How to set up banking in Cambodia as a foreigner

The banking system in Cambodia may feel unfamiliar at first. Knowing the right steps before you arrive makes the transition much smoother.

Banking Overview in Cambodia

Opening a Bank Account in Cambodia

Foreigners can open bank accounts in Cambodia. The process difficulty is rated as Low, which means the process is straightforward with standard documentation.

Required Documents

• Valid passport or national ID
• Proof of address / residence registration
• Visa or entry stamp
• Tax identification number (if available)
• Initial deposit (amount varies by bank)

Digital Banking Options

Wise (TransferWise)

Wise has limited availability in Cambodia. While you may be able to send money to Cambodia, full local account features may not be available. Check their website for the latest on Cambodia-specific services.

N26

N26 is available in Cambodia. As a fully digital bank, it offers a straightforward account opening process, often without needing to visit a physical branch. The app provides real-time notifications, spending analytics, and competitive exchange rates.

International Transfers

When transferring money to or from Cambodia, consider these factors:

• Exchange rate: The currency is KHR. Always compare the offered rate with the mid-market rate.
• Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
• Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
• Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.

Salary and Everyday Banking

The average salary in Cambodia is approximately €300 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:

• Debit card (Visa or Mastercard)
• Online banking portal and mobile app
• Direct debit setup for rent and utilities
• ATM withdrawals (check fee policies)

Tips for Expats

1. Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
2. Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
3. Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
4. Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
5. Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.

Additional Practical Information

The following information is compiled from expat community sources and recent reports to complement the official data above.

Key Institutions and Services

Based on current expat reports, the following organisations and services are relevant for newcomers to Cambodia:

• Foreign Trade Bank

Additional Data Points

Recent reports and expat sources provide these additional figures for Cambodia:

• ATM machines can be found in all big cities in Cambodia, but most charge up to US$5 per transaction when accepting international cards. It is, therefore, a good idea to open a bank account when you're living in Cambodia, even if you wish to maintain a bank account in your home country too.
• It's good to also be aware that if you're heading out to the Cambodian countryside, the main currency used is Cambodian riel, and you'll likely only be able to spend US dollars in very small denominations. Therefore, plan ahead and be sure to have US$1 and US$5 notes to hand, and make sure that these are in good condition as they may well be rejected if in poor condition.
• To open a Convenience Plus account, you will need to deposit a minimum of US$500, and you can expect a monthly charge of just US$1 if you maintain this balance, or US$3 if you go under this initial amount.
• ACLEDA Bank is another popular choice, as it has more than 200 branches across the country. If you bank with them, you can expect to be able to pay your bills online to the utility companies and some mobile phone carriers, and they offer internet banking. To open a current account at ACLEDA, you will need to deposit a minimum of US$1,000 and keep at least US$500 in the account at all times.
• Alternatively, you could choose to open an account with Canadia Bank, which is another expat favourite. Canadia Bank does not ask for an employment contract, just a passport with at least 4 months valid extension of stay, a lease contract, and a deposit of only $10.

Additional data sourced from expat community reports. All information should be verified with official sources.