Banking Services in Cambodia
Commercial banks offer a range of services for individual and corporate customers in Cambodia. Check out how they can help you!
A. What personal banking services are available to me in Cambodia?
- Individual banking services include chequing and savings accounts, and foreign exchange services.
- Some banks also offer credit cards, overdraft facilities and personal loans.
- Credit card allowances usually have to be offset by cash funds held in a separate account, and loans will require collateral typically in the form of a land title.
B. How can banks help me pay my employees in Cambodia?
- Several banks now offer a payroll management service, saving customers time by allowing them to process payments directly to employees, creditors or other parties with a bank account to which funds can be sent.
C. Can I use online banking services in Cambodia?
- During the last few years, the majority of the country’s main players in the banking world have launched online services to customers, offering various transactions, such as overseas and domestic money transfers and payroll payments.
- Retail businesses can also take advantage of EPOS services such as ANZ Royal’s “Blue Spot” whereby customers can pay for goods and services bills using credit and debit cards.
D. Are mobile banking services available in Cambodia?
- Mobile banking looks set to become a way of life.
- This is a sector where Cambodia is ideally positioned to leapfrog the traditional prerequisite of an online banking stage, which is generally demonstrated in other emerging banking markets.
- The solutions to enable mobile banking are ever more affordable and powerful. There are close to five million 3/4G mobile subscribers and 2.2 million active social media users, so in a few years mobile banking will be a common feature and no longer a differentiator.
- Consumers bypassing this preliminary stage are quicker to expect mobile banking services from banks throughout the industry. This is especially so with a young and easily educated population.
E. What a sort of bank charges can I expect in Cambodia?
- The charges incurred when setting up and operating a business bank account in Cambodia vary depending on the bank, the type of account being opened and features offered.
- Interest charges vary, with standard transactions being capped at 18%.
- Each bank has a fee schedule outlining all charges, which is available to customers.
- As well as set-up fees, there can also be costs to run the account depending on the type being opened and other various factors, such as whether it has an overdraft facility.
- Some accounts also carry a fee for dropping below the minimum balance or for credit cards.
- Overdraft facilities are available in Cambodia.
F. Can I borrow money from bank in Cambodia?
- Commercial banks offer various solutions to their customers’ borrowing requirements, in the forms of overdrafts and business loans.
- In the absence of a commercial credit rating system, access to credit is usually secured by land or fixed cash deposits.
- Here a land title is used as security against a loan, the bank will generally lend up to 50 to 60 percent of the land’s assessed value (quick sale value).
- If you want a $10,000 overdraft, you may need to set up a fixed deposit of the same amount, especially if you have no land to use as security.
- Consequently, many small businesses face borrowing money from unlicensed lenders which is an expensive strategy.