evisa has fouled up banking in Cambodia

[World Traveller2]

This e-visa has created a quagmire of bureaucratic BS with banking at my Cambodian bank. Short story according to presumably 'know your customer' rules of National Bank of Cambodia one cannot update passport info, or change phone number affiliated with account, or get a new validity-period ATM card *with an e-visa*. With a normal visa, no problem.

 

A six-month plus rental contract will do the trick.  During lockdown my bank was able to quite simply, or so they say. Now we are neither in lockdown nor normal non-COVID times. Clearly Immigration and banking divisions of the Kingdom of Cambodia did not have a talk to discuss the practical effects.

 

I asked my bank staff point blank if they are now refusing tourist accounts. They said no, but how the heck is anyone supposed to do international banking in Cambodia under the current rules? I'll bet I can't wire money in it out because they don't know where I sleep.

 

Cambodia 5-10 years ao was an unsung offshore banking centre. No longer. Also MFIs (microfinancing institutions) used to provide great interest on term deposits. That stopped three years ago I observed on my last trip here in 2018.

 

Screw ups and anti-market eeconomy! Is is it just this one bank? Weird thing is this bank is actuated with foreigners (Kazhaksthan and South Korea) as far as I know. Maybe they don't want the little guy's money to play with?

Edited January 3, 2022 by World Traveller2

[mvdf]

Shameless and audacious OP. You complain about how inconvenient the KYC procedures are, about how difficult life has become for you as a result of advancements in the Cambodian banking system, about stricter rules to curb money laundering and other criminals activities. You seem to be angry because Cambodian banks are no longer as relaxed and flexible in matters concerning KYC and due diligence. Your shamelessness and sense of entitlement are unparalleled. You might have forgotten that your home country's banks are just as strict and inflexible when tourists inquire about opening accounts.  

 

It is a very good thing if they refuse you. You sound dodgy and suspiciously off. You come as a tourist and want to open a bank account. They either refuse you or restrict what you can do with the account. That's perfectly normal. You are a non-resident and the bank reserves the right to make inquiries about source of funds and who you are before they allow you to freely move money across borders. 

 

Look at this guy above throwing a tantrum because banks won't allow him (a tourist) to simply open an account without proof of residence. As if his country's banks do not impose the same requirements. 

 

As for adjustments in interest rates, Cambodia is a sovereign country with a banking system that has nothing to do with the "perfect" banking system you're used to. They can adjust their rates and fine tune their monetary policies and if those adjustments and fine tuning don't fit well with whatever nefarious transactions you have in mind, then that's just unfortunate for you.

 

Edited February 15, 2022 by mvdf