Using US$?

[junglechef]

I'm planning a trip to Siem Reap tomorrow and the tour guide for Angkor Wat quoted me in US$. I asked which currency I was to pay in and he said US$ which the local ATMs dispense. I am a bit surprised that they ask for this, not surprised that they would want green backs. Is this usual there? Will they accept Riel? I'm going to not get good a good exchange or otherwise be only to their advantage? AS I have payed transaction and exchange fees to transfer fund already fro my USA bank account to my Thai account it just seems funny to then pay to change back into US$. Also odd as there must be many visitors not from America. What you say??

[phuketrichard]

you usually only use Riel for small amounts an u get in in change if the change is less than $1, ( 4,000 or so riel to a $)

Everything but things u buy in the local market will be quoted an paid in $

you could use Riel for everything I guess but u need carry alot of them :-) Largest bill is 20,000 ( $5) :-)

[junglechef]

Is this all over the country?

[Suradit69]

Is this all over the country?

Yes, even many years ago when I was last in the country and we stopped in a relatively remote location to buy a drink at a small time food vendor's road side stall, we paid in dollars and got change in dollars except for very small amounts. Same thing happens in Zimbabwe and probably some other countries. US dollar becomes the de facto currency.

The only time I recall using the local currency in Cambodia was buying stamps in a post office.

[smileplur]

Riel is more or less used as change. They don't have coins. Larger transactions require dollars. I guess you could use Riel, but many businesses dont want a huge stack of them. It's quite nice not dealing with coins.

[mike2011]

Aside from some supermarkets and some entry tickets (like S21 museum in PP) riel is the first currency. Usually USD are converted at 1:4000 in daily transactions. This gives you an exchange advantage of 1.5-1.7 % on a 100 USD as the exhange rate fluctuates currently at around 4060 per dollar.

Sounds like a minor factor but when you go to a bank try to get 1.5% higher interest after tax.

[Sheryl]

Hotels, restaurants, house rent -- all are in dollsrs. Ditto most purchsses that cost over say $20.

Salaries in the private sector are paid in dollsrs as well.

It really is a dollar economy with riel serving mainly as change.

[tomtom345]

is it hard to get change for 50 or 20 us dollar bills in supermarkets , restaurants , bars and tuk tuks?

i also read that motorbike taxis almost never have change (or atleast they pretend not to have) , how true is this?

Edited August 27, 2014 by tomtom345

[phuketrichard]

is it hard to get change for 50 or 20 us dollar bills in supermarkets , restaurants , bars and tuk tuks?

i also read that motorbike taxis almost never have change (or atleast they pretend not to have) , how true is this?

never ever had any trouble changing /using $20/50 ANYWHERE in the country.

Even 100 bills are not a big problem 90% of the time, unless ur trying to change one after having a $2.00 bowl of noodles on the street or a $1 moto ride

If ur using motos have a supply of $1 & 5's

[mike2011]

Hotels, restaurants, house rent -- all are in dollsrs. Ditto most purchsses that cost over say $20.

Salaries in the private sector are paid in dollsrs as well.

It really is a dollar economy with riel serving mainly as change.

I politely disagree. Guesthouses also accept riel at 1:4000 as do motos etc. markets (not supermarkets). The above observation might hold true for some areas which cater mainly to foreigners, those who work for foreign companies, ngos etc.

[Sheryl]

Markets yes, of course. They'll accept dollars (low denomination) but except for more expensive items, prices will be quoted in riel and for food etc. riel is more convenient given the low unit costs.

But all the guesthouses I have stayed in -- and that is many, out in remote rural areas definitely not on the tourist circuit - charge in USD. I'm sure they'd accept riel equivalent if offered, but the rate is set in dollars and that is what most people people pay in.

[Kaoboi Bebobp]

I sometimes pack a load of riel and no one has objected if I convert the US price to riel. Or split the bill in 2 currencies. BTW, bring your Thai baht and change it to US$ at the markets. Cambo banks are not far off the money changers' rates.

But check both first before changing biggish amounts. Before you deal, go online to the Cambo banks for-ex charts, usually on their front pages. IOW, go armed with calculations before you visit the changers.

[tomtom345]

is it hard to get change for 50 or 20 us dollar bills in supermarkets , restaurants , bars and tuk tuks?

i also read that motorbike taxis almost never have change (or atleast they pretend not to have) , how true is this?

never ever had any trouble changing /using $20/50 ANYWHERE in the country.

