Cambodia banks

[cryptofriendly]

You are definitely the Cambodian resident expert!

Thank you for sharing

Thank you.
If anyone needs more hand holding, I can help.

Is there a way to auto charge every 2 weeks?

You don't need to charge every 2 weeks.
You can just charge $2 many times on the same day, and it adds up the total validity of the SIM.
I am good until January 2025 with my SIM now.

Not sure about others, but using Smart - charging just $1 gives you 1 week "validity" followed by an additional 60 days "grace period" where you can only receive SMS/calls (sending SMS/calling disabled). That is just perfect for receiving OTPs, and you never lose your balance. That's what I've been doing for many years - top up $1 every 67 days.

They also have a $2 subscription that increases the validity period to 90 days, but that actually debits $2 from your balance

So one year using this method will be ~ $5.5, and you get to keep those $5.5 in your balance to use when you're visiting.

Yeah, Smart is good for that, so you can keep your number with low cost. There were 'superlong' plans before, can't find them anymore.
I have cellcard myself, and through all that data charging for using internet, my SIM validity is already extended until 2025.

 

[csp dubai]

is this a forum for people who wants to save 2 euro a mounth? the quality is really going down soon is losers offshore club if you not have 1 m usd in bank account not even touch offshore is too expensive for you

cambodia seems interesting any way , do the banks offer multicurrency accounts and some kind of private banking option?

 

[daniels27]

is this a forum for people who wants to save 2 euro a mounth? the quality is really going down soon is losers offshore club if you not have 1 m usd in bank account not even touch offshore is too expensive for you

I don't think so. They are just many people coming once with an idea that never works and we waste time on them.

For your question, I think there are many here with 20+ SIM cards and an even higher number of bank accounts. Managing am those gets tiring when they require their attention not than once per year.

cambodia seems interesting any way , do the banks offer multicurrency accounts and some kind of private banking option?

Yes and which ones you recommend?

 

[cryptofriendly]

is this a forum for people who wants to save 2 euro a mounth? the quality is really going down soon is losers offshore club if you not have 1 m usd in bank account not even touch offshore is too expensive for you

cambodia seems interesting any way , do the banks offer multicurrency accounts and some kind of private banking option?

Yeah, you can open an account in USD/EURO/KHR. Maybe SGD too, haven't attempted it myself.
Private banking is available, starts from around 500,000 USD total deposit. Cambodia is used to Chinese money, no cheap private banking like in Georgia.
But, if you smile to the bank teller girl and ask, she will give you her telegram contact, which might be useful for that.

 

[JohnLocke]

500 and 1500 usd is the service provider fee. I'm just researching options, don't think banks in Cambodia are competitive in terms of fees or reliability. Main purpose is avoiding EUSSR

What are the requirements to open a business bank account in an Cambodian bank ?

 

[cryptofriendly]

What are the requirements to open a business bank account in an Cambodian bank ?

It's not as straightforward as a personal account. From ABA Bank's website:

To open a corporate account, you need to provide the following documents:

• Original and latest Memorandum and Articles of Association (M&A) signed by all directors of the Company.
• Certificate of Commercial Registration / Incorporation issued by Ministry of Commerce or a printed version of Certificate of Registration with QR code.
• Original Board of Directors Resolution to appoint signatory(ies) and account mandate.
• Original and valid National ID or Passport of all Shareholders and Directors.
• Original and valid National ID or Passport of all Authorized Signatory(ies).
• Business Tax Patent (if applicable).
• Business License issued by relevant ministry and/or authority (if applicable).
• Letter of Approval from relevant ministry or authority (if applicable).
• Sample of Board of Director Resolution (please use company’s letterhead and incorporate the content in the sample Board of Director Resolution where applicable).

And, fill in the following forms:

• Corporate Account Form (Section 5 refers to FATCA Status Code);
• UBO Declaration Form;
• Sample of Customer Information Form (simple) for UBO(s) (shareholder(s) with 20% or more) and director(s) who are not appointed as signatory(ies);
• Specimen Signature Form and Customer Information Form(s) to be signed by Authorized Signatory(ies) in front of a Bank staff.

Additional requirements:

• Company seal to be appended on Board of Director Resolution and other relevant documents (where applicable).
• Customer is required to disclose Tax Registration number (TRN) or Tax Identification number (TIN) where applicable.
• Authorized Signatory(ies) is/are required to be present at the Bank or in front of a Bank staff.

Note
- Account for Financial Institutions: Requirements may differ, please contact our branch for more information.
- In addition to the required documents for account opening above, customers shall also comply with the Bank's onboarding policies and processes before the account opening.

 

[JohnLocke]

Thank you very much for this detailed information from this bank and it's requirements. I will do some more research.

 

[padres123]

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.

Yes, the offer can be found on Twitter (X). Costs $ 1150 and is therefore very interesting. I don't know if everything is right, but some on X are satisfied. You can pay with XMR and LTC (Mweb).
Let me know if you bought it and are satisfied ... Thanks

 

[Piano]

Your service provider sounds a little dodgy, especially option Nr. 1. Option 3 offers PERMANENT residence? LOL, there is nothing like that.

