as impeccable banking portfolio as acknowledged by the Global Finance Magazine with its 2015 Best Trade Finance Bank in Cambodia. In 2016, the International Finance Magazine awarded ANZ Royal its Best Foreign Retail Bank in Cambodia.<\/p>\n J-Trust Royal Bank\u2019s entry into the booming Cambodian banking sector is set to bring the trust associated with Japanese quality.<\/p>\n Minimum Deposit Amount<\/strong>: USD 500 BRED BANK<\/strong><\/p>\n Bred Bank officially opened its services in Cambodia in 2017 and is thus, one of the newest banks on this list. It is owned and operated by the BRED Banque Populaire, France\u2019s 2nd biggest banking conglomerate. It is the only French – and European – bank in the Kingdom of Cambodia as of 2019.<\/p>\n Bred Bank Cambodia\u2019s CEO, Guillaumme Perdon, said in an interview with the Khmer Times that the bank aims to break Top 5 or 10 banks in the Kingdom in the next 4 or 5 years. Bred Bank has multiple branches across Phnom Penh. Bred Bank also has branches in other major population centres such as Siem Reap and Battambang.<\/p>\n\n
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\nMaintaining Balance Required<\/strong>: USD 10 (both residents and non-residents)<\/p>\n
\nMaintaining Balance:<\/strong> USD Zero (0) for Premier Account<\/p>\n
\nMaintaining Balance<\/strong>: USD 100<\/p>\n