Retirement Extension and Bank Accounts

ABA Bank minimum requirement is a 6-month visa to open a Bank account. I use the ABA App, make all payments in Restaurants, Shops etc, easy and convenient. I usually have a small amount of cash US 50-100 and some Riel in case of an emergency. 

1 yr visas are easy and nothing to show. $280US. I opened up an account from CANADIA BANK here but you should shop around and ask about wiring money policy. Leon in Siem Reap.

I use ABA. Really like the automation and QR code support. I have the retirement visa. I went to ABA with my passport and some funds. I cannot wire transfer funds easily from my US bank so I withdraw from Schwab and they reimburse international atm fees each month. Then I go to bank and deposit in riel. I don't use dollars at all. One of the handiest features is withdrawing cash from any ABA atm without the debit card. Just need my iPhone and the app. We also pay rent, top up smart, pay for some groceries and enjoy the ease of stuff with the account. My girl friend takes transfers to go shopping, pay rent, etc.

Easy stuff. Not sure how it is with other banks but it took me 30 mins in Siem Reap from start to finish.

Hi everyone,

Thank you so much for your replies, I really appreciate them. That is great news that I will be able to open a bank account as I plan to get a 1 year EOS. Now I just have to decide where to stay. Given my current thinking, it will be either Kampot or Siem Reap... I know they are quite different having spent extended time there 8 years ago, but given things have changed since then, I will spend time in each town and decide which one I like better.

@mpmilestogo

I know that Cambodia uses both the Riel and USD for transactions. Is there an advantage to solely using the Riel? Just curious.

@zeubie

As for your latest question here an example of the advantage of taking riel from an ATM.

Imagine you take $2000 per month, that's equal to 8 million riel.

If you take only riel you earn 50 riel per dollar as the rate in the ATM is 4050.

That means your $2000 equals 8.100.000 riel. So you win each month 100.000 riel or $25.

Nearly all cafes, restaurants, bars  calculate 4000 riel for a dollar.

I only use riel.

Cheers.

Joe

@zeubie Cannot help you except wish you all the very best.

@JoeKhmer

Thank you for the info... I did not know about the "better" exchange rate with the ATM withdrawals, that is great!  I guess I will be using Riels as well once I have the bank account set up.

Just out of curiousity, I will have both USD and Canadian dollars (CAD) with me when I arrive.  Is it possible to exchange CAD into Riels and get a decent exchange rate?

Take care and again, thanks to everyone for your assistance and best wishes.

@zeubie

Don't take CAD with you or keep them for a return event

Other than USD other currencies get a low exchange rate.

You need USD anyway, already $35 when you arrive, for the Ordinary visa.

Get used to riel, easier and gladly accepted by most local shops and businesses.

Cheers.

Joe

@zeubie one advantage is that most places will not take US dollars if they are ripped, stained, taped together. We have a few dollars that way. Just can't use them. With riel they can be in just about any condition. I think Joe and others mentioned other advantages.

ABA gives the choice when withdrawing. I always use riel.

@zeubie one advantage is that most places will not take US dollars if they are ripped, stained, taped together. We have a few dollars that way. Just can't use them. With riel they can be in just about any condition. I think Joe and others mentioned other advantages.
ABA gives the choice when withdrawing. I always use riel.
-@mpmilestogo

This! Took me all of about 1 week to get fed up with being told my US paper was no good because it had some microscopic imperfection. Plus there are the note switching scams with US$. And most ATMs only dispense $100 bills which is another PITA. Now I just use ATMs that give me Riels and save myself the hassle of daily mental maths too.

Some very good advice from fellows who have been in Cambodia a long time, I used to pay in USD, switched to Riel, hassles free.

Hi Folks,

Since I am the OP, this is an update.

I finally made it to Cambodia, received my retirement extension (yay!) and now, I am trying to get settled in Siem Reap.

I decided to take people's advice (from this forum and from other expats I know in Cambodia) and tried to open an account at ABA bank. Emphasis on the world "tried." They would not let me open an account.

