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Transferring $$$ to Cambodia


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#1 kanela

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Posted 28 December 2013 - 07:47 AM

If I bring $$ into Cambodia and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated. Is it better to leave my $$ as USD in my Cambodian bank acct.? What are the fees to transfer $$ in or out of Cambodia? Thanks

 





#2 Kenny

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Posted 28 December 2013 - 07:58 AM

As far as I know, there's none.

That said, as ATM machines here spit out USA dollar bills, why bring money in?

Just leave it where ever you have and account and grab cash when and as you need it.

Canadia bank ATM have no fee withdrawals.

 

If you feel you must have an account in Cambodia, just transfer small amounts to it, say, $5,000 at a time.


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#3 kanela

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Posted 28 December 2013 - 08:11 AM

As far as I know, there's none.

That said, as ATM machines here spit out USA dollar bills, why bring money in?

Just leave it where ever you have and account and grab cash when and as you need it.

Canadia bank ATM have no fee withdrawals.

 

If you feel you must have an account in Cambodia, just transfer small amounts to it, say, $5,000 at a time.

Yes I am thinking that I may need to have emergency $$ available in a larger amount than one is allowed to take from an atm machine. Do you have any suggestions on how I can find out for sure??



#4 Paul

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Posted 28 December 2013 - 09:01 AM

If I bring $$ into Cambodia and I decide I want to leave the country (maybe things aren't working out to well) is there a penalty? Is there an exit fee to take my $$ back out of the country? If so does anyone know what that amount is? I am currently living in Ecuador and there is a 5% exit tax to take my money out. I can see where this could start to get expensive. Any input will be greatly appreciated. Is it better to leave my $$ as USD in my Cambodian bank acct.? What are the fees to transfer $$ in or out of Cambodia? Thanks

 

There are no penalties for closing an account, if that is what you are asking. You can open a USD Savings Account here, with typical requirements - Passport showing (usually) a minimum of six months validity on your visa, and signed lease agreement. (Requirements vary from bank to bank.)

 

When I used to bank in the Philippines, it was as simple as writing a check on my bank back in the US, making a deposit, and then waiting about 15 business days. Here, I would never do that. It takes, for some banks here, up to a couple months to clear (READ: They are floating the money as long as possible). 

 

To wire money into a bank here, it will cost, on average, .1%, with a minimum of $10 to $15 USD, usually.


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#5 kanela

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Posted 28 December 2013 - 09:31 AM

There are no penalties for closing an account, if that is what you are asking. You can open a USD Savings Account here, with typical requirements - Passport showing (usually) a minimum of six months validity on your visa, and signed lease agreement. (Requirements vary from bank to bank.)

 

When I used to bank in the Philippines, it was as simple as writing a check on my bank back in the US, making a deposit, and then waiting about 15 business days. Here, I would never do that. It takes, for some banks here, up to a couple months to clear (READ: They are floating the money as long as possible). 

 

To wire money into a bank here, it will cost, on average, .1%, with a minimum of $10 to $15 USD, usually.

Hi Paul!

Are you saying that I would be able to take my money back out of the country and there would be no fees for 1. closing the account or 2. exit fee for taking the money back out of the country as I am getting ready to experience here in "lovely" Ecuador? 3. What about wiring the $$ back to the states?


Edited by kanela, 28 December 2013 - 09:33 AM.


#6 phuketrichard

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Posted 28 December 2013 - 10:21 AM

As your american,

I assume u understand  FBAR and report all your foreign bank accounts if over $10,000 TOTAL in any year>

 

One reason why i keep less than $10,000 or equivalent in all my foreign accounts

 

http://taxes.about.c.../a/TDF90221.htm

 

Cash is KING, 

I think Cambodia ( as well as Thailand) if u carry more than $10,000 in on ur person u must report it.  There is no penatly/fees but.....


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#7 Rain Dog

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Posted 28 December 2013 - 10:48 AM

I would agree with Kenny --- I would not transfer large sums of money here.  Canadia has no ATM fees and if you do not trust the Cambodia banks you can go with ANZ or Maybank (Malaysia owned) here.



#8 Paul

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Posted 28 December 2013 - 06:52 PM

Hi Paul!

Are you saying that I would be able to take my money back out of the country and there would be no fees for 1. closing the account or 2. exit fee for taking the money back out of the country as I am getting ready to experience here in "lovely" Ecuador? 3. What about wiring the $$ back to the states?

 

Sandy, you may need to look at how much you are talking about, here. Personally, I would NEVER keep more than two, on the outside, three months operating expenses in any bank, anywhere in SE Asia. I just do not trust the banks that much. A couple / few thousand dollars can be hidden among your belongings, if you travel from Cambodia to Thailand. 

 

I will drop by a local bank on Monday, here in Battambang. I will ask them, specifically, those questions. I will use the parameter of say, less than six months. But, to my knowledge, no - there is no penalty of any kind to close your savings account. If I am wrong here, I will correct it on Monday for you. :)


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#9 kanela

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Posted 29 December 2013 - 05:37 AM


I assume u understand  FBAR and report all your foreign bank accounts if over $10,000 TOTAL in any year>

 

ABUNDANTLY AWARE! THANKS



#10 kanela

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Posted 29 December 2013 - 05:38 AM


I will drop by a local bank on Monday, here in Battambang. I will ask them, specifically, those questions. I will use the parameter of say, less than six months. But, to my knowledge, no - there is no penalty of any kind to close your savings account. If I am wrong here, I will correct it on Monday for you

 

Hi Paul:

What a very nice and thoughtful thing to do. Thank you! I look forward to seeing what you find out.