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andy

Here I have posted some information from the Maybank online site-

Savings Account

Be one of the 22 million customers who bank with us every day. With over 2,200 offices worldwide and over USD160 billion in assets, you can be rest assured that your hard earned money is managed far more efficiently with our Savings account. Furthermore, with Maybank Global ATM Card, you will have convenient access to Maybank’s ATMs in Cambodia and overseas.

ELIGIBILTY:

  • Individuals 18 years and above (personal/joint)

FEATURES:

  • Minimum opening deposit of USD100
  • Minimum ongoing balance of USD10
  • Option of an ATM card
  • Interest rates are calculated daily and credited half-yearly on 30 June and 31 December respectively
  • Interest rate per annum is 0.50%

BENEFITS:

  • Earn interest irrespective of account balance
  • Unlimited over-the-counter transactions
  • Unlimited number of withdrawals through ATM per day
  • Enjoy ATM cash withdrawals with a maximum limit of up to USD5,000 per day
  • Easy transaction monitoring with passbook updates
  • Convenient ATM access with no charge on cash withdrawals at any Maybank ATM in Cambodia, Malaysia, Singapore, Philippine, Vietnam, Brunei, Laos and London.

Fixed Deposit

Work your extra cash a lot harder with the Maybank’s Fixed Deposit account. Maximise the potential of your savings. Not only does it yield higher returns, but the interest rate is fixed too, so you are protected from interest rate fluctuations.

ELIGIBILITY:

  • Individuals 18 years and above (personal/joint)
  • Companies & Firms (sole proprietorship/partnership)
  • Registered Societies/Associations/Organizations /Institutions

FEATURES:

  • Minimum opening deposit of USD1,000 for individual and USD5,000 for non-individual
  • Range of placement terms of 1, 3, 6, 9, 12 or 15 months
  • Interest credited on maturity date
No. Term Interest Rate 1 1 Month 1.50% 2 3 Months 2.25% 3 6 Months 3.25% 4 9 Months 3.75% 5 12 Months 4.25% 6 15 Months 4.50%

            
Pre-maturity uplift: 0%

BENEFITS:

  • High interest rates compared to normal savings account
  • Access loan facilities secured against your deposit
  • Option of auto-renewal of deposit upon maturity
  • Protected from interest rate fluctuations
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andy

So now the story unfolds - Being refused at the Maybank to open an account I proceeded to the ABA bank. Here I had a warm welcome! No problems opening an account. Again I was attended by staff and then the manager, all the documents needed was my Passport with currant Visa, and letter of my accommodation in Cambodia.

 

Information from the ABA website -

 

  ABA Saving account is your most efficient and secure way to start saving.

Conditions
Currency USD, EUR, AUS & THB* Initial opening balance USD 10.00** Minimum balance USD 10.00 Interest rate 0.75% p.a. Interest payment Semiannual or upon account closure Monthly account service Free Withdrawals Unlimited withdrawals provided that the minimum on­-going balance is preserved on the account Inter-regional branch cash deposit/withdrawal Daily limit of USD 30,000*** Replenishment Unlimited transactions in cash or non-­cash forms are allowed

* Withdrawal is allowed in only USD using the Bank’s prevailing exchange rates regardless of deposit was made in other non-­USD currencies, and cash deposit commission rate is 1.5% of the total deposit amounts.
** Minimum opening balance of USD 50 for non­-resident customers.

*** In case of exceeding the daily limit, 0.10% or minimum $1 (whichever higher) fee will be applied.

 

Requirements

To be eligible for ABA Savings Account you need to:

  • Be at least 15 years old for local citizen and 18 years old for foreigner;
  • Bring your passport or national ID for local citizen and passport with entry visa for foreigner (all documents must be valid);
  • Complete our Application form.
Fixed Deposit

Make your money work hard for you and know exactly what you’ll get. Choose the term of the deposit between 1 to 36 months on your Fixed Deposit Account and earn interest at competitive rates.

Conditions
Currency USD Minimum initial deposit 100.00

Interest rate*:


1 month 2.25% p.a. 3 months 3.25% p.a. 6 months 4.25% p.a. 12 months 5.25% p.a. 24 months 5.75% p.a. 36 months 6.25% p.a. Flexible interest payment
  • Monthly interest payment
  • At the maturity of the term or upon account closure
Fixed Deposit Certificate Free Monthly account service Free Withdrawals**

Not allowed for partial withdrawal

 

 

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dicey eye

what reason did maybank give for denying you an account?

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andy

No Business address, and no tax letter and papers!!!

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syzmic

 

Fixed Deposit

Make your money work hard for you and know exactly what you’ll get. Choose the term of the deposit between 1 to 36 months on your Fixed Deposit Account and earn interest at competitive rates.

Conditions
Currency USD Minimum initial deposit 100.00

Interest rate*:

1 month 2.25% p.a. 3 months 3.25% p.a. 6 months 4.25% p.a. 12 months 5.25% p.a. 24 months 5.75% p.a. 36 months 6.25% p.a. Flexible interest payment

  • Monthly interest payment
  • At the maturity of the term or upon account closure
Fixed Deposit Certificate Free Monthly account service Free Withdrawals**

Not allowed for partial withdrawal

 

 

That is a good set of interest rates.  I'm curious how secure the funds are.  In the US, we have FDIC insurance, backed by the government.  Does anything comparable exist in Cambodia?

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andy

Take a look at the website! I could not find any "bodies" to state they cover protected monies. But I went on the live chat! The only answer I received was - 

ABA Contact Center
You — Please update your info
We are under the law of Cambodia.
 
ABA Bank and the National Bank of Canada today announced a landmark agreement for the Cambodian banking industry. Following the receipt of required regulatory approval, National Bank of Canada has increased its equity in ABA Bank through a ‘Share Purchase Agreement’ from 42% to 90%.
 
This may give the security or not? 

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syzmic

Thanks.  That's kinda what I thought from the lack of available information.

 

There is NO security that I can see. :sad:

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andy

Bad day banking! First put the wrong pin number in the ATM lost my card? Get it back tomorrow at a $2 cost to change the pin number. should have worn my glasses. Second problem with my UK internet banking. Money transfer! Wanted my Cambodia phone number to confirm. After calling the bank in the UK! a change of phone number takes two days to be updated on their system. So no transfer until next week, with the four day transfer!!! 

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Parrothead

Thanks.  That's kinda what I thought from the lack of available information.

 

There is NO security that I can see. :sad:

 

Welcome to Cambodia.

 

Bad day banking! First put the wrong pin number in the ATM lost my card? Get it back tomorrow at a $2 cost to change the pin number. should have worn my glasses. Second problem with my UK internet banking. Money transfer! Wanted my Cambodia phone number to confirm. After calling the bank in the UK! a change of phone number takes two days to be updated on their system. So no transfer until next week, with the four day transfer!!! 

 

Welcome to Cambodia.

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syzmic

I have yet another "Welcome to Cambodia" for you.

 

I made the mistake of going to an ATM for the Bank of China in Phnom Penh.  The machine didn't give me the $500 I requested, but DID deduct the money from my bank account.  They were closed since it was a Sunday, and I was on my way out of town.  Thus I didn't get back for a week.  When I went into the bank to talk to them, they claimed that they had already credited the $500 back to my account and refused to do anything about it.  It wasn't until I got back home to the US, a couple of weeks later, that I got my bank to take it away from them.  The ATM knew it didn't give me the money as there was a note on the screen that the "funds were retained."

 

I think those farking THIEVES are doing that on purpose.  As far as I can see, that's no accident...  :devil::angry:

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