System overview
Cambodia operates a dual-currency system. The US dollar (USD) circulates freely alongside the Cambodian riel (KHR). Most larger transactions, rental contracts, and bank accounts are denominated in USD. The riel is used for small change (notes under 1 USD), government fees, and rural transactions. The exchange rate has been stable at roughly 4,000-4,100 KHR to 1 USD for over a decade. The National Bank of Cambodia regulates all licensed banks [1]. The sector includes foreign-owned banks (ABA, Maybank), locally owned banks (ACLEDA, Canadia), and several Chinese-owned banks.
Opening an account as a foreigner
Cambodia is the easiest country in the region for a foreigner to open a bank account:
- Valid passport (visa status generally not checked beyond basic immigration compliance; an E-class visa extension is sufficient).
- Some banks ask for proof of residence (rental agreement or utility bill in your name).
- No minimum deposit at some banks (ABA starts from 0 USD); others require 100-500 USD.
ABA Bank is the most popular among expats: fully English online and mobile banking, fast account opening (same day), and a Mastercard debit card issued on the spot. ACLEDA and Canadia also serve foreigners well.
Account types
- USD savings account: the default. Interest rates of 0.5-2% depending on balance.
- KHR savings account: used mainly for government payments. Rates slightly higher (2-4%) but devaluation risk offsets the difference.
- Fixed-deposit account: 1 to 24 months, USD or KHR. Rates of 3-7% in USD (higher for longer terms, smaller banks).
- Foreign-currency account: some banks offer EUR, GBP, THB or AUD accounts in addition to USD.
International transfers
Inbound
SWIFT transfers in USD are straightforward. Cambodia has no capital controls on inbound foreign currency. Wise supports transfers to ABA and ACLEDA [2]. Correspondent fees are 10-25 USD per transfer. The NBC requires all inbound transfers above 10,000 USD to be reported, but the bank handles the reporting.
Outbound
Cambodia has essentially no capital controls. Outbound wire transfers in USD of any amount are permitted without NBC approval, provided the bank's AML/KYC checks are satisfied. This makes Cambodia uniquely attractive among SE Asian countries for a relocator who moves money frequently. The bank completes a Foreign Exchange Transaction report on behalf of the customer for amounts above 10,000 USD.
Digital banking
ABA Bank's mobile app is widely regarded as the best in Cambodia and among the best in the region. It offers:
- Instant free transfers between ABA accounts.
- Transfers to other Cambodian banks via NAC (National Clearing System).
- International SWIFT transfers initiated in-app.
- QR payments (KHQR standard).
- Bill payment and mobile top-up.
- Virtual Visa cards.
ACLEDA's app and Canadia's app are functional but less polished.
Debit and credit cards
USD-denominated debit cards (Mastercard/Visa) are issued with standard savings accounts. Credit cards are easier to obtain than in neighbouring countries: a fixed deposit as collateral (typically 100-120% of the limit) or proof of regular income. ABA offers a credit card with a 500-5,000 USD limit based on account history.
ATMs
Widespread in Phnom Penh, Siem Reap, and Sihanoukville; thinner coverage in provincial towns. Foreign-card withdrawal fees: ABA charges 4 USD; ACLEDA charges 3 USD; smaller banks may charge 5 USD. Maximum per withdrawal: typically 1,000-2,000 USD. Many ATMs dispense both USD and KHR.
Tax implications of interest
Interest on savings and deposits incurs 14% withholding tax (final) on the gross interest for all account holders, residents and non-residents alike. The bank deducts this automatically.
This page is not financial advice. Confirm current requirements with the specific bank branch.