Even 100 bills are not a big problem 90% of the time, unless ur trying to change one after having a $2.00 bowl of noodles on the street or a $1 moto ride

If ur using motos have a supply of $1 & 5's

thx for the answer.

[mike2011]

Perhaps a correction to Richard: the largest riel bill I used this week was 50K. They are much less common but all money changers have them and they are readily accepted.

In sum, if you pay in riel and spend per week say 300 USD you will have 4.5 USD more in your pocket comes Sunday. Probably a little less if you go to supermarkets that price their items in USD. For a family of four the savings will be higher and calculated for the duration of a trip it might be of interest. The amount is the extra profit businesses often make. Those who fear to be considered cheap because of insisting on paying in the country's currency - think twice you can always make a donation.

Edited August 29, 2014 by mike2011

[phuketrichard]

cool;

i have never seen one an my Cambodian gf didn't even know they existed LOL

[mike2011]

They do exist but are rare. They are brown and small. First I thought someone is playing a joke on me. They look like monopoly money with the old king printed over it. Usually money lenders have them and I try to use them asap at hotels or in the supermarket. The 20K bills seem much less likely to be a fake. On the other hand, if the source is ok like a bank, it is a way to carry one bag less to carry if you need to pay a large invoice.

[TheSiemReaper]

The currency of Cambodia is the US Dollar and it's accepted everywhere in the nation. Changing money into Riel is a waste of time (though if you get the best exchange rates when the Riel goes out to 4,100 to the USD - you can make a 1/4 of a % on most transactions by changing dollars into riel and spending them - the accepted rate nearly everywhere whatever the official rate is is 4,000 Riel to the dollar). I throw all the Riel I get into the equivalent of a "coin jar" now and when it adds up to a reasonable amount; I give it to my friends' children to spend. It takes up too much space in my wallet and has so little value (the 100 Riel note is a pain in the backside in particular and you won't see smaller than that in a city though 50 Riel notes are stil in circulation). I get paid in dollars, I bank in dollars and I spend in dollars. Anyway why would you care about spending Riel rather than dollars? You can even spend greenbacks in Vietnam easily and they actually have a currency of common usage.

[mike2011]

Siemreaper, work on your math a little.... or forward your post to your primary school teacher. She can explain the problem to you

Your post reflects your expart life-stile in Siem Reap which is limited to a small set of a few square miles. In other areas (large parts of the country), the USD is seen but not dominant or even frequent. It is an addition.

Edited September 1, 2014 by mike2011

[TheSiemReaper]

Siemreaper, work on your math a little.... or forward your post to your primary school teacher. She can explain the problem to you

Your post reflects your expart life-stile in Siem Reap which is limited to a small set of a few square miles. In other areas (large parts of the country), the USD is seen but not dominant or even frequent. It is an addition.

Mike; I'd work on my manners if I were you. The USD is accepted every where in Cambodia. I've spent in rural Ratnakiri and just about everywhere else. Don't make stuff up.

100 Riel is worth more than a 1/4 of a percent but if I were you; I'd try and find a money changer who will change at market rates with no commission before you talk nonsense about the savings. Can't? Oh that's right that's because money changer's need to make money too. Thanks for the schooling, next time I need information from the uninformed - I'll give you a shout.

[TheSiemReaper]

Oh and the interbank rate is currently 4067 Riel to the dollar. Not even 4,100.

[Tomtomtom69]

Is this all over the country?

Yes, even many years ago when I was last in the country and we stopped in a relatively remote location to buy a drink at a small time food vendor's road side stall, we paid in dollars and got change in dollars except for very small amounts. Same thing happens in Zimbabwe and probably some other countries. US dollar becomes the de facto currency.

The only time I recall using the local currency in Cambodia was buying stamps in a post office.

You can pay in Baht in the western part of the country, anywhere along the Thai border. In border towns like Koh Kong and Poipet, Baht are more likely to be quoted and preferred over US$, but nobody will sniff at US$ even in those places, because the ATMs there, even the ones right near the Thai border still only dispense US$. Baht is acceptable as far inland as Sisophon and even Battambang - a few places in Siem Reap might be able to taken them too but as a general rule, anywhere more than about 50km from the Thai border and you might not get a great exchange rate on Baht if you insist on paying with them rather than exchanging them, which is very easy to do just about anywhere and at a good rate of exchange (Baht to US$, no need to go through Riel).

