Banking, Money and Taxes in Cambodia

Managing banking, money and taxes in Cambodia can be a complex task due to the country’s history. Locals often prefer to use the US dollar rather than the local currency.

Money in Cambodia

The currency in Cambodia is the riel, abbreviated as KHR or just an ‘r’ after the sum, divided into a hundred sen.

• Notes: 100 KHR, 200 KHR, 500 KHR, 1,000 KHR, 2,000 KHR, 5,000 KHR, 10,000 KHR, 15,000 KHR, 20,000 KHR, 50,000 KHR

The US dollar is also widely used and accepted throughout the country and, in many cases, is the preferred currency. Prices are usually listed in US dollars, but change may be given in riels.

Banking in Cambodia

There are many banks located throughout Cambodia, especially in the capital. Popular banks include Acleda Bank, Canadia Bank and J Trust Royal Bank (formerly ANZ Royal Bank).

The Cambodian currency is non-convertible outside the country, so when expats leave Cambodia, they should ensure they exchange or spend any remaining riels within the country before leaving.

Opening a bank account

To open a bank account in Cambodia, expats will need documentation, including their passport and visa. English-speaking banks can be hard to find outside of the capital.

Expats should note that many Cambodian banks do not give loans to foreigners, but they may offer other financial services.

ATMs and credit cards

ATMs dispense both US dollars and riels but can be hard to find in some parts of Cambodia. Also, be aware that fees may be charged for withdrawal.

Cambodia is still a cash-dominated society, but urban and tourist areas generally accept credit cards. It’s best to have some local and foreign currency if venturing further out of the capital.

Taxes in Cambodia

If a person is considered a resident in Cambodia, they are eligible to pay tax. A resident is classified as someone who has lived in Cambodia for at least 182 days during 12 months. Resident expats are subject to income tax, calculated based on their earnings.

Expats should be aware that, depending on their country of origin, they may also be liable to pay taxes back home. We recommend consulting an expat tax specialist on these matters to stay on the right side of the law.