This article is solely Sam’s experiences from using different banks here in Cambodia. Every bank has its strength but toward Sam’s personal view as a user, he loves to share which one is his favorite Best Bank in Cambodia. This article will also feature a few other important views including total list of banks in Cambodia actively operated in 2021 and a few more insights.
Total List of Banks in Cambodia
Banks and Financial Institutions in Cambodia are doing its legal businesses under the parenting umbrella of the central bank, National Bank of Cambodia (NBC) in cooperated with the Ministry of Economy and Finance of Cambodia. By January 2021, there are 65 banks in Cambodia. According to NBC website updated January 2021, there are two types of Banks in Cambodia, the Commercial Bank and Specialized Bank. As of July 31, 2020 there are 51 Commercial Banks and 14 Specialized Banks operated in Cambodia.
Note: Reported in April 2021, Wing (Cambodia) Limited Specialised Bank now has been upgraded to Commercial bank as Wing Bank (Cambodia) Plc., under a motto of “Banking is now so easy”. Therefore the attached lists and numbers of Specialised and Commercial banks must have some discrepancies on them.
The Differences Between Commercial Bank and Specialized Bank
Commercial Bank is a globalized bank that has the authority to do all banking activities. According to Sam’s friend, Mr. Lanh LEAP who has been a banking personnel for a certain period of time. Lanh has summarized that Commercial Banks are doing all banking activities within the three scopes: 1)- taking customers’ deposit, 2)- doing settlement in either non mobile and mobile assets , 3)- loan personal and business.
Whereas, Specialized Bank is more limited in its banking operation, it could only take any ONE of those three global activities of the Commercial Bank’s. Example: The former Wing (Cambodia) Limited Specialised Bank and AEON Specialized Bank (Cambodia) Plc. are doing the Settlement scheme which is the most common here in Cambodia for SBs. For Deposit activities, mostly only Life Insurance companies such as AIA Life Insurance, Manulife, and Prudential are doing under this deposit scheme. And for Loan activities are mostly taken by Microfinance, there are so many private institutions here in Cambodia.
Commercial bank requires minimum of KHR 300 Billion Riels (75 million US. Dollars). The Specialized Bank only required KHR 60 billion Riels (15 million US. Dollars).
In addition to that, DFDL has mentioned in their Investment Guide, Banking and Finance Article as following: —Commercial Banks may carry out all types of banking operations, such as credit operations for valuable consideration, leasing, guarantees and commitment under signature, collection of non-earmarked deposits from the public, provision of means of payment to customers, processing of payments in national or foreign currency, foreign exchange operations, money market intermediation, transactions in derivatives, and spot or forward dealing in precious metals, raw materials, and commodities. Specialized Banks are licensed by the NBC to engage in a limited subset of the activities which commercial banks are authorized to do. Specialized bank locally incorporated– Sam Inspire believes you get the ideas of how the bank works here in Cambodia.
Currency and Banknotes of Cambodia?
Khmer Riel KHR (៛) is the Cambodian national currency. There is no coin presently used in Cambodia. The smallest denomination is 50-Riel note and the largest is 100,000-Riel note. However, by 2021, there are twenty 29 different banknotes trafficking in the market.
Even though, Riels is the national banknote, US. dollar banknotes and currency is widely used and transacted across the country. However, please note that only good condition of US. dollar notes are accepted. Moreover, any notes under $10 notes are discouraged to use. Generally, the exchange rate is One (1) USD equal to 4000 KHR.
What is the Best Bank in Cambodia?
Over the past 15 years, Sam has been using different banks for getting payroll, loan and business purposes. There are truly more than one bank that he likes and functions great. However, to select one, he voted ADVANCED BANK OF ASIA LIMITED known as ABA Bank as the best bank. ABA Bank is the most technological advanced bank and most of their services are free or at a minimum fees. What is good about ABA Bank, it required 0 (Zero) to open a bank account, this means they are very open serve all folks of life. Their loan interest looks a bit higher than others, but after calculating well, at the end of the term, ABA Bank Loan Interest are still competitive. While the other banks try to charge their customers from different element fees, for instance, Lawyer fees…
Foreigners are also welcomed to open their Bank Accounts with ABA Bank in Cambodia. What you need is Business Visa, valid Passport, and Employment Certification in Cambodia. If they are holding work permit, then it will be the best but not too necessary. By the way, if you are looking to consult on Business Visa and Work Permit, you may contact Ms. Savath THO (+855 12 703 928), she is a Domestic Travel Agent but she has a broad knowledge on this Business Visa application and Renewal Services. Sam used her services all the time and has no problem at all.