Both the fees are too high, usually it's free to withdraw Riel and USD with the VISA/MASTER/UNIONPAY card, and you pay 2% for the visa exchange fees withdrawing in other currency.
For crypto you can use P2P on binance, fees less than 1% for Cambodian bank withdrawals with P2P.


Option 2), the Cambodian Revolut is https://www.wingbank.com.kh/en/
You can download their app in the google store and open an account with it easy. Don't need to pay anyone for that account.

You can get away with a 6 month visa extension ($160 + $25 for them to create documentation if you haven't any), and NO workpermit at most banks.
You can get a 6 months extension with no WP, to apply for 1 year you need WP.
ABA. Acleda, CAB, etc. all require just 6 month visa extension, some may as for a rental contract >6 months.
Sounds complicated, but if you spend an afternoon bank shopping you'll have 3 accounts at 3 different banks without much trouble.

Oh, and yeah, you can keep and use the account even if you aren't in Cambodia later on.

What is the minimum time you need to spend in cambodja to get a bank account ?

 

[Clank]

What is the minimum time you need to spend in cambodja to get a bank account ?

One day.

 

[Piano]

One day.

Why we are talking then about VISA of 6 months ?

 

[TheCryptoAnt]

Why we are talking then about VISA of 6 months ?

because you dont know how to read

 

[Piano]

because you dont know how to read

You write the following :”
You can get away with a 6 month visa extension ($160 + $25 for them to create documentation if you haven't any), and NO workpermit at most banks.
You can get a 6 months extension with no WP, to apply for 1 year you need WP.
ABA. Acleda, CAB, etc. all require just 6 month visa extension, some may as for a rental contract >6 months.
Sounds complicated..”

One day to get a bank account , you say
The same day you will able to get a VISA for 6 months to be able to apply for a bank account ?

Sounds confusing..

 

[daniels27]

I think you need minimum a week as you need to apply for the visa extension first.

 

[Freetrade]

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%

This looks ok for a crypto debit card option.

How much info does Cambodia share? I see they are non-CRS but they are listed on https://web-archive.oecd.org/tax/transparency/index.htm

 

[BarleyMalt]

@cryptofriendly Do you know alternatives to Binance p2p for cashing out crypto to a cambodian account?

 

[cuno]

I have no idea how banking in Cambodia works, but can you make regular SWIFT transfers to a bank account in Cambodia, or how does it work?

 

[daniels27]

I have no idea how banking in Cambodia works, but can you make regular SWIFT transfers to a bank account in Cambodia, or how does it work?

Yes, you can. They behave pretty much like banks. With SWIFT and the like.

 

[cryptofriendly]

@cryptofriendly Do you know alternatives to Binance p2p for cashing out crypto to a cambodian account?

You could use RGX, the official licensed and approved exchange in Cambodia, run by Royal Group.

Mind you, I have never tried it, and I don't know about P2P or fiat withdrawals on that platform,
I don't believe that's secure enough (non-hackable) for daily use.

Since RGX appeared, most of crypto exchanges are actutally being blocked now (though the block is only dns server based, and easy to circumvent), as RGX is the only one licensed.
https://asia.nikkei.com/Spotlight/C...-blocks-access-to-16-crypto-exchange-websites

There were two more independent exchanges for btc<->fiat exchanges, but I can't find them now, one was run by Ly Hour, the other one by some Russian.

You can still do USDT 2 cash at many moneychangers in PP, I guess that they'd transfer it directly to your account as well if you show them your banking qr code. Localbitcoins & co. don't have many active members in KH.

 

[padres123]

Yes, you can. They behave pretty much like banks. With SWIFT and the like.

• Bisq client () [NO KYC] ← Fully decentralized and non-custodial. Uses Tor, automatically. L-BTC / Blockstream’s Liquid Network ( https://help.blockstream.com/hc/en-us/articles/900000633526-Where-can-I-get-a-Liquid-wallet-) is a supported payment method. Guide
• RoboSats (, only) [NO KYC] ← Non-custodial. Requires Tor browser. @robosatsOB OrderBook. Guide
• HodlHodl () [NO KYC] ← Supported payment methods include Lightning network () as well as Liquid Network ( https://help.blockstream.com/hc/en-us/articles/900000633526-Where-can-I-get-a-Liquid-wallet-) (BTC, Tether, CAD).
• LocalSats () [NO KYC] ← Buy and Sell Bitcoin in-person
• LocalCoinSwap () [NO KYC] ← Non-custodial
• P2PCoins.io () [NO KYC] ← Non-custodial
• Bitcoin.Global ()[NO KYC]
• Remitano [NO KYC for Seller (only Buyer must KYC)]

Altcoin-only P2P Trading exchanges​

• Haveno DEX client () [NO KYC]← Fully decentralized and non-custodial. Uses Tor, automatically. FAQ
• ByBit P2P ← USDT only, initially. Not available in the U.S.
• Benkiko ← USDB only, initially
• Timbuktu [NO KYC (for offer taker)]
• Ethfinex Trustless OTC
• Hubi
• KuCoin OTC
• Whales Heaven ← Requires a browser extension

And for cash you can use :

https://coinatmradar.com/