Opening a saving account in Cambodia?

[simoh1490]

2 minutes ago, Brunolem said:

Believe it or not, many people, starting with this forum's members, transfer in and out of Thailand much more than 50,000 baht at a time...

I can guarantee you that forum members do not transfer more than 50k baht out of Thailand at one time, the banks won't allow it,  because of BOT rules, for which they are agents. Yes they can convert THB into other currencies and then make a transfer out and that works, but THB transfers, definitely not. And if what you really mean to say is that people hand carry more than 50k baht out of Thailand - I figured the OP wanted to understand the legal way to make bank deposits in Cambodia, I'm not interested in discussing ways to break Thai. law.

[Brunolem]

24 minutes ago, simoh1490 said:

I can guarantee you that forum members do not transfer more than 50k baht out of Thailand at one time, the banks won't allow it,  because of BOT rules, for which they are agents. Yes they can convert THB into other currencies and then make a transfer out and that works, but THB transfers, definitely not. And if what you really mean to say is that people hand carry more than 50k baht out of Thailand - I figured the OP wanted to understand the legal way to make bank deposits in Cambodia, I'm not interested in discussing ways to break Thai. law.

You might want to read a few recent threads in which members are explaining how they transfered, say 800,000 baht, back to their country of origin.

 

More generally, a bank only issues transfers in the local currency.

It is the bank in the country of destination that converts the money received.

 

So, if you transfer one million baht from Thailand to England, the Thai bank will issue a transfer in THB, and the English bank will convert these THB into British Pounds upon arrival.

 

If you want to transfer from Thailand in another currency than THB, say USD, things are even more complicated.

The Thai Bank will send THB to its counterpart in the US, who will convert the transfer into USD and then forward it to its final destination.

 

[simoh1490]

6 minutes ago, Brunolem said:

You might want to read a few recent threads in which members are explaining how they transfered, say 800,000 baht, back to their country of origin.

 

More generally, a bank only issues transfers in the local currency.

It is the bank in the country of destination that converts the money received.

 

So, if you transfer one million baht from Thailand to England, the Thai bank will issue a transfer in THB, and the English bank will convert these THB into British Pounds upon arrival.

 

If you want to transfer from Thailand in another currency than THB, say USD, things are even more complicated.

The Thai Bank will send THB to its counterpart in the US, who will convert the transfer into USD and then forward it to its final destination.

 

You have no idea, seriously!

 

Bank of Thailand does not allow Thai Baht to transferred overseas other than in small amounts to neighbouring countries and 2 mill. baht to a southern province of China, it has been that way in the 16 years I have lived here albeit the ammounts have recently been increased to the levels stated.

 

When a person wants to send funds overseas, the Thai bank applies the BOT regulations and I've provided you with a link to these, banks in Thailand will not and cannot transfer Thai Baht overseas hence they convert it to whatever currency the customer wishes to send. Your comments about banks always sending local currency are nonsense and totally incorrect, as is your whole piece about the English banks converting the funds, it's absolute rubbish. And it gets worse with your drivel about Thai banks sending THB to their counterpart in the US, where ever did you dream that up!

 

FWIW I've been transferring funds in and out of Thailand for over twenty years, typically at least a million a year and in years gone by up to five million per year whilst investing. The BOT rules are very clear on this point, if you still don't believe that's the case I challenge you to go into any bank in Thailand and tell them you want to transfer a million THB to your THB account in the UK and watch them laugh at you.

 

.

 

 

[Brunolem]

27 minutes ago, simoh1490 said:

You have no idea, seriously!

 

And it gets worse with your drivel about Thai banks sending THB to their counterpart in the US, where ever did you dream that up!

 

 

The thing with internet and forums like this one is that posters feel empowered to make statements, while belittling or bullying those who oppose them, convinced that this is enough to make whatever they say true!

 

The fact that you have made financial transactions for many years, like many people, doesn't necessary means that you know every nuts and bolts of the international financial system.

 

It is as if I was pretending knowing everything about cars because I have been driving every day for the last 40 years!

 

[simoh1490]

20 minutes ago, Brunolem said:

The thing with internet and forums like this one is that posters feel empowered to make statements, while belittling or bullying those who oppose them, convinced that this is enough to make whatever they say true!

 

The fact that you have made financial transactions for many years, like many people, doesn't necessary means that you know every nuts and bolts of the international financial system.

 

It is as if I was pretending knowing everything about cars because I have been driving every day for the last 40 years!

 

Trust me, I pretty much know every nut and bolt of this subject, simply because I've read the BOT regulations and listened to various banks in Thailand recant them several times each year..

 

Most rational people would look at the BOT regulations (posted) and conclude the correct answer, but you petal, you seem to think you're special!

 

When the coin finally drops with you on this subject, have the decency to come back and tell everyone what you found out, that's especially important for the potentially hundreds of people who will read what you've written and make plans on that basis.

 

We're done.

[jerry921]

11 hours ago, CH1961 said:

You want high interest rates without any risks ??? Sorry, how old are you ?

I said I wanted to understand the risks. Someone else provided a useful post - indicating there is no deposit insurance at all. I'm not shocked.

 

Since you think you're old enough to invest without understanding the risks, I advise you personally to put all your life savings in Cambodian banks immediately. Please hurry, those rates won't last long! Maybe even take out a loan in your home country and deposit that money too! Show us all how mature you are!! And you can be sure that I wish you the very best result.