Cambodia banks

[Clank]

VIsa?

View attachment 8900

That’s probably for in person application.

 

[Clank]

That sounds like a scam to me.

Probably not a scam, it’s just that they don’t have correspondent banking.

 

[Clank]

Update from panda bank

Dear Valued Customers,

Please be informed that our Aleta Singapore Account is currently experiencing an issue, and the service is temporarily unavailable until further notice. This means we are unable to process inward or outward remittances through Aleta Singapore at this time.

· Outward remittances: Can be processed through alternative channels (Thunes, EMQ).

· Inward remittances: Not available.

We will provide updates as soon as the service is restored. Please let us know if any immediate action is required.

Thanks for your Understanding

 

[cryptofriendly]

Update from panda bank

Dear Valued Customers,

Please be informed that our Aleta Singapore Account is currently experiencing an issue, and the service is temporarily unavailable until further notice. This means we are unable to process inward or outward remittances through Aleta Singapore at this time.

· Outward remittances: Can be processed through alternative channels (Thunes, EMQ).

· Inward remittances: Not available.

We will provide updates as soon as the service is restored. Please let us know if any immediate action is required.

Thanks for your Understanding

I have mentioned this in the past, and I'd like to remind everyone that this institution hasn't turned profitable yet,
and AFAIK doesn't have any physical branches in Cambodia, at least I haven't encountered any.
Nor have I ever met anyone having an account there. Not implying anything, just DYOR.

To give them some credit (pun) though, they have received backing from Sequiola Capital and Lightspeed Capital, so some smarter people than me seem to believe in it enough to put money behind it.

There are plenty of traditional profitable banks with long history available in Cambodia, with stable correspondent banks for SWIFT transfers, and they just 'feel' much safer, as for example the mentioned Acleda Bank.

Though the banks offering 9-10% interest I can count on one hand, and there is just one I'd trust, and its name doesn't start with a P, but a C.

Here is their annual report from their website for anyone interested:
https://ddvpb2hhaf2xe.cloudfront.net/20240709/7dc424276b2e43e70a46b9421aaffa87.pdf

 

[DoorBeDone]

Most banks will open on a 6 months extension.

Did you try to do it with 6 months or 12 months?

Could you clarify which banks would open the account with only a tenancy agreement and a tourist visa?

Hello sorry late answer
I am make 12 month visa . for me its not such a significant difference of just over 100 dollars
but I had to wait at least 6 months to meet the requirements in the banks (I didn’t open an account in all the banks I was interested in)
About banks, I know for sure that last year a good friend opened a UCB bank account with a tourist visa.
I personally visited ACLEDA before I applied for an extension, they refused my tourist visa, as did several other banks.

 

[cryptofriendly]

Hello sorry late answer
I am make 12 month visa . for me its not such a significant difference of just over 100 dollars
but I had to wait at least 6 months to meet the requirements in the banks (I didn’t open an account in all the banks I was interested in)
About banks, I know for sure that last year a good friend opened a UCB bank account with a tourist visa.
I personally visited ACLEDA before I applied for an extension, they refused my tourist visa, as did several other banks.

The difference between the 6 months extension and the 12 months extension is the price - and the fact that there is no work permit required for applying for the 6 months visa extension - legally it might be necessary, but it's not being forced.

With just the 30 day tourist / business visa it's difficult, but not impossible to open an account, depends on the branch. Having a stash of money and a rental contract, and meeting the branch manager might make it possible, the success rate wouldn't be higher than 20% though and one needs to go from one branch to another to try again - in the heat.

I actually opened my account at the biggest bank in Cambodia many years ago with just a tourist visa and a
guesthouse address - I still treasure my 4 digit long account number, with lots of zeros in the front - but this would be really difficult now.

With the 6 month extension and a rental contract the success rate is 80% (a Maybank branch kept pushing for the work permit or a receipt of the application for it though, other bank told me that I have to marry a local first).

With the 12 months extension and a work permit in hand, the success rate should be 99.9%.

Oh, don't forget to check your status at the bank - tell them you are resident (with your visa you officially are, especially with the 12 months extension, and the tax on interest changes from two digits to one. Half of my banks forgot that and I had to remind them myself.

 

[41632584]

The difference between the 6 months extension and the 12 months extension is the price - and the fact that there is no work permit required for applying for the 6 months visa extension - legally it might be necessary, but it's not being forced.

With just the 30 day tourist / business visa it's difficult, but not impossible to open an account, depends on the branch. Having a stash of money and a rental contract, and meeting the branch manager might make it possible, the success rate wouldn't be higher than 20% though and one needs to go from one branch to another to try again - in the heat.

I actually opened my account at the biggest bank in Cambodia many years ago with just a tourist visa and a
guesthouse address - I still treasure my 4 digit long account number, with lots of zeros in the front - but this would be really difficult now.

