Scouse123

Hehehehehe,

I wish it was that easy!!

No, they don't allow that. Recently I wanted to add a THB account alongside the existing USD accounts and requested to do it via e mail copy and scan or online.

No to both ideas from both banks! In a nutshell, come to the bank in person!

I then inquired as to mobile banking ( which is possible ) however, they said my accounts were set up as " view only " I can withdraw outside Cambodia with an ATM but not move money around. I will be able to on my next visit where then I must also pay a fee and agree a quarterly fee for the service.

Incidentally, a lot of the information I gave are on their websites regards deposits, interest payments. I have a few Cambodian friends down there also ex-ANZ bank and now working at Maybank that also educated me on a number of points regards bank activities.

I learned other things like Acleda charging 14% tax on interest until you had been with them 6 months AFTER fulfilling all their legal requirements to open an account. Canadia is far easier to open an account and a strong bank. Acleda, you sometimes think just are not intersted whether you bank with them or not especially at branch level.

A lot of information on Acleda you can get by contacting them via their website. Wikipedia can tell you a lot about the Acleda set up and Canadia, although websites provide quite a lot of information.

You can even view Canadia head office, Canadia tower, on you tube!

The source is me and my shoe leather!!!

I hold accounts in fixed deposits at both those banks after doing a great deal of research and visiting Siem Reap on no less than 15 occasions using a Cambodian translator to make sure I was totally correct on each point,,,!.... even though many of them speak English, the level varies.

Yes, sorry, proof of residence which was signed and witnessed by the village chief and passport details in Thai which I then used to take to Immigration when applying for the extension.

Well I think the main advantage is living in a quiet backwater with few foreigners.

There were no steps to be honest. They knew me at the office from visiting yearly to collect the annul paper document to obtain the retirement extension.

I just went with my wife and asked for the yellow book. They have only recently started doing them due to nobody ever asking for them. They then came to the house and interviewed regards previous history of employment, financial status, length of time in Thailand, confirmed country of residence etc.

They then wanted to know details regards children, ex wife, mother and father ( I had to provide parents birth and death certificates, which I was forewarned about before I went on a trip and got them in the UK ) etc I do not know why, it just seemed background information as far as I could see. So, I did do some preparation beforehand regards documentation.

He then, with my other half proceeded to fill out the forms and said it was a non complicated case and could be signed off locally.We then got a call asking us to go collect the book and a few other papers to be used in conjunction with the book for any banks or Police matters ( immigration ) took a photo handing it over and that was it.

Yellow book obtained in nine days ! Very easy and non problematic. I guess luck of the draw as to where you live.

Acleda bank is the biggest bank in Cambodia followed by Canadia. Canadia has been established in banking the longest in Cambodia. Acleda mainly deals with SMEs whereas Canadia is involved with construction, road projects, shopping malls etc. These are by far the most capitalised of all the banks in Cambodia by both assets and deposits. They have both expanded into Laos and I believe Myanmar is in the pipeline.

The both pay good rates of interest on USD, THB and Riel accounts and there are various plans such as monthly interest, quarterly and term capital and interest payable together.

Cambodia makes banks have much higher deposits lodged as guarantees with the National bank than many western countries do. Acleda asks for a letter from the police which you can obtain for between $10 and $20 along with an ordinary visa as opposed to a tourist visa to open an account. You must have the account six months before they will give you the lower rate of 6% tax on interest unlike Canadia which has different rules and regulations but is much more flexible with its regulations for opening accounts.

Cambodia has been enjoying growth of 7% plus per annum for the last 10 years and appears to be getting stronger with strong interest from Malaysia, Korea, China, Thailand and others regards investing in the country. Thailand especially has opened banks recently so obviously feels there is opportunity.

From next year, regards safety in bank deposits, Thailand will be reducing any government guarantees downwards to maximum 1 million baht so that also is not particularly good to say it is presently 25 million baht.

Lastly, business visas can be for 3, 6 and 12 months. The fee for 12 months was around $295 per year. I do not know where a poster got $145 for five years from and believe that to be inaccurate as these visas must be renewed annually.

