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Is USD the main currency in the banks here?


chado

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When one opens a bank account in Cambodia, what's the main/default currency of it? USD?

 

If it's USD, does this mean that I can freely send USD to it? And when I'm abroad and there's an ATM with USD, I could withdraw USD from my card, with no conversion?

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1. All banks offer  both the USD and the Cambodian Riel. The majority of accounts are in USD.

 

2. Yes, you can send USD to it with no need for any currency conversion, ditto withdraw USD from it (assuming a USD account) within Cambodia.

 

3. If you mean can you withdraw from it in USD when in a country other than Cambodia I have no idea about that, never tried.

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In that case, there're no downsides in having a bank in Cambodia and even only upsites. In Thailand you get a baht and maybe a USD account. Can you send you dollars to your dollar account in Thailand, with no problem? Assuming you could open it.

 

Whereas in Cambodia you can open one and send receive/send USD from/to it, right?

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If you have a dollar account in Thailand then certainly uou can send dollars to it.

 

And yes, you can send and receive dollard from a Cambodian account.

 

In both Thailand and Cambodia bank transfer fees may apply.

 

The main difference is that dollar accounts are easy to get (in fact the norm) in Cambodia and offered by all banks whereas more limited availability in Thailand.

 

Another advantage is that interest rates on savings accounts are significantly higher in Cambodia. But the banking sector is younger and arguably less secure.

 

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

 

 

 

 

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I don't have a USD account in Thailand and I doubt I could get it. I've asked Kasikorn bank, if my memore serves me well, and they said no, they required  a long visa

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