Currency in Cambodia

Can anybody who visited Cambodia (especially siem raep, PP and
Sihanoukville) tell me what kind of currency is used (Riel, Thai Baht, US$),
where to change and if creditcards (Visa) are accepted ?

Thanks & regards,
FJ

fjnet wrote:
> Can anybody who visited Cambodia (especially siem raep, PP and
> Sihanoukville) tell me what kind of currency is used (Riel, Thai Baht, US$),
> where to change and if creditcards (Visa) are accepted ?
>
> Thanks & regards,
> FJ
>
>
US$1=3900-4000 Cambodian Riels. The banks where you withdraw your
money from your credit do not give you good exchange rates. Go market
places like Psar Thmei (central Market) etc to get a better rate.

Most banks (Canadia, Commercial bank, etc) in PP, SIemreap allow you
withdraw money from your credit card account for a fee (1-2 for
100-$500.0, and $6 flat for 500 or more) I think it is very reason
fee. You can also withdraw money from your credit card account at the
Naga Casino in PP 24-hour-7days a week and it also has Western Union
branch there.

Based my experienced, I never carry travel cheques or a lot of money.
Just carry credit cards (Visa is the most popular).

High priced hotels and Restaurants in PP and Siemreap are accepting
VISA. FCC in PP does accept VISA.

"fjnet" <fjnet@home.nl> wrote in message
news:cifhok$m4k$1@news5.zwoll1.ov.home.nl...
> Can anybody who visited Cambodia (especially siem raep, PP and
> Sihanoukville) tell me what kind of currency is used (Riel, Thai Baht,
US$),
> where to change and if creditcards (Visa) are accepted ?
>
> Thanks & regards,
> FJ
>

US dollars are pretty useful. Have lots of $1 bills on hand. You'll get
Cambodian currency back as change, they are pretty useless once you are out
of the country.

>

On Fri, 17 Sep 2004 13:53:30 -0700, comcast <lilo@normal.com> wrote:

>fjnet wrote:
>> Can anybody who visited Cambodia (especially siem raep, PP and
>> Sihanoukville) tell me what kind of currency is used (Riel, Thai Baht, US$),
>> where to change and if creditcards (Visa) are accepted ?
>>
>> Thanks & regards,
>> FJ
>>
>>
>US$1=3900-4000 Cambodian Riels. The banks where you withdraw your
>money from your credit do not give you good exchange rates. Go market
>places like Psar Thmei (central Market) etc to get a better rate.
>
>Most banks (Canadia, Commercial bank, etc) in PP, SIemreap allow you
>withdraw money from your credit card account for a fee (1-2 for
>100-$500.0, and $6 flat for 500 or more) I think it is very reason
>fee.

It might be reasonable if that were the only fee being charged, but
its not. They shouldn't really be charging anything at all.

The agreement between all Visa and Mastercard issuing banks is that
the card issuing bank is the one to make the charges. The banks in
Cambodia (and a few other places) breach the agreement by charging for
issuing cash. That results in customers being charged twice, once in
Cambodia, and again by their bank at home. They want to have their
cake and eat it as well.

Chris

"fjnet" <fjnet@home.nl> wrote in message
news:cifhok$m4k$1@news5.zwoll1.ov.home.nl...
> Can anybody who visited Cambodia (especially siem raep, PP and
> Sihanoukville) tell me what kind of currency is used (Riel, Thai Baht,
US$),
> where to change and if creditcards (Visa) are accepted ?

I was there a year and a half ago. I don't think much has changed since
then.

US$, Thai Baht and Riel are all readily accepted. It was about 3900 riel =
US$1 when I went. Merchants generally used the exchange rate of 3800 or
4000 - whichever was to their advantage during the transaction.

I had no trouble changing travelers checks at a bank in Siem Reap, and my
friend got a cash advance on her credit card with no problem. As for ATM
cards, I've heard there was one bank in PP that would take them; this may be
different now. However I mostly used US$ and Thai Baht when I was in
Cambodia.

--
Peacenik

On Sat, 18 Sep 2004 14:26:33 -0700, comcast <lilo@normal.com> wrote:

>Christ;
>They charged only handling fee of 5-6 dollars max. I can understand
>that the Cambodian banks have to pay their workers' salaries.

True, but that's not how the system works. You could walk into a bank
in New York City and take a cash advance and not be charged anything
by that bank. They have to pay their workers salaries too, and they
pay them a heck of a lot more than Cambodian bank employees get.

> By the
>way, my bank charges me nothing for using cash advance.

From a credit card? I'm surprised, but if so, its up to them. The deal
with Visa and Mastercard is based on reciprocity. Member banks are
supposed to issue cash advances without charge and then charge their
own customers when they use that service from other banks.