A simple message like "Mom, I am going to extend my vacation for another week, so don't worry." or "Mom, I am trying to apply for a diving instructor job here and might stay a while longer." would have seemed appropriate. But no, instead he concocts a "bad Thai man is after me and I might be dead soon" story and puts his entire family back home under indescribable stress. Selfish, immature punk.

and the above just about sums it all correctly up in a nutshell...!

Thanks to all of you for help and input and a number of things I did not know about regards yellow book.

My god, is that true as I was en route to look at two or three places down there. I must admit it's years since I was there but had a great time and have fond memories. No idea, it had turned into a dump??? Maybe explains why so many places still for sale. They normally dry up in high season and flood the market in low season.

Gents,

Quickie,

I want to get to Samui and am aware that I must get to Bangkok from Isaarn.

However, what is the situation going via Surat Thani as opposed to flying directly into Samui which is overpriced to say the least.

Is it a nightmare to get there from Surat Thani of just bite the bullet and fly direct?

Advice appreciated.

The diamond has already been given and shared between India and Pakistan.......in London!

All we need to do now is display it more where they can all get a glimpse of it, how about Bradford, Halifax, Birmingham, Rochdale, Rotherham,.....!!

It's a nonsense!

Thank you.

Guys,

When I go to get my extension, can I take this book as opposed to getting a signed paper document from the local land office every year?

Hi,

Can anyone explain please the advantage of the Yellow house book and does it help having this for the renewal of extension of stay based on retirement.?

Thanks in advance

Anyone want to buy a steel mill ?

UK needs to adopt a policy where everything is in context and reciprocal to any and all other countries we are doing business with; be it visas, tax, land and property rights etc.

They should bring in an Act of Parliament that mirrors the requests and requirements of each countries laws.

Example, Thailand. You want to buy property in the UK, then UK nationals can buy property there and so on and so on.

The same would apply on all restrictions imposed on us by foreign governments in regards to employment, visa status, access to health and education etc

The "mirror law " would look at the request made by the national of whichever country and implement reciprocally whatever laws and restrictions their government placed on foreigners in their homeland. This would apply to any transactions they make in the UK.

It would not be so difficult to implement I believe, with the obvious exceptions such as refugees and humanitarian issues.

Let's face it, the vast majority taking advantage of the UK lax laws are well heeled, it isn't Isaarn farmers buying property in London.

It would be entertaining, if to see the Daily Wail and its British First followers keel over with heart attacks.

Imagine the reception that David Cameron would get announcing this new policy whereby Thai's were now going going to be able to enter the UK without any restrictions or prior approval provided they went home after 30 days or did a day trip to Paris (or maybe Scotland in the future) but they couldn't buy any property. He would then go on to explain that that Syrian's would not need to leave after a period of time but could stay as long as they liked plus buy whatever property they wanted.

I would work on the UK immigration desk free of charge- in fact I would even buy my own uniform................. just to see their faces when I fined them for overstay!!

I would then back it up with phrases such as " If you don't like it, go home ! " and wave them away like they do to us or sit there with that false smile pretending I don't know what they are talking about and laughing with my colleagues. I would then let them sit there an hour whilst I had my lunch.

I would then finish with " You go Paris, or you go Germany get correct visa from Embassy and come back! "

By the way, " Any guns in your hand luggage? " I would love it just for a day!

It's on my bucket list!!!!

UK needs to adopt a policy where everything is in context and reciprocal to any and all other countries we are doing business with; be it visas, tax, land and property rights etc.

They should bring in an Act of Parliament that mirrors the requests and requirements of each countries laws.

Example, Thailand. You want to buy property in the UK, then UK nationals can buy property there and so on and so on.

The same would apply on all restrictions imposed on us by foreign governments in regards to employment, visa status, access to health and education etc

The "mirror law " would look at the request made by the national of whichever country and implement reciprocally whatever laws and restrictions their government placed on foreigners in their homeland. This would apply to any transactions they make in the UK.

