Money & Banking in Cambodia
The official currency used in Cambodia is Riel and it’s represented by the symbol ៛. The international code for Cambodian Riel is KHR. We have 7 Khmer Riel notes such as 100 Riel, 500 Riel, 1000 Riel, 5000 Riel, 10000 Riel, 20000 Riel, 50000 Riel, and 100000 Riel.
You may have noticed that Khmer Riels is our official currency, however US Dollars is also used in Cambodia as well. However, you may only find US dollars commonly being used in the cities around areas such as marts, restaurants, malls, supermarkets, bars, hotels, cinemas, coffee shops, and etc. This is because all those places have a diverse range of foreign customers. They accept US dollars to make it easier for foreign customers. Nevertheless, you have to make sure that your US Dollars is clean and has no marks or tears. It must be crispy new since your bill might be rejected even it has the slightest tear. The common exchange rate in Cambodia is 1 USD = 4100 Riels and might slightly fluctuate across a certain period of time. If you want to spend your money on small stalls or shops, you probably have to use Khmer Riels because they can’t guarantee that they have enough changes for your US Dollars notes. Also, you will lose some cents when spending money there as the sellers will only give you a rate of $1 = 4000 Riels back. This is probably one of the reasons why most people tend to use Khmer Riels only around the countryside or rural areas. Another option available when you are in cities is by using credit cards but they are accepted by very few places. Only malls, grocery stores, larger stores and more expensive restaurants or hotels will accept credit cards. There are lots of ATMs in the cities but you have to beware of the charges of around $5 for using a foreign ATM card in a Cambodian bank. However, if you have a visa debit card, there will be no charges when you use a Canada Bank ATM. Nonetheless, there will be a warning before each transaction is complete if there are any charges for some visa debit cards.
Besides Khmer Riels and US Dollars, there are many areas along with Thai Border that use Thai Baht as the currency. Those areas consist of cities or provinces such as Poipet, Sisophon, Anlong Veng, Pailin, Koh Kong, and O'Smach. In fact, the Thai Baht is the second most popular currency in Cambodia, after the US dollar. The exchange rate is 100 Baht = 11600 Riel and this rate also fluctuates over certain times as well. Unlike the US Dollars, Thai Baht is rarely used in the cities in Cambodia.
If you planning to stay in Cambodia for more than a few months, I would recommend you to open up a local bank account to make your stay here much easier. There are three main banks that you might consider and those are ABA Bank, ANZ Royal Bank, and ACELEDA Bank. These bank account would make it much more convenient to withdraw money in US Dollars or Riels and purchase online items or elsewhere much more efficient.
- The ABA bank has more than 81 branches and over 1000+ ATM in Cambodia. To open an account in this bank, you simply need a valid Cambodian Visa, phone number, and an address. The benefits of opening up an ABA account consist of being able to monitor your account balance, transactions and purchases in a few taps, receive and transfer money instantly within Cambodia, pay your bills including utilities, house loan repayments and mobile top-ups, pay cashless by scanning QR codes at your favorite shops, restaurants, and even online, make cardless cash withdrawal, and stay protected every time you log in and enjoy banking at zero risk. This is why we would recommend ABA bank since it has provided us with so many advantages.
- The ANZ Royal bank has 23 branches and approximately 101 ATM throughout Cambodia. This bank is quite common for expats and if you want to set up an account here, you should open a Convenience Plus account. You only have to deposit $500 as your starting balance and there will be a $1 monthly charge if you maintain that balance and if you don’t, the monthly charge is $3. There are special features for opening your account here such as free bill payments via ATM, includes visa debit card with international access, and you can make purchases at point-of-sale terminals in local shops and restaurants.
- The ACELEDA bank has approximately 264 branches and over 1300+ ATM in Cambodia. This bank mostly focused on Cambodians and therefore not as many foreigners use this bank. You can find most Cambodian people around the countryside or rural areas use the ACELEDA bank than ABA bank or ANZ Royal bank. ACELEDA bank focus on the main currency which is Khmer Riels than any other bank. Its benefits are pretty much the same as those two other banks listed above.
