your-money-in-cambodia
your money in cambodia
Synopsis: Take extra care of your money when travelling. Be aware of your surroundings, and in particular, who is standing nearby. I hope that the following hints and tips will help you
Don’t carry more money than you really need to have with you.
In busy markets, producing a fat wallet full of cards and cash may not be wise.
Tip: 4000/4100 Riel is considered to be equal to one US Dollar by most traders.
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your-money-in-cambodia: new banknotes
16 December 22: For those unaware, 2 new banknotes have entered circulation here in Cambodia. There are new 200 and 2000 riel notes, as detailed in the Khmer Times at the following link:
https://www.khmertimeskh.com/501184663/new-banknotes-for-cambodia-with-re-introduction-of-200-riel-note/
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your-money-in-cambodia: Small denomination US dollar bills
In a step towards de-dollarisation, small-denomination US dollar bills are to be withdrawn. No dates declared, but the $1, $2, and $5 bills will, however, become noticeably scarce. Nevertheless, for the time being, they remain legal tender.
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your money in Cambodia
One of the popular supermarket chains is displaying product prices only in Riel, although no problem accepting dollars. “Note to self: learn to read and understand written Khmer numerical script”
An observation & remedy
your-money-in-cambodia: Spending Riel instead of dollars, particularly when prices are shown in Riel, is sensible, as eventually, we may have to get used to it.
your-money-in-cambodia and Mental Dexterity!
However, mental arithmetic is not everyone’s strong suit. When products are priced in Riel, & payment is made with dollars, & the change is a mixture of Riel & dollars, mental dexterity can be stretched to its outer limits, for calculating quickly what the change should be. Therefore, whenever possible, avoid mixing currencies & have a selection of small/medium denomination Riel notes to hand. Moreover, the smallest value note in circulation is the orange 100 Riel, and be aware too, that there are no coins, KHR or USD.
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Large denomination banknotes
Cambodia, as with most countries, has a selection of banknotes, including large denominations, such as the 100000 Riel, worth about $25, plus the $50 & $100 US bills. Some of these notes look quite impressive, but for general purchases in small shops, markets, and paying for tuk-tuks, etc, you may experience difficulty changing them.
your-money-in-cambodia, Managing your banknotes
Always, therefore, endeavour to have a selection of small-value Riel notes, such as the 1000, 5000, and 10000. The 10000 Riel is worth about 2.5 dollars, making it useful for small purchases, including tuk-tuks.
Carry small-value notes, and be wise before the event.
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Get yourself a bank account
If you are intending a long-term stay in Cambodia, why not consider opening a bank account?
I chose ABA bank, and within 20 minutes, I had a bank account with a debit card. I am a pensioner, but what conditions may apply for those working, etc., one would need to enquire. However, all my experiences with ABA have been positive, and I have no reservations about recommending them.
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your-money-in-cambodia ATMs
Remember to remove your card from the ATM
Value for Money. Paying bills and receiving money in Cambodia
CHANGING & TRANSFERING MONEY: There are numerous money exchange shops in cities & villages. Make sure that all USD notes offered to you are in very good condition & have in mind the amount you expect to receive. There are many branches of Western Union where you can send money overseas or receive money from other countries. The branch shown is at Acleda Bank, a short walk south from the Phnom Penh Hotel on Monivong Blvd.
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International money transfers
CHANGING & TRANSFERRING MONEY: Western Union is good for sending money overseas or receiving it from other countries. However, never underestimate the importance of ensuring that names are spelt exactly the same as the recipients’ ID. For example, is it White or Whyte, is it Brown or Browne, or perhaps Bert or Albert? Important to get it right. Errors can cause long delays for the recipient and may attract fees.
To avoid problems, email the sender a copy of your passport from which they can copy your name. The same document, your passport, can then be presented when collecting your money.
Additionally, make sure that banknotes offered are in very good condition, especially $100 dollar bills, as mentioned below.
To whom it may concern
Using Western Union to send money from Cambodia to Thailand, I was once asked for a copy of my work permit. It would appear that there are restrictions/limits on sending money overseas. I understand that due to money laundering and other matters, there may be a limit of $200 per month. Ask for details next time you use the services of any of the money transfer companies.
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your-money-in-cambodia and Gold Shops
Tip for your money in Cambodia: Gold shops may be able to help with changing foreign currency into Riel or Dollars, and may have more favourable opening hours than some banks. However, always ask first what their exchange rates are and whether they charge a commission.
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your-money-in-cambodia Lost bank cards
Taking care of your cards
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Your Money in Cambodia Exchange rates
For currency conversion, there is a box in the RH sidebar. As of 2 June 23, 1 USD was equal to about 4150 KHR. However, for convenience, many businesses use an exchange rate of 4000 or 4100 Riel to the Dollar. Moreover, the smallest denomination note in current use is the orange 100 Riel, & there are no coins.
Banks & money exchangers may ask to see your passport
US $100 dollar bills
For security purposes, The US$100 bill has been redesigned, several times over the years, for security purposes. Accept these only when the vertical blue security stripe, just to the right of Franklin’s portrait, runs the full height of the paper. However, notes with the stripe covering only the printed area may remain legal tender, but you may have to visit a central bank to exchange them.
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However, no matter how good or bad—funny or sad, tell us your experiences with money in Cambodia. Use email to fuzzyken@hotmail.com
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For general news: https://www.phnompenhpost.com/national