Bank account on tourist visa (in Cambodia)

[thecyclist]

I know this question should have been posted on the Cambodian forum, but very little activity in terms of replies to be found there. Is it possible to open a bank account in Cambodia on a Tourist visa. It does not have to be a proper account. I just need it for transferwise wiring of cash (they require, in contrast to PayPal an account) I opened an account in Vietnam for this purpose. It's an account that does not come with a bank book, ATM card, no deposits within the country allowed either. Just withdrawal of money wired from overseas. Does such a thing exist in Cambodia? 

[DrJack54]

I can't assist directly however here in Thailand opening a bank account is very easy using an agent .

They get around the required residence certificate.

Assume no different in Cambodia.

I was doing a search for someone in relation to obtaining TV and many agents can assist with bank account.

It's an option

[DrJack54]

OP, my long edit just now was cut due to time.

 

So I did some research and indeed it's not simple.

At every turn seemed to be required one year stay document.

Clearly more difficult than los.

Hopefully someone with first hand experience can advise. 

[thecyclist]

Thanks Jack, but I already have a Thai bank account. I could of course have the money transferred to my  KTB account and use my debit card in Cambodia. I have done that in the past, and the losses are substantial. It's not so much the bank fees themselves as the hidden charges in the currency conversion rate Last time it amounted to a loss of 7%,still better than the 10% I lost when doing the same in Vietnam. 

[JoseThailand]

11 hours ago, thecyclist said:

Thanks Jack, but I already have a Thai bank account. I could of course have the money transferred to my  KTB account and use my debit card in Cambodia. I have done that in the past, and the losses are substantial. It's not so much the bank fees themselves as the hidden charges in the currency conversion rate Last time it amounted to a loss of 7%,still better than the 10% I lost when doing the same in Vietnam. 

When paying with a debit card in a different currency, an official Mastercard/Visa rate must be applied. I just payed with my KTB debit card on a website in US dollars, and the conversion rate to Thai Baht was exactly the same as stated on the official Mastercard currency converter page.

Edited April 7, 2022 by JoseThailand

[Sheryl]

Moved to correct forum.

 

I know ABA bank requires either proof of employment (e.g. work contract) or long stay visa. Most banks are the same but there may be some exceptions.

 

Try Canadia bank they are usually the "loosest" in terms of restrictions.

[Caldera]

17 hours ago, thecyclist said:

I opened an account in Vietnam for this purpose. It's an account that does not come with a bank book, ATM card, no deposits within the country allowed either.

Was that recently? I actually had an existing bank account in Vietnam closed because they changed the rules a few years ago, to the effect that you needed at least a one year visa (which I didn't have).

 

As for Cambodia, I think most banks want you to have an extension of stay with at least six months duration to open an account. Now that the visa on arrival is back, you could actually apply for an ordinary visa instead of a tourist visa and extend it for 6 months or a year. Whether that's worth it for you is another question, of course. 

[Andrew65]

When I got my Bangkok Bank account 20 years ago, the only big deal was getting stuff from the British Embassy, but it was still a pain in the a*s. I haven't lived in Thailand for 3 years now, but will always have that account, to save possibly going through that hassle again

[thecyclist]

2 hours ago, Caldera said:

Was that recently? I actually had an existing bank account in Vietnam closed because they changed the rules a few years ago, to the effect that you needed at least a one year visa (which I didn't have).

 

As for Cambodia, I think most banks want you to have an extension of stay with at least six months duration to open an account. Now that the visa on arrival is back, you could actually apply for an ordinary visa instead of a tourist visa and extend it for 6 months or a year. Whether that's worth it for you is another question, of course. 

Yes, they changed the rules recently, and to open a proper account you need either a WP or TRC. These changes make it harder for illegally working foreigners to deposit their money and move it out of the country. With the account I have you can only move money into the country. And I am sure they love getting our money. So no need to cancel that. 

[thecyclist]

3 hours ago, JoseThailand said:

When paying with a debit card in a different currency, an official Mastercard/Visa rate must be applied. I just payed with my KTB debit card on a website in US dollars, and the conversion rate to Thai Baht was exactly the same as stated on the official Mastercard currency converter page.

