Cambodia banks
- Thread starter wringat
- Start date
- Status
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
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 an︀ account there. Not implying anything, just DYOR.
To give them some credit (pun) though, they︁ have received backing from Sequiola Capital and Lightspeed Capital, so some smarter people than me︂ seem to believe in it enough to put money behind it.
There are plenty of︃ traditional profitable banks with long history available in Cambodia, with stable correspondent banks for SWIFT︄ 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 just︅ 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
and AFAIK doesn't have any physical branches in Cambodia, at least I haven't encountered any.
Nor have I ever met anyone having an︀ account there. Not implying anything, just DYOR.
To give them some credit (pun) though, they︁ have received backing from Sequiola Capital and Lightspeed Capital, so some smarter people than me︂ seem to believe in it enough to put money behind it.
There are plenty of︃ traditional profitable banks with long history available in Cambodia, with stable correspondent banks for SWIFT︄ 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 just︅ 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
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 personally︀ visited ACLEDA before I applied for an extension, they refused my tourist visa, as did︁ several other banks.
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 personally︀ visited ACLEDA before I applied for an extension, they refused my tourist visa, as did︁ several other banks.
The difference between the 6 months︀ extension and the 12 months extension is the price - and the fact that there︁ is no work permit required for applying for the 6 months visa extension - legally︂ it might be necessary, but it's not being forced.
With just the 30 day tourist︃ / business visa it's difficult, but not impossible to open an account, depends on the︄ branch. Having a stash of money and a rental contract, and meeting the branch manager︅ might make it possible, the success rate wouldn't be higher than 20% though and one︆ 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 with︈ just a tourist visa and a
guesthouse address - I still treasure my 4 digit︉ long account number, with lots of zeros in the front - but this would be︊ really difficult now.
With the 6 month extension and a rental contract the success rate︋ is 80% (a Maybank branch kept pushing for the work permit or a receipt of︌ the application for it though, other bank told me that I have to marry a︍ local first).
With the 12 months extension and a work permit in hand, the success︎ 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.
With just the 30 day tourist︃ / business visa it's difficult, but not impossible to open an account, depends on the︄ branch. Having a stash of money and a rental contract, and meeting the branch manager︅ might make it possible, the success rate wouldn't be higher than 20% though and one︆ 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 with︈ just a tourist visa and a
guesthouse address - I still treasure my 4 digit︉ long account number, with lots of zeros in the front - but this would be︊ really difficult now.
With the 6 month extension and a rental contract the success rate︋ is 80% (a Maybank branch kept pushing for the work permit or a receipt of︌ the application for it though, other bank told me that I have to marry a︍ local first).
With the 12 months extension and a work permit in hand, the success︎ 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.
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.
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
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?
ACLEDA Bank allows you to open it.
Check here the requirements: https://www.acledabank.com.kh/kh/eng/ps_deposit
Check here the requirements: https://www.acledabank.com.kh/kh/eng/ps_deposit
Thank you but I read this:
"
"
- For Foreigner:
- Having a passport which is valid for at least 3 months
- Having a residential document in Cambodia certified by local authority, certification of employment, employment contract, business agreement with a partner in Cambodia, or mission document
- Having a phone, fax, or email address
- Investor ID (for opening Custody Account)"
So still need some kind of connection to Cambodia I guess? Rental contract/work contract etc
- Having a passport which is valid for at least 3 months
Keep reading below that, you will find instructions to open the account remotely.
- You have to complete the registration application form (personal account opening and specimen signature︀ or thumbprint for personal account), including General Terms and Conditions Governing the Operation of Account︁ from Overseas with ACLEDA Bank Plc. and also attach a copy of passport (at least︂ 3 months before expired date).
- Registration application form and requirement documents above have to certified︃ by notary public or related authorities (in case of country has no notary) and additionally︄ certified by:
- Embassy or representative office of your embassy in Cambodia or
- Notary public in︅ Cambodia (if there is no embassy) or
- Intermediary bank through SWIFT Message MT999 to ACLEDA︆ Bank Plc.
- Embassy or representative office of your embassy in Cambodia or
- Investor ID (for opening Custody Account)
this bank account is some piece of work.
no direct inward or outward credits even in local networks. Have to send to their corespondent accounts and have a relationship manager manually credit.
is anyone making this account work for any kind of business?
no direct inward or outward credits even in local networks. Have to send to their corespondent accounts and have a relationship manager manually credit.
is anyone making this account work for any kind of business?
- Status