What’s the best bank account in Cambodia: Explained

If you plan to live in Cambodia for an extended period of time, one of the first things you will need to do after arriving in the country is to open a bank account. That’s why so many people are asking, how do I open a bank account in Cambodia?

Don’t worry, while we know this can be a daunting task – especially if you are unfamiliar with the banking system in Cambodia – this guide will help you discover the steps necessary to help make it a seamless process.

By the way, if you are looking to live and work in Cambodia, you can get in contact with us any time via our page, or alternatively, check out the jobs in Cambodia on our dedicated page or find out more about our A-Z relocation services to make the Kingdom of Wonder a home from home.

How do I open a Bank Account in Cambodia?

Ok, so let’s break down how you open a bank account in Cambodia. There are a couple of key points within this list so either write them down (which no-one does) or get in touch with us to make your move seamless.

Here are the steps you should take to open a bank account in Cambodia:

  • Gather the necessary documents: To open a bank account in Cambodia, you will need to provide a valid passport, a copy of your work permit or visa, and proof of address, such as a utility bill.
  • Choose a bank: Cambodia has several major banks to choose from, of which we recommend ABA, Acleda, and Canadia Bank. including Acleda Bank. Each bank may have different requirements, so it’s a good idea to research which bank best suits your needs.
  • Open an account: Once you have gathered all the necessary documents, you can go to the bank and open an account. The bank will likely ask you to fill out an application form and provide a copy of your passport and proof of address.
  • Provide a deposit: Many banks in Cambodia require an initial deposit to open an account. This deposit amount can vary depending on the bank, so be sure to check with the bank beforehand.
  • Activation of the account: Once your account is opened, you will be provided with an ATM card and an internet banking account. You will then need to activate the account by following the instructions provided by the bank.

It’s worth noting that some banks may have additional requirements, so it’s best to check with the bank beforehand. Additionally, some banks may require you to have a minimum balance in your account, so it’s important to be aware of this before opening an account. It’s also good to have a local contact to assist you with the process as the language barrier could be an issue.

If you are moving to Cambodia for work or otherwise, you can view our relocation services here or get in touch with one of our expert team for advice on the best options when in-country.

What are the best banks in Cambodia for ex-pats?

So let’s discuss, what are the reasons why ABA is considered the best bank in Cambodia. Well, the number one reason is its QR code-based technology that makes transacting with even the smallest of street-side vendors a seamless task. This is available via its easily downloadable app which can be used all over. It also has one of the biggest ATM availability, cross-country, out of all the big banks. Take it from us ABA is a serious contender on where to bank your money as an ex-pat in Cambodia.

All the banks in our list are more than suitable for general most banking needs within Cambodia. They provide a wide range of products and services to customers and have a strong reputation and economic stability which will provide added value for you as a new arrival in Cambodia. On top of this, they provide excellent customer service and have a wide network of branches and ATMs. There are however some unique differences that our readers may find useful.

Is ABA the best bank in Cambodia for ex-pats?

If you were going to vote with convenience, ABA, or Advanced Bank of Asia, is considered by many to be one of the best banks in Cambodia. It was the first to launch a full-scale banking app in the country and maintains its leading position for user-friendly convenience to this day. Fun fact, did you know that ABA racked up a whopping 250 million transactions in 2022? While I didn’t imagine that you cared, it does mean that this is one of the major go-to banks operating in Cambodia.

A native Khmer ancestor looks unhappy that your not in Cambodia

What does ABA offer ex-pats in Cambodia?

Many new ex-pats are wowed by the technology, as it is not commonly seen in the west. Their innovative mobile application also allows its users to top up their mobiles and domestic transfer cash domestically in an instant.

You can also deposit cheques, check ATM locations, pay your bills, and use SWIFT international transfers.

Is ACLEDA Bank the best bank for ex-pats?

If you look at social impact, ACLEDA is definitely up there. However, there are a few things to consider beyond just choosing this bank as your in-country go-to.

ACLEDA started in 1993 when it began providing micro credits to war victims. It has since withstood the test of time when it comes to service delivery, reliability, and security, and its mobile banking technology closely rivals that of ABA.

But further to their firm grasp on contemporary banking standards, ACLEDA has a strong focus on supporting provincial communities in Cambodia through their micro-financial services. These services provide financial products with rates and terms that suit individuals and businesses that may not have access to traditional banking services.

Further, their ‘Agent Banking’ feature provides a network of agents that allows customers to access banking services in remote and under-served areas where the bank has no physical presence.

Whilst the above may not provide direct benefit to ex-pats, it does provide firm support for the use of their services.

Is Bank of Canadia the best bank for ex-pats in Cambodia?

The bank in question, Candadia Bank, is known as one of the best banks for sending money internationally, but does that mean that you should choose this bank when moving to Cambodia?

The Bank of Canadia is a well-established and reputable Bank which has been operating for over 20 years. It offers a wide range of products and services to its customers, including savings accounts, current accounts, credit cards, and loans. The bank has a wide network of branches and ATMs throughout the country, making it easy for customers to access their banking services, and – from our experience – they have an attentive customer service team.

In addition to its general practicality, the Bank of Canadia is known for offering competitive exchange rates and fees on international transfers, offering low or 0% fees on promotions.

Which bank should ex-pats choose when living in Cambodia?

For those who are moving to Cambodia through work, it is important to note that your employer may already have a partnered bank with which you will need to open a payroll account with.

If this partnered bank is not suitable or practical for you to use, you will need to open a separate account with your preferred bank and transfer your money to that account as and when required.

Most banks in Cambodia do not charge for domestic transfers but this process can take 1-3 days, so our top tip is to never transfer 100 per cent of your cash. This is because you could be left without your money during the transfer period if your receiving account is low or empty.

Who can help me set up a bank account in Cambodia?

Don’t worry! Next Step International is here to help! We provide A-Z moving service – which includes how to set up a bank account in Cambodia – so you don’t need to worry about the technicalities.

We know you may be moving independently of our service, but as a company committed to putting Cambodia on the map as a place to live and work, we are happy to help you make your move a dream.

Get in touch with one of our team today and we can organize picking you up from the airport and pre-booking your accommodation if you like. Or, if you just want to know about getting a bank account in Cambodia, we can help with this specifically.

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