Vietnamese dong are acceptable in all border towns next to Vietnam but stop being useful a few km away from the border with a few exceptions. Vendors at the Neak Luong ferry might take them only because there are so many cross-border services to/from Vietnam passing through despite being 110km from the Vietnam border.

Cambodia isn't the only country to use US$ as their defacto currency, but apart from those businesses that may accept dollars in addition to local currency, Cambodia is fairly unique (though not the only one) where the US$ is used both by foreigners and locals equally, and ATMs give you dollars. In many other countries (notably Myanmar/Burma, but this is changing) US$ were for foreigners and Kyat for locals and this was the case until just a few years ago. Nowadays more and more transactions are quoted and expected in Kyat, even if paid by foreigners. Some transaction may be quoted in dollars and payment is accepted either in dollars or local currency. ATMs in Myanmar also dispense only Kyat. Basically unlike Cambodia, the US$ was never the defacto currency there, but rather foreigners, the few that came anyway were a nice source of hard currency for the government during an era when that country was largely shunned by the outside world except for India, China, Thailand, Singapore and a few other nations that supported it during those times.

[Tomtomtom69]

The currency of Cambodia is the US Dollar and it's accepted everywhere in the nation. Changing money into Riel is a waste of time (though if you get the best exchange rates when the Riel goes out to 4,100 to the USD - you can make a 1/4 of a % on most transactions by changing dollars into riel and spending them - the accepted rate nearly everywhere whatever the official rate is is 4,000 Riel to the dollar). I throw all the Riel I get into the equivalent of a "coin jar" now and when it adds up to a reasonable amount; I give it to my friends' children to spend. It takes up too much space in my wallet and has so little value (the 100 Riel note is a pain in the backside in particular and you won't see smaller than that in a city though 50 Riel notes are stil in circulation). I get paid in dollars, I bank in dollars and I spend in dollars. Anyway why would you care about spending Riel rather than dollars? You can even spend greenbacks in Vietnam easily and they actually have a currency of common usage.

Actually greenbacks can no longer be easily spent in Vietnam these days. Only tourist related businesses will take them off you as a convenience, but any local supermarket, smaller hotels (particularly in the provinces), most restaurants outside of the tourist areas won't take them. Believe me I've tried. One time I was with my friend at a Big C supermarket, and I had some US$ left over from Cambodia (normally I don't carry US$ or exchange them unless I'm heading to/coming from Cambodia, or to pay the VOA fees in Laos or Vietnam) as most local currencies or other hard currencies such as Euros and AUD are just as good for exchange in this part of the world. Anyway the clerk at the supermarket looked at me funny and my friend had to pay in Dong, after which I paid him back. No way they would accept US$. Similarly, US$ can't be used at McDonald's, Burger King, Highlands Coffee or any other chain restaurant, local or foreign. We also tried to pay for fuel in US$, but that didn't go well at all. The guy manning the petrol station hadn't seen a US$ note in years and didn't know it's value. We struggled and ended up having to give him a US$10 note for a US$5 equivalent fuel bill. We ran out of Dong and our vehicle had very little fuel in it so no other choice. Also, petrol stations in Vietnam do not accept credit cards, none of them.

US$ are fine for everywhere in Cambodia but not Vietnam. However, it's still very easy to exchange your dollars into Dong anywhere in Vietnam. I stopped spending US$ in Vietnam directly years ago when a government directive came out prohibiting businesses from quoting or accepting US$ and in any case, spending US$ in Vietnam, if accepted by the retailer is a lazy practice that may inconvenience both yourself and the merchant because they may have to spend time to find a place to exchange them into Dong and you won't get as good an exchange rate as exchanging them yourself. As mentioned, tourist related businesses can still get away with the practice, but all other types of businesses can't as accounting is done in Dong. It's even become very difficult to buy US$ from banks, including foreign ones such as ANZ and the Commonwealth Bank. Basically you can only get them (or any other currency for that matter) if you have an air ticket and visa (if required) for the country of destination that uses that currency. That's why nearly everyone uses moneychangers which are able to bypass these rules.

Edited September 1, 2014 by Tomtomtom69

[Tomtomtom69]

Hotels, restaurants, house rent -- all are in dollsrs. Ditto most purchsses that cost over say $20.

Salaries in the private sector are paid in dollsrs as well.