With the 6 month extension and a rental contract the success rate is 80% (a Maybank branch kept pushing for the work permit or a receipt of the application for it though, other bank told me that I have to marry a local first).

With the 12 months extension and a work permit in hand, the success rate should be 99.9%.

Oh, don't forget to check your status at the bank - tell them you are resident (with your visa you officially are, especially with the 12 months extension, and the tax on interest changes from two digits to one. Half of my banks forgot that and I had to remind them myself.

Were you ultimately successful in getting your Maybank account? My experience was that even with a work permit, they still wanted a certificate of employment.

 

[providenceventurer]

Hello sorry late answer
I am make 12 month visa . for me its not such a significant difference of just over 100 dollars
but I had to wait at least 6 months to meet the requirements in the banks (I didn’t open an account in all the banks I was interested in)
About banks, I know for sure that last year a good friend opened a UCB bank account with a tourist visa.
I personally visited ACLEDA before I applied for an extension, they refused my tourist visa, as did several other banks.

So UCB is possible

 

[providenceventurer]

I have mentioned this in the past, and I'd like to remind everyone that this institution hasn't turned profitable yet,
and AFAIK doesn't have any physical branches in Cambodia, at least I haven't encountered any.
Nor have I ever met anyone having an account there. Not implying anything, just DYOR.

To give them some credit (pun) though, they have received backing from Sequiola Capital and Lightspeed Capital, so some smarter people than me seem to believe in it enough to put money behind it.

There are plenty of traditional profitable banks with long history available in Cambodia, with stable correspondent banks for SWIFT transfers, and they just 'feel' much safer, as for example the mentioned Acleda Bank.

Though the banks offering 9-10% interest I can count on one hand, and there is just one I'd trust, and its name doesn't start with a P, but a C.

Here is their annual report from their website for anyone interested:
https://ddvpb2hhaf2xe.cloudfront.net/20240709/7dc424276b2e43e70a46b9421aaffa87.pdf

Which are the banks offering 9-10%?

 

[cryptofriendly]

Were you ultimately successful in getting your Maybank account? My experience was that even with a work permit, they still wanted a certificate of employment.

I had a 6 months extension w/o work permit at that time, and when I tried to convince the bank manager that I applied for the work permit and am still waiting to receive it, he told me that they'd accept the receipt (which you get when applying) as well. Try a different branch, push to the manager level, show them anything that screams 'this guy has business/residence/property' in Cambodia, or in Malaysia/Indonesia.

 

[DoorBeDone]

So UCB is possible

What my friend opened there last year is a fact. But you always have to convince the bankers that you are profitable for them. And its be last year, mean 5-7 month ago

 

[Why]

Quote:
Banking products
Accounts we set up online:
1/ Traditional bank account without the need to go to Cambodia. Opening an account is done online: installation of the banking application, verification and selfie. Then you order a card (UnionPay; soon there will be a Visa card) which we send to Poland. After verification, we get level 1 and a daily ATM withdrawal limit of $5k. We can perform level 2 verification without limits upon request. We receive a dedicated application for the account, using which we convert USDT into $ within a minute and deposit it into the bank account. It works great, tested on a daily basis. In this way, we have two applications on the phone that work together: a crypto exchange office (without KYC) and a bank to which we already receive FIAT. The disadvantage of this account are international transfers, which we have to order and are quite expensive, and the lack of MC and Visa cards. UnionPay card it doesn't work everywhere, but you can easily use it to withdraw cash from ATMs and pay in many places around the world and in Poland. In Asia, it works everywhere, crypto/fiat exchange cost 2.25%

2/ Cambodian "Revolut", a local fintech that works great but without an IBAN account, UnionPay card, limit of $5k per day, $100k can be transferred between users. Crypto/fiat exchange 3%. Here we also do it online, no need to visit us in person.

Accounts set up on site, require personal presence in Cambodia:
3/ Traditional bank account with all account attributes like in Europe, easy transfers, SWIFT, IBAN
MC, Visa, Union Pay cards with limits up to $50k per day. We only open an account in person, the cost is. Account maintenance is free, crypto/fiat exchange 3%. This fee includes a business visa from us, which entitles you to permanent residence in Cambodia.
There is a private banking option in a small bank, but this option must be discussed in person.

Cambodia is not a party to the CRS Treaty and does not report any financial information outside its borders.

interested

 

[Scratch]

I'm curious - there was once on this forum, a link to a SE Asian EMI or bank, that offered a card. I think remote onboarding was possible, and the card cost $500 to apply for. The website had a mostly orange-white design. Was this card from Cambodia (and if so does anyone remember it), or was it a neighboring country?

 

[41632584]

I'm curious - there was once on this forum, a link to a SE Asian EMI or bank, that offered a card. I think remote onboarding was possible, and the card cost $500 to apply for. The website had a mostly orange-white design. Was this card from Cambodia (and if so does anyone remember it), or was it a neighboring country?

Are you referring to https://ultimopay.io/ ?
Is using a Laotian bank.