That is true when you use your card for shopping, whether online or in shops. The rate is good, and no fees are deducted. But not when you withdraw money with a foreign ATM card.Might differ from country to country, but I have used my KTB debit in Cambodia, Vietnam, Laos and Indonesia. Only in Indonesia were the losses negligible. 

[JoseThailand]

44 minutes ago, thecyclist said:

That is true when you use your card for shopping, whether online or in shops. The rate is good, and no fees are deducted. But not when you withdraw money with a foreign ATM card.Might differ from country to country, but I have used my KTB debit in Cambodia, Vietnam, Laos and Indonesia. Only in Indonesia were the losses negligible. 

Yes, Thai banks do have fees for withdrawing money abroad. It's around 150 baht per withdrawal. ATMs also charge their fees for foreign ATM cards. In Cambodian ATMs, it can be as high as $5 per withdrawal. All in all, it's all about the fees, not the conversion rate. For example, if you withdraw $100 from a Cambodian ATM with a Thai card, you lose 150 baht + $5, which is 10%!

[Caldera]

1 hour ago, thecyclist said:

Yes, they changed the rules recently, and to open a proper account you need either a WP or TRC. These changes make it harder for illegally working foreigners to deposit their money and move it out of the country. With the account I have you can only move money into the country. And I am sure they love getting our money. So no need to cancel that. 

Sounds great, such an account would suit me as well, as my money comes from abroad anyway. Could you please let me know which bank offers this to tourists?

[thecyclist]

48 minutes ago, JoseThailand said:

Yes, Thai banks do have fees for withdrawing money abroad. It's around 150 baht per withdrawal. ATMs also charge their fees for foreign ATM cards. In Cambodian ATMs, it can be as high as $5 per withdrawal. All in all, it's all about the fees, not the conversion rate. For example, if you withdraw $100 from a Cambodian ATM with a Thai card, you lose 150 baht + $5, which is 10%!

Unless something changed radically during the last year or two (haven't used my Thai card recently to avoid incurring losses) you are wrong. The Thai /visa fee used to be 100 Baht, the ATM machine of the foreign bank will show their fee before you press 'confirm' transactions (usually another 100 Baht or a little higher). I then checked through internet banking how much my account had been charged, and compare it with the the current exchange rates, taking the bank fees into account. The result were invariably (Indonesia was the only exception) that there were hidden charges, which were considerably higher than the 200 Baht plus fees of the banks. Withdrawing the maximum amount allowed by the foreign bank (to minimize the costs) there were still deductions amounting to up to 10%.In Cambodia I used Maybank which 6 years ago had no fees at all, and it was still a loss of 25$ dollars or so, much higher than the 100 Baht VISA charges. I hope things have changed, and this gouging by banks has stopped. 

[thecyclist]

39 minutes ago, Caldera said:

Sounds great, such an account would suit me as well, as my money comes from abroad anyway. Could you please let me know which bank offers this to tourists?

Vietcombank does. All you need is your passport, and they issue you with a card (not a passbook), with the swift code and your account number. Takes 10 minutes. 

[JoseThailand]

On 4/7/2022 at 4:47 PM, thecyclist said:

Unless something changed radically during the last year or two (haven't used my Thai card recently to avoid incurring losses) you are wrong. The Thai /visa fee used to be 100 Baht, the ATM machine of the foreign bank will show their fee before you press 'confirm' transactions (usually another 100 Baht or a little higher). I then checked through internet banking how much my account had been charged, and compare it with the the current exchange rates, taking the bank fees into account. The result were invariably (Indonesia was the only exception) that there were hidden charges, which were considerably higher than the 200 Baht plus fees of the banks. Withdrawing the maximum amount allowed by the foreign bank (to minimize the costs) there were still deductions amounting to up to 10%.In Cambodia I used Maybank which 6 years ago had no fees at all, and it was still a loss of 25$ dollars or so, much higher than the 100 Baht VISA charges. I hope things have changed, and this gouging by banks has stopped. 

If you accept the currency conversion from the ATM, you get a very lousy exchange rate, which adds to your losses. Anyway, withdrawing cash with a foreign ATM card is never a good idea.