It really is a dollar economy with riel serving mainly as change.

I politely disagree. Guesthouses also accept riel at 1:4000 as do motos etc. markets (not supermarkets). The above observation might hold true for some areas which cater mainly to foreigners, those who work for foreign companies, ngos etc.

I think the other comments are fairly accurate. Cambodia is a very dollarized economy, although Baht is strong near the Thai border (and more commonly used there than dollars), while Vietnamese Dong are acceptable in Cambodian frontier towns next to the Vietnamese border, such as Bavet.

I agree that Riel can be used for most transactions in Cambodia, but except for smaller ones few people bother.

In countries such as Laos, dollars are mainly used by foreigners in the larger tourist towns only. Elsewhere and for locals it's Kip or perhaps Baht, especially for larger purchases. In northern areas near the Chinese border Yuan are more common. Also, a new law went into motion that means all prices can only be quoted in Kip and supposedly only Kip can be accepted for payment. In practice, you'll be quoted 400,000 Kip say, for a room at a hotel but payment can be made in Kip, Baht, Dollars or even Euros in some cases. Credit card payments are generally still done in US$, but over time they will probably be able to charge directly in Kip, just like Vietnam has done. In Vietnam's case, some years ago all credit card payments were done in US$, then there was a dual system of US$/Dong (you could choose), now it's just Dong I think. Recently when I went to Vietnam, all quotes and transactions, both in cash and credit card were made in Dong. 10 years ago every second business would take US$ and credit card payments were made in US$, but not anymore.

Cambodia is thus an exception here.

It's also worth noting that Dong and Kip can now be exchanged inside Thailand at Bangkok Bank branches and Super rich and a few other moneychangers will also take Dong. A few take Kip too but virtually nobody outside of Cambodia wants Riel because it's mainly used as change in Cambodia, with the US$ as the defacto currency. Therefore if you have leftover Dong and increasingly Kip too, a few moneychangers and banks in regional countries will be able to buy them off you or even sell them to you but Riel are not much more valuable than toilet paper or as a souvenir outside of Cambodia.

[TheSiemReaper]

The currency of Cambodia is the US Dollar and it's accepted everywhere in the nation. Changing money into Riel is a waste of time (though if you get the best exchange rates when the Riel goes out to 4,100 to the USD - you can make a 1/4 of a % on most transactions by changing dollars into riel and spending them - the accepted rate nearly everywhere whatever the official rate is is 4,000 Riel to the dollar). I throw all the Riel I get into the equivalent of a "coin jar" now and when it adds up to a reasonable amount; I give it to my friends' children to spend. It takes up too much space in my wallet and has so little value (the 100 Riel note is a pain in the backside in particular and you won't see smaller than that in a city though 50 Riel notes are stil in circulation). I get paid in dollars, I bank in dollars and I spend in dollars. Anyway why would you care about spending Riel rather than dollars? You can even spend greenbacks in Vietnam easily and they actually have a currency of common usage.

Actually greenbacks can no longer be easily spent in Vietnam these days. Only tourist related businesses will take them off you as a convenience, but any local supermarket, smaller hotels (particularly in the provinces), most restaurants outside of the tourist areas won't take them. Believe me I've tried. One time I was with my friend at a Big C supermarket, and I had some US$ left over from Cambodia (normally I don't carry US$ or exchange them unless I'm heading to/coming from Cambodia, or to pay the VOA fees in Laos or Vietnam) as most local currencies or other hard currencies such as Euros and AUD are just as good for exchange in this part of the world. Anyway the clerk at the supermarket looked at me funny and my friend had to pay in Dong, after which I paid him back. No way they would accept US$. Similarly, US$ can't be used at McDonald's, Burger King, Highlands Coffee or any other chain restaurant, local or foreign. We also tried to pay for fuel in US$, but that didn't go well at all. The guy manning the petrol station hadn't seen a US$ note in years and didn't know it's value. We struggled and ended up having to give him a US$10 note for a US$5 equivalent fuel bill. We ran out of Dong and our vehicle had very little fuel in it so no other choice. Also, petrol stations in Vietnam do not accept credit cards, none of them.

