Understanding the Financial Landscape

Currency:

Cambodia uses the Cambodian Riel (KHR), but the US Dollar (USD) is widely accepted, especially in urban areas.

Banking System:

Major banks include ACLEDA Bank, Canadia Bank, ABA Bank, and ANZ Royal Bank. Banks offer savings accounts, fixed deposits, and various loan products.

Currency Exchange

Opening a Bank Account

Requirements:

  • Valid passport and visa.
  • Employment contract or proof of income.
  • Some banks may require a minimum deposit.

    • Steps:

    1, Choose a bank with convenient branch locations and services that meet your needs.
    2, Visit the bank with required documents.
    3, Fill out the application form and deposit the minimum required amount.
    4, Receive your account details and any related banking tools (e.g., ATM card).

    Spacial Case

    Some bank accout can be created visually on mobile phone such as ABA, ACLEDA, ect.
    you just need to do as the instruction and requirement that provided in their application.

    Save your money

    Using Savings Accounts of the bank to help you save your Money

    Regular Savings Account:

  • easy access to funds with minimal interest.
  • Fixed Deposit Account: Offers higher interest rates in exchange for locking your money for a set period.

    • Interest Rates:

  • Interest rates on savings accounts are generally low.
  • Fixed deposits offer better rates, typically ranging from 4% to 9% annually.

    • Tips:

  • Compare interest rates and terms across different banks.
  • Consider currency risks if you plan to save in USD.

    • Bank For Saving

    Here some recommendation bank in Cambodia that you can compare interest rates.

    Grow your money

    Investments:

    1. Real Estate:

  • Cambodia's real estate market has seen significant growth.
  • Foreigners can own property, but only above the ground floor (condominiums).
  • Thoroughly research property laws and consider working with a reputable real estate agent.

    • 2. Stock Market:

  • Cambodia Securities Exchange (CSX) is relatively new but growing.
  • Consider mutual funds or ETFs for diversified exposure.

    • 3. Business Opportunities:

  • Cambodia has a growing economy with opportunities in sectors like tourism, agriculture, and manufacturing.
  • Understand local business laws and consider partnerships with locals.

    • Taxes

    Taxes