> $5-$6 dollars
>is very cheap to pay to withdraw 500-10000 dollars. Shop around for
>your credit card bank.
>They should not charge you for using cash advance other than compounded
>interest.
>
>
>>
>>
>> It might be reasonable if that were the only fee being charged, but
>> its not. They shouldn't really be charging anything at all.
>>
>> The agreement between all Visa and Mastercard issuing banks is that
>> the card issuing bank is the one to make the charges. The banks in
>> Cambodia (and a few other places) breach the agreement by charging for
>> issuing cash. That results in customers being charged twice, once in
>> Cambodia, and again by their bank at home. They want to have their
>> cake and eat it as well.
>>
>> Chris
>>

On Sun, 19 Sep 2004 02:22:18 -0700, comcast <lilo@normal.com> wrote:

>
>Chris Blunt wrote:
>> On Sat, 18 Sep 2004 14:26:33 -0700, comcast <lilo@normal.com> wrote:
>>
>>
>>>Christ;
>>>They charged only handling fee of 5-6 dollars max. I can understand
>>>that the Cambodian banks have to pay their workers' salaries.
>>
>>
>> True, but that's not how the system works. You could walk into a bank
>> in New York City and take a cash advance and not be charged anything
>> by that bank. They have to pay their workers salaries too, and they
>> pay them a heck of a lot more than Cambodian bank employees get.
>I do not know how the banking system works. But I am very happy that
>some Cambodian banks charge only $5-$6 for cash advance. It is a small
>fee for not carrying a large amount of cash. You cannot compare US
>banking system to Cambodia. Most US banks make their profits from late
>fees, ATM charges, credit card loans, and other loans (which they get
>low interest money from our Federal Reserve)

I compared it to the US because your justification was that Cambodian
banks had to pay their workers salaries, and US salaries are among the
highest in the world.

OK, if you prefer, compare it to similar economies such as Thailand,
the Philippines, Indonesia, all of which I have taken cash advances
from in the last few weeks and not been charged by banks there.

The Cambodian banks are simply not playing by the rules they agreed
to.

>>
>>> By the
>>>way, my bank charges me nothing for using cash advance.
>>
>>
>> From a credit card? I'm surprised, but if so, its up to them. The deal
>> with Visa and Mastercard is based on reciprocity. Member banks are
>> supposed to issue cash advances without charge and then charge their
>> own customers when they use that service from other banks.
>
>That is why you should shop around for your VISA card.

I do, but you've obviously done a better job at it than I did. My bank
charges me 1.25% for cash advances on a credit card. Out of interest
(no pun intended), which credit card do you have that charges nothing?

Chris

Chris Blunt wrote:

>
>>I do not know how the banking system works. But I am very happy that
>>some Cambodian banks charge only $5-$6 for cash advance. It is a small
>>fee for not carrying a large amount of cash. You cannot compare US
>>banking system to Cambodia. Most US banks make their profits from late
>>fees, ATM charges, credit card loans, and other loans (which they get
>>low interest money from our Federal Reserve)
>
>
> I compared it to the US because your justification was that Cambodian
> banks had to pay their workers salaries, and US salaries are among the
> highest in the world.
>
> OK, if you prefer, compare it to similar economies such as Thailand,
> the Philippines, Indonesia, all of which I have taken cash advances
> from in the last few weeks and not been charged by banks there.
>
> The Cambodian banks are simply not playing by the rules they agreed
> to.
I do not think you can compare Cambodian banking system to Thailand,
Indonesesia, etc Cambodian banking system is not that mature and
profitable.

>
>
>>>>By the
>>>>way, my bank charges me nothing for using cash advance.
>>>
>>>
>>>From a credit card? I'm surprised, but if so, its up to them. The deal
>>>with Visa and Mastercard is based on reciprocity. Member banks are
>>>supposed to issue cash advances without charge and then charge their
>>>own customers when they use that service from other banks.
>>
>>That is why you should shop around for your VISA card.
>
>
> I do, but you've obviously done a better job at it than I did. My bank
> charges me 1.25% for cash advances on a credit card. Out of interest
> (no pun intended), which credit card do you have that charges nothing?
>
> Chris
That is, if you pay your balance in full every month:) There are lots
of credit users who do not pay off their balance each month. That is
where the Credit card issuers make lot of money from.

On Sun, 19 Sep 2004 07:26:16 -0700, comcast <lilo@normal.com> wrote:

>>>>>By the
>>>>>way, my bank charges me nothing for using cash advance.
>>>>
>>>>
>>>>From a credit card? I'm surprised, but if so, its up to them. The deal
>>>>with Visa and Mastercard is based on reciprocity. Member banks are
>>>>supposed to issue cash advances without charge and then charge their
>>>>own customers when they use that service from other banks.
>>>
>>>That is why you should shop around for your VISA card.
>>
>>
>> I do, but you've obviously done a better job at it than I did. My bank
>> charges me 1.25% for cash advances on a credit card. Out of interest
>> (no pun intended), which credit card do you have that charges nothing?
>>
>> Chris
>That is, if you pay your balance in full every month:) There are lots
>of credit users who do not pay off their balance each month. That is
>where the Credit card issuers make lot of money from.

Again, can I ask which credit card it is you have which doesn't charge
a fee for taking cash advances overseas? Can you name it please? I'm
sure a lot of travelers would be interested to know.

Chris

Lilo wrote:

> a visa card from my local Credit Union, that is.
> Shop around is the key.

I guess u just need to read ur bills from them more carefully.

Canadian Bank in Siam Rep charges nothing for mastercards,
but they are a bit crowded and need at least 30 minutes
for their intern procedure.

Never tried them in Phnom Phen, anybody knows if it works
like in Siam Rep ?

BTW, I don´t remember the exact rates, but while waiting
I saw they have amazingly high rates for foreign cash deposits.

I really hated it :
"Sir, u sign here for 500 $ but we give u only 490."

Never ever saw anything like that before. It´s just a rip off
and nothing else.

Karl