US$ are fine for everywhere in Cambodia but not Vietnam. However, it's still very easy to exchange your dollars into Dong anywhere in Vietnam. I stopped spending US$ in Vietnam directly years ago when a government directive came out prohibiting businesses from quoting or accepting US$ and in any case, spending US$ in Vietnam, if accepted by the retailer is a lazy practice that may inconvenience both yourself and the merchant because they may have to spend time to find a place to exchange them into Dong and you won't get as good an exchange rate as exchanging them yourself. As mentioned, tourist related businesses can still get away with the practice, but all other types of businesses can't as accounting is done in Dong. It's even become very difficult to buy US$ from banks, including foreign ones such as ANZ and the Commonwealth Bank. Basically you can only get them (or any other currency for that matter) if you have an air ticket and visa (if required) for the country of destination that uses that currency. That's why nearly everyone uses moneychangers which are able to bypass these rules.

It's odd that you mention Highlands Coffee who categorically do take USD (or at least they did in January last time I was in Saigon). I'd run out of dong and asked if they took USD and they pushed a little button on the till and hey presto! they did.

I agree that Big C don't take USD in Vietnam though.

[mike2011]

siemreaper- try to define 0.25% of 4000... then you get my point. 100 riel would be 2.5% while the 60-70 in PP make it to 1.5% and above. So nothing even close to the 0.25% as claimed in your previous post. Was it you who used the word nonsense? Get a tissue and wipe off that egg on your face

It is no new that USD can be used everywhere and that money changers popposite the market in PP offer better rates than banks do.

What matters is a seizable deduction in overall expenses if you stick to riel or - at times - to USD depending on the exchange rate.

The fact remains that paying with riel brings savings with a margin that people discuss at lengths when it comes to interest rates for deposits. So I think it is worthwhile bringing it up here as this is even more important since we talk expenses.

[TheSiemReaper]

siemreaper- try to define 0.25% of 4000... then you get my point. 100 riel would be 2.5% while the 60-70 in PP make it to 1.5% and above. So nothing even close to the 0.25% as claimed in your previous post. Was it you who used the word nonsense? Get a tissue and wipe off that egg on your face

It is no new that USD can be used everywhere and that money changers popposite the market in PP offer better rates than banks do.

What matters is a seizable deduction in overall expenses if you stick to riel or - at times - to USD depending on the exchange rate.

The fact remains that paying with riel brings savings with a margin that people discuss at lengths when it comes to interest rates for deposits. So I think it is worthwhile bringing it up here as this is even more important since we talk expenses.

You're no smarter than last time around Mike; my calculation gives you the number after the money changer has had their cut - the real number. Yours, well is fantasy like much of the rest of your post. Does anyone think that an interest rate of 1.5% is significant on a savings account? Does anyone who isn't an idiot keep their money in a bank earning three-tenths of nothing at all?

No-one here changes their USD to Riel to save $10 a month and I know some of the cheapest people on the face of the planet.

Though I will concede it is possible that you live in the back end of beyond surviving on $300 a month and in that case it might make a sizeable difference to the household budget.

[mike2011]

Siemreaper - sorry to return but you persistently spread false info. Today the exchange rate is 4078 on the street in PP. This includes the profit for the changer. Your 0.25% exist only in your imagination. I take it that you do not change money as you are unfamiliar with the exchange rate.

If you can cut of 2% from your overall expense without any reduction in consumption it does not make you cheap. The other expats or tourists changing alongside me did not look like they were starving. Same held true for the local business guys.

For Richard: I just got a new 50K riel bill. They look much nicer and more like real money. In other words, there is a 12.5 USD bill which should in most local purchases and restaurants come in reasonably handy.

[Sheryl]

We seem to have veered into unnecessary flaming here and a post has been removed accordingly. Please keep it civil.

[imokg2g]

On the topic of US dollars being used in Cambodia. I recently visited Cambodia and was left with more than a fistful of small US bills.

Is it possible to change small US bills (1s, 5s, 10s) to larger bills (20s, 50s, 100s) without penalty in Cambodia. If so, is this done at a bank or a street-side vebdor. It seems in Thailand the smaller bills receive a lesser rate.

I'm not too concerned with saving a few baht/cents, I'm more interested to find out if Cambodia offers a lesser exchange rate much like Thailand. Or is this simply a matter of T.I.T.?

Thank you in advance.

J

[phuketrichard]

any money exchange will change ur $ to whatever currency they have.

there are alot of exchangers around markets in PP (street 108 has many)

there is no dif in $ to riel in Cambodia for small bills as far as I know unlike Thailand where there is a dif.

I always buy small $ bills at the bank in Thailand as there cheaper