It would not be so difficult to implement I believe, with the obvious exceptions such as refugees and humanitarian issues.

Let's face it, the vast majority taking advantage of the UK lax laws are well heeled, it isn't Isaarn farmers buying property in London.

Hi Spambot,

You are welcome but I am referring to CAMBODIA for all what I wrote in my post.... not..... PDR Lao.

In PDR Lao, the rules are different and work permits are definitely required and I believe rules are more stringent.

Latest offerings in Thailand by Krung Thai bank are 1.75% for fixed deposit.

A young boy finding a phone on the beach and attempting to keep it until he finds it is locked is completely normal behavior in Thailand and most other countries for that matter. Nor does it prove he was a petty thief, he wasn't to know who it belonged to!! Nearly any person, regardless of nationality, would have done the same except a European or a Thai would have taken it to a shop to get it unlocked.

I have lost two phones in N.E. Thailand and never had them returned even though I live in a small village, am well known, and the phones were unlocked and full of photos so people would know who they belonged to.

If they are convicted on a piece of nonsense as flimsy as this, then God help us.

If these judges find them guilty to protect a non existent " face saving " they believe Thailand has got, they need to get off that bench, look at themselves and find a new career.

I wish we knew what kind of poison the Thai police have been feeding the families of the deceased, the families need to be looking long and hard at the evidence not for a " quick fix "

Find the real killers not what the Thai police want everyone to believe.

They are undoubtedly one of the most corrupt and shameless police forces in the world.

Bazza40,

The Cambodian banks are not offering these kind of deals that the Lao banks are.

You can get 7.5% on USD in Cambodia if you lock your funds for five years, which I wouldn't want to do. The Cambodian economy has for over a decade including the period of the financial crisis averaged growth year on year of 7% plus. As an emerging economy that is very good considering other Asian economies. I do not think a fixed deposit return of 5% to 5.5 % is particularly out of the ordinary.

Also, the Cambodian economy is about twice the size of the Lao economy and furthermore, Cambodian banks must have a far higher amount of money lodged with the National bank of Cambodia as a guarantee to operate in the country , than western governments demand from their banks.

I am fairly relaxed about it, well as much as you can be with any bank. Many developing economies do this whilst consolidating their positions.

A small flavor of what was happening a decade ago during the so called War on Drugs in Thailand. Police were authorized to use deadly force and over 2000 people ended up dead as a result.

Yes and unfortunately, because of the indiscriminate use of force, quite a lot were innocent victims with no involvement with drugs.

Spambot.

Nearly right. Laoball and I were referring to the poster who was saying you can just open an account on a tourist visa as opposed to an E visa. The poster was saying no need whatsoever in obtaining E visas, addresses etc Laoball (and myself), to my understanding, disagree with this way of thinking.

The authorities don't really want a load of small tourist and dormant accounts in the system but don't mind if you are investing reasonable amount of funds and follow their minimal protocols.

When Laoball talked about locking funds, I think he was referring to maybe a change of rules ( which happens) where they say all those without E visas,work permits, etc your funds are locked until you comply and have the correct visa and a certified address. It's not the wild west, ( some may disagree ) they cannot just snatch your funds and not return them!

Nobody will steal your funds, they may say you do no longer fulfill the banks criteria and you have to move them out, that is not going to happen in the near future.They are not going to say this if you give them what they ask for in the first place.

What I was trying to get across is fulfill the minimum requirements requested and you will have no problem plus you will pay tax at resident rates 6%.

The big banks all have different criteria but as I have said before it is your personal preference. I have minimum involvement nowadays with them, except at auto renewal time, but I like the strength of Canadia, my friends however, love ABA bank. Acleda, as previously stated make you " jump through hoops " I do not know why but I think it is each branch managers interpretation of the rules.