Specialized Banking Services
Most and every bank has standalone ATM machines. However, if you walk across the street in Siem Reap, and Phnom Penh, ABA Bank has the most to what Sam’s views are. Moreover, ABA Bank has the many Branches across the country especially in the main commercial hubs like Siem Reap, Phnom Penh, Sihanouville… Above all, ABA has its Cash-in machines and Check Deposit Machine at your self-service in every branch and even at some public places. This machine save you a lot of time from queuing to meet the tellers at the bank counters. For any cash withdrawal, you don’t even need bank book with you, just remember your account number and correct signature and your face is enough. Another one important point before I walk away from ABA is the E-Cash / Cash to ATC from Mobile App. With this service, you can still get your money from ATM even you don’t have any cards with you. The service charges at a minimal fees with only every 10 cents for every transaction up to 100$ while you can withdraw up to USD 980 per day. This save us a lot to send money around the country. At least but not last, ABA Mobile Apps has the best and most functions ever. In addition to the local services need, we can wire money abroad from your on desk with their resourceful mobile App. More conveniently, you can Send and Receive the money with ABA MoneyGram Mobile with a few steps. To Sam’s experience, for any transfer from the United States of America, the fees is only around US$ 5 for the sum of more than One Thousand US. dollars.
In addition to MoneyGram, you can also received Money from Xoom which is a PayPal money Transfer Service at a minimum fees through its Ria Money Transfer that is also available on ABA Bank Mobile App.
The Best Banks for Business in Cambodia
What we find ABA Bank as a subsidiary of National Bank of Canada not capable for business yet is their POS Machine. ABA’s works best with basic term of condition with most and every card company. But not the giant arrogant American Express Card by the time this article is written, January 2021. The question of what Bank in Cambodia can accept American Express Card. To Sam’s knowledge there is only one which is MayBank Cambodia that their Credit Card Machine accept American Express. When Sam was working at his travel company, he used offer the travel and event services to many US. based companies. Sam advised that having an Amex Card payment solution in Cambodia is a big plus to get the business from US companies. Nevertheless, there is still no banks here in Cambodia that have online payment solution to accept Amex Card yet. While many banks offer Online Payment Gateway with one click like again ABA Bank using PayWay and Maybank if it is still there, but only with Visa, Master, and Union Pay…
List of Top ten Banks in Cambodia in alphabetical Order
- ACLEDA BANK Plc.
- ADVANCED BANK OF ASIA LIMITED
- CAMBODIAN PUBLIC BANK Plc.
- CAMBODIA POST BANK PLC.
- CANADIA BANK PLC.
- FOREIGN TRADE BANK OF CAMBODIA
- J Trust Royal Bank Plc. (former ANZ Royal Bank)
- MAYBANK (Cambodia) Plc.
- PRINCE BANK PLC.
- VATTANAC BANK
These are Sam Inspire’s Top 10 Bank List in his knowledge. To get more choices of the bank to your need and preference. Please check the list of Banks and MFIs and more on the National Bank of Cambodia (NBC) website in the Sub section of (Supervision/List of Regulated Entities) by just hitting the hyperlink shown.
SAM INSPIRE family hope you find this information useful to your research. This article is the reflection of Mr. Sam’s knowledge and experience. If you need further support, please feel free to Contact Sam, he will be so happy to do more steps to help you out.
If you find value in this article and wish to support Sam to do more, please feel free to pay him a coffee to his bank below. Thanks for being part of Sam’s journey, Sam Inspire – the Power of 3 E’s, Energize, Educate, Empower.