When I first walked into the branch (I think it is in the Wat Bo area), they asked me if my visa was longer than 6 months. I replied "Yes, it is one year." I was then given a number and told to take a seat until I was called.

The bank service rep grilled me with at least a dozen questions: "What are you doing in Cambodia?, "Why do you want a bank account?", "Where do you get your retirement income?", "How much is it?", etc, etc. Perhaps it was just me, but she seemed to get increasingly hostile with each question.

Then she asked, "Do you have government proof that you are retired?"

I am Canadian... there is no "government document" to prove that I am retired. I don't receive a pension, but I have a good life funded by my investment income and savings.

She then called a supervisor over and they chatted for about 10 minutes.

I was told that I cannot open an account with ABA Bank unless I have a document certified by the Canadian government (or Embassy) that I am retired. What?

So, I walked out of the ABA branch and 500 meters down the road to Canadia Bank.

They were lovely and the young lady who assisted me in opening an account was extremely pleasant and professional. She took my information/passport, set up the account, setup mobile banking on my phone and took my initial deposit - we were done in less than 30 minutes. She even gave me her business card and told me to contact her anytime if I have a problem. Wow, what a difference.

BTW, Canadia Bank also allows me to wire money directly from overseas. They even provided detailed instructions, SWIFT code, etc. on how to do this. From what I understand (from some expats here in Cambodia), ABA Bank rejects international wire transfers and you need to use an intermediary (such as Wise) to do this. If I am wrong, please me know.

So, if you have issues opening an account with ABA Bank in the future, I am sure Canadia Bank would be happy to do business with you. Just thought I would communicate my experience in case any of you have the same issue.

Take care, best wishes.

Thank you for your post and information.

All the best in your retirement.

@zeubie I just this moment returned from the ABA Bank here in Siem Reap.

The purpose was to open a bank account using my retirement visa.

The whole process took 20 minutes, if that.

The young lady that looked after me was both courteous and extremely professional.

I can't speak highly enough of the ABA Bank and it's employees.

Best wishes and good luck.

@lynn13522002 this is exactly what happened to me. I spent maybe 30 minutes. They asked for no proof of income. They took copies of my passport and retirement extension. Wanted my social security number. They showed me basic operation of stuff after the atm card machine made a card for me. I needed a few more lessons so alin helped me that day.

I found the ABA bank by temple bakery in siem Reap to be very efficient, very happy to serve me, and provided great service. I just used them to send money here using Xoom as well. The money was available within 5 minutes from the time I initiated the request.

@lynn13522002

Wow, I guess I got a bad customer service representative at ABA Bank today. Everything I had read about them in the past was quite positive hence me being so surprised (and annoyed) by what happened. Perhaps I should have just gone to a different branch afterwards. Anyway, I got a local bank account in the end, just not with ABA.

Thanks for communicating your experience.

@zeubie

I got the same kind of issues years ago, in Sihanoukville.

I went to ABA and to my surprise they asked for an employment contract.

I said on my retirement visa sticker it says "no employment allowed" but you want to see an employment contract. The lady was surprised and walked away to a superior. I didn't wait for an answer, walked out to Canadia bank down the road and got my account without any strange questions. I also found out that Canadia asked a deposit of $10 whereas ABA asked $50.

For me always Canadia bank!

Joe

@JoeKhmer Thank you for your reply and sharing your experience with both ABA and Canadia.  After hearing about all of the positive ABA experiences people had, I was beginning to wonder if I have a sign on my back that says, "Kick me" (just kidding).

I guess it is the luck of the draw with regard to customer service reps :-)

Just out of curiousity, can I use the Canadia mobile app to make payments using a QR code at any merchant or only those that also use Canadia Bank?  I forgot to ask today when I opened the account (this is all new to me).

Take care and thanks!

@zeubie

If a business has an account at CanaPay you can scan the QR code and pay

@JoeKhmer

Hi Joe. I was reading that a certificate of employment is required to get a bank account. If I have an ER visa extension, is that waived? Thanks.