A lot of guys have rolled up into Siem Reap and other places hell bent on living there, working there and paying no tax and having no work permit. This is because although it was law before, it was never enforced and now they are enforcing it with all this ASEAN business.The foreigners targeted have been NGO s, teachers, long stayers who the police have noticed or have been reported by others. Also, guys living under the radar but making a living selling services such as computer repairs, website building, unofficial tour guides, you name it. These are the ones being targeted. They just do not want to comply or go with the flow and continuously find excuses and reasons why they feel they are exempt, it's called being in denial !!

The Cambodian authorities are also in a mess as they have not yet organized a retirement long stay visa for foreigners who have pensions and no job, they have only the long stay E visa for this category, nobody knows 100% what is going on but this does not affect you or I.

You may get people trying to tell you that you must have a work permit. These are usually people with a vested interest like those trying to sell advice and organize work permits for their own profit, in other words trying to make a business out of people and their lack of knowledge. Do not fall for it, the bank will tell you the same.

The maximum length of a term deposit at Canadia is 24 months as far as I know, I think I am right. Acleda will do up to five years. I am in Siem Reap again on December 3rd till 8th for banking business. I am in Europe and Vietnam and now Laos before that.

Yes, you are right about getting an address from a bar/new friend/ etc this is not a difficult process.

All the best.

hi there in cambodia you dont need to have visa for u can keep your deposit rate , l spend only 15 days or less in cambodia and l can keep my deposit

the diffrent is if you are not resident you pay 14 % tax and if ur resident u pay 6 %

as l said ABA BANK and phnom phen comercial bank ask only passeport ,

l saw ur post about canadian bank , they ask same bu llshit about 6 month or 1 years visa , and cambodia public bank also asked me a work permit ,

u can open with acelda bank , if u can have certificat of resident , if u have adress and 1 year visa

l think its best bank rate in cambodia , u can also find better bank but a small bank branch

the good thing its l keep my money in USD USA

If the staff at the bank (or the rules) change, you might have a problem withdrawing it at the end of the term. It won't make any difference what currency your deposit is in.

It is correct what you say Laoball.

Also, he omits that you MUST have a certificate from the Police signed and stamped. I know these things because I have done them.

The whole point of some people opening these accounts is for a currency hedge and also the interest rates, there is not much point if you are not going to do it all the way and in accordance with Cambodian law and bank criteria if you are going then to lose 14% of your interest. Unlike Thailand, which will refund the tax on interest to retirees etc at the end of the year, Cambodia does not.

Spambot,

On a last note, I think the Police are checking those such as NGOs that they have the correct visas, and those teaching have the right permits etc etc. It's a general clampdown on these and as I said, the foreigners hanging around for months on end- no money- expired visas etc and of course, their favorite pet hate- the Vietnamese!!

People such as you and I, who will breeze into the country with a business visa, do our banking, and then bugger off to Vietnam or wherever, there is little or no chance of them stopping us, unless they are going to stop every tourist in Siem Reap.

I can say that at Canadia in Siem Reap, you will not be asked for all these employment requirements etc. They are only interested in the business visa and possibly an address, I don't think I even gave an address and they know I don't reside in Cambodia! Very straightforward and a strong bank! or just along the road if you want to do international transfers etc try ABA as all my pals seem to like it and they offer very good fixed deposit rates as well.

Most bars or guesthouses will do you an address letter!

I had no problems whatsoever with term deposits in several Lao banks (ANZ, JDB, PSV from when the rates were up to 15% a few years ago). LAK earns much better interest than THB or USD and you can exchange freely between them whenever you want. You need a Work Permit to open a fixed deposit account in your own name. Kip rates are stable and haven't changed much for several years.

Hi Laobali - Good info - So the barrier to opening a term account seems to be just the work permit - is that correct?

Main Question 1: Once you get the work permit does the access to the term rate remain then forever and not dependent upon holding a current work permit or does the right to hold a term deposit disappear when the work permit terminates?

I ask this since on my recent visit to Vietnam - I inquired if I could apply for a bank account and open a term deposit VND to take advantage of between 6.5 to 7.5% interest return (depending upon deposit term and bank).

Almost all banks I visited seemed happy for me to open an account, but the term deposit time would need to be linked to the length of time of my visa.

