Banking and Money in Cambodia

For expatriates living in Cambodia, understanding the local banking system and payment methods is essential for managing daily finances. This guide covers opening a bank account, using ATMs, and paying for goods and services as a resident.

Opening a Bank Account in Cambodia

To open a bank account in Cambodia, you’ll need:

  • Age: Minimum 18 years old.
  • Required Documents:
    • A valid passport.
    • One of the following to confirm residency status:
      • Visa Extension of Stay valid for at least 6 months.
      • Proof of residence (e.g., house rental contract, certificate of residence from the Sangkat, or hotel lease/bill with a minimum 6-month tenor).
      • Proof of employment (e.g., employment contract or certificate indicating at least 6 months of employment) or a business license/certificate if self-employed.

Visit any local bank branch or their website for details on account types, fees, and additional requirements.

Recommended Banks

ABA Bank

ABA Bank, backed by the National Bank of Canada, is a leading choice for expats due to its reliable services, extensive ATM network, and robust mobile banking app. The ABA Mobile app supports features like ABA PAY for QR code payments, online transfers, and account management, making it ideal for daily financial needs.

ACLEDA Bank

ACLEDA Bank is one of Cambodia’s largest and most trusted banks, widely used by locals and expatriates alike. Known for its extensive branch and ATM network, especially in rural areas, ACLEDA offers comprehensive services, including savings accounts, loans, and a user-friendly ACLEDA Mobile app. The app supports QR code payments via the KHQR system, online banking, and instant transfers, making it a practical option for expats managing finances across Cambodia.

Using ATMs with Foreign Cards in Cambodia

While most expats rely on local bank accounts, you may occasionally use foreign cards (Visa, Mastercard, etc.) at ATMs, especially when first arriving. ATMs are widely available in urban areas like Phnom Penh and Siem Reap, but fees apply:

  • Typical ATM Fees: Most ATMs charge $5–$10 per withdrawal for foreign cards.
  • Cheapest Option: BRED Bank charges only $4 per withdrawal, making it a cost-effective choice.

To avoid high fees, consider transferring funds to a local account and using a Cambodian bank card for withdrawals.

Paying in Shops and Restaurants

Cashless payments are now the norm in Cambodia, with QR code payments dominating transactions in shops, restaurants, cafes, and even with street vendors. As an expat, you’ll likely use your Cambodian bank’s mobile app to pay via QR codes, thanks to the National Bank of Cambodia’s KHQR system and Bakong platform.

How QR Code Payments Work

  • KHQR System: Introduced in 2022, KHQR is a universal QR code standard that allows seamless payments through any participating bank’s mobile app. Merchants display a KHQR code, which you scan using your bank app to pay instantly in Cambodian Riel (KHR) or US dollars (USD).
  • Using Your Bank App: Popular apps like ABA Mobile, ACLEDA Mobile, and Canadia Bank’s Bakong App support QR payments. For example, with ABA PAY, open the ABA Mobile app, select the QR payment option, scan the merchant’s code, choose your account, and confirm the payment. Transactions are instant and secure, requiring a PIN or biometric authentication.
  • Widespread Use: QR payments are standard in urban areas and increasingly common in smaller towns. From supermarkets to tuk-tuks, most vendors accept QR payments, reducing the need for cash except for small tips or rural transactions. In 2023, mobile payment platforms like Bakong processed millions of transactions, reflecting their dominance.
  • Setup for Expats: Once you open a local bank account, download your bank’s mobile app and activate QR payment features. Link your account to the app and ensure it’s funded for seamless payments.

Benefits of QR Payments

  • Convenience: Pay directly from your bank account with a quick scan, no cash needed.
  • Speed: Transactions are instant, perfect for busy restaurants and shops.
  • Security: Payments are encrypted and require authentication, minimizing risks.
  • Cost-Effective: Most QR transactions are free or have minimal fees compared to card payments.

Tips for Managing Money as an Expat

  • Currency: Cambodian Riel (KHR) is the official currency, but US dollars (USD) are widely accepted. Small change (below $1) is often given in Riel. Use QR payments for larger transactions and carry small amounts of cash for tips or rural areas.
  • Mobile Banking: Apps like ABA Mobile allow you to manage accounts, transfer funds, and pay bills, making financial management easy.
  • Budgeting: Monitor transaction fees for international transfers or ATM withdrawals. Use local accounts to minimize costs.
  • Safety: Use ATMs in secure, well-lit locations, and keep your mobile banking app updated with strong passwords or biometric security.

This information is accurate as of April, 2025. Banking policies and fees may change, so verify details with your bank or local authorities.