How to open a bank account in Cambodia and which bank to pick?

If you are looking for an easy bank account in another country, something all expats and nomads should be doing, then the good news is that it is really easy to open a bank account in Cambodia.

And not just that, but the banking system is extremely safe, well established, comes with a debit card and allows for savings in USD. You can also, for all intents, do it without being a full-time resident, well kinda….

So, how do you go about opening a bank account in Cambodia, what are the costs and which bank should you choose?

Banking in Cambodia

Cambodia’s banking system has come a long way since the 1990s and the Khmer Rouge era, when microfinance and new commercial banks started bringing formal financial services to a population that had largely been outside the banking system. Today, around 80% of Cambodian adults have an account with a financial institution, compared with just 3% in 2004. This has been one of the big success stories of the CPP period.

The big players include ABA, ACLEDA, Canadia, Sathapana and Woori, while ABA has become particularly dominant with its mobile app and QR payments. These QR codes are now absolutely everywhere, from supermarkets and hotels to tiny street food stalls, meaning you can quite literally pay for most things in Cambodia by pointing your phone at a QR code. Cambodia might like North Korea is very almost cashless.

Click to read about the Digital Nomad scene in Pyongyang.

Get a Working Visa

In Cambodia, for the moment anyway, there is no such thing as a Digital Nomad Visa, like they have in Thailand. This though is not a problem, with me personally finding the Thai nomad visa overrated and not as good as what you can get in Cambodia.

And what can you get in Cambodia? You can basically buy a work visa for either 6 months, or a year, which then qualifies you to get a bank account. This usually means coming in on what is known as an e-visa (this does not mean online visa), leaving and then coming back to activate a work visa. You do not need sponsorship from a company, nor do you need to actually work in Cambodia. This is as a rule as it were, I’m sure the technicalities are technically different.

It costs around $500 to get this fast track, otherwise it will take a few weeks to get your passport back. It is best to get this with a work permit, as some banks require one. This is a physical card and is separate from the visa stamped in your passport.

Click to read about Cambodian Visas

Which Bank Account in Cambodia is Best?

The best bank account in Cambodia for everyday use, branches and overall usability is ABA Bank. These were the guys that invented the QR code payment system and because they have so many foreign customers they speak English. Generally, all you need to open an account here is a work visa, rather than the permit as well. The only downside is that their current account does not pay interest. They do though offer fixed-term savings accounts at pretty high rates.

The next best bank account to open is with the Korean Woori Bank. These are particularly useful if you are living in the country and do business across South-East Asia as they have branches everywhere. They also offer 7%+ on savings accounts and even generous interest on their current accounts.

For context, and unlike Europe, Cambodia has quite literally a shit ton of banks, like ridiculous amounts, but most are not worth bothering with. I also have ACLEDA and Sathapana, but they are not much to write home about.

It should be noted though that unlike Georgia you cannot open a bank account remotely in Cambodia.

What Else Do You Get?

These banks are real deal part of the system, with ABA for example being owned by Bank of Canada. This means they are for the most part safe and easy to send money to and from. Generally, the limit here though is $5,000 per month, assuming you want to avoid paperwork.

They also provide Visa, Mastercard and, perhaps most interestingly, UnionPay, something I have personally taken advantage of.

So, that is my take on banking in Cambodia. As with any advice like this, remember it is advice. I am not a financial planner, or lawyer, nor do I claim to be. You need to do your own research. I will though add as my last little caveat that I am a huge fan of banking in Cambodia, as well as the overall expat, nomad scene. There are some signs that this might be changing (for the worse), but as things stand it is currently still the best place in South-East Asia to nomad.

Click to see my tours to Cambodia with YPT.