Since I do not believe I would be able to get anything more than a tourist visa for 3 moths - My choices were 1 month fixed at 4.4% (single bank quoted) or a 3 month term deposit between 5 - 5.5% quoted from a few other different banks.

Practically if anyone like me was also trying to do this and take advantage of these rates they would need to keep returning to Vietnam with a new 3 moth tourist visa in order to open a new a term deposit interest rate - I am not sure what the situation might be for extending the existing Vietnamese visa for another 3 moths and if this would allow the rate to continue for a new term deposit for an extra 3 moths.

Possibly Scouse123 (on this thread and a long history of being in Vietnam) - Can help with understanding what the situation might be for visa extensions and using this to open a new 3 moth term deposit?

Minor Question 2: How difficult is it to get a work permit in Lao - Is there a strict scrutiny of the employer and the system is highly regulated or is it more like a relaxed acceptance and without too much checking that the employer is actually supplying a real job?

Spambot,

For what I think you are looking for I would favour Cambodia. You can have an account in THB, USD, or Cambodian Riel. The rates are not as good as I am seeing quoted in PDR LAO.

Vietnam is just opening up and has certainly not yet got its act together with foreigners visas let alone bank accounts!

To obtain a USD account ( which is possible and important if you are in business there ) you need a work permit and visa. A VND account can be opened but only lasts as long as the visa which can be a year if you have a work permit. At present , with the exception of this and the visa through marriage, foreigners at the moment are having to go out and renew every three months etc so as far as your bank account goes, you are pretty much snookered to the best of my knowledge.

With PDR Lao, I believe they regularly check your status regards work permit and visa at the bank when doing transactions. For example, at the conclusion or maturity of a years term deposit they will check before allowing you to do a further year.

Moving now to Cambodia, the two easiest banks are ABA and Canadia.

Canadia is the oldest, circa 1991 and the biggest commercial bank in Cambodia involved with lending on shopping malls, skyscrapers, roads, airports etc.

The biggest overall bank in terms of branches, customers and assets is Acleda bank with a presence in all 24 provinces.This bank doesn't take huge risks and prefers SMEs, house mortgages and bread and butter business. A lot of the Khmer pay their utility and phone bills etc here and branches are deciedly downmarket compared to Canadia or ABA.

You must jump through a lot of hoops to get an account with Acleda. They want a police report, long term visa, six months with account opened before they accept you as a resident customer, resident address papers etc

Canadia, you must have a six months visa at least but I think it is one year to open a fixed deposit account at tax at resident rate,( a one year visa multiple entry is $285 USD) you are supposed to have a property lease or an address, sometimes they insist, sometimes they let it ride and that's it. This entitles you to pay tax at 6% resident rate on interest as opposed to 14%.

The Police have started now saying that if you have a one year visa permit, this must be accompanied by a work permit ( even though you are not working in many cases, work permits are $100 a year) THEY ARE NOW SLOWLY BUT SURELY ENFORCING THIS RECENT LAW AND BECOMING ACTIVE IN CHECKING ON PEOPLE.

They are also deporting foreigners whose visas have expired and doing household checks on foreigners, although the vast majority of deportees are Vietnamese.

At Canadia, you can have interest paid monthly, quarterly or yearly. Yearly pays the best rate obviously, somewhere in the region of 5.5% on USD accounts and much more usually in a Cambodian Riel account. You get a certificate and your interest goes into your savings account which will cost you about $20 to open.The maximum term deposit at Canadia is 2 years. You also get a debit card and can withdraw for outside the country, but subject to whatever the country charges for withdrawing on a foreign card. You can check your account online and make inter bank transfers but only to Canadia branches. Canadia automatically renews your fixed deposit unless you stop it. That can be good as they no longer check if you have a visa up to date!!!

ABA allows you to make international transfers as it is owned by a former Soviet state oligarch. A lot of my expat friends like ABA. You can get the astronomical rates from some of the smaller money lending co operatives in Cambodia that Lao is quoting but these I just don't have confidence in them.

Hope this helps.