Table of bank and MFI deposit rates?
Amk recently had 7% in $ for 12 months without monthly withdrawal , if memory serves right.
HKL, Kredit, LOLC and Prasac offer 8% for USD 1 year fixed term deposit with interest upon maturity.
Among banks, Sathapana's 7.5% seems to be he highest, although I haven't checked all commercial banks.
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Among banks, Sathapana's 7.5% seems to be he highest, although I haven't checked all commercial banks.
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In USD?Kampot Homesteader wrote:alright....
a new year filled with new objectives.
what's the current beta on micro finance investments?
looking at around $25,000 to deposit for 1 year.
with or without monthly interest withdrawals.
thanks k440.
Prasac offers 8% per annum 12 month term. https://www.prasac.com.kh/services/depo ... t-account/
As do Kredit
https://www.kredit.com.kh/en/products-services/deposit1
Of the two Prasac will be easier to open with and arguably safer.
If you're really cautious, you should go with HKL
http://www.hkl.com.kh/index.html?page=saving which is slightly less at 7.70% but should be as safe as you can get considering they were taken over by Krungsri last year https://www.b2b-cambodia.com/news/thai- ... quisition/
There are better rates in Riel, AMK probably the best, but fit dollars 8% for 12 months is the best I know of.
LOLC is majority owned by Lanka Orix, a subsidiary in Sri Lanka of Orix group, one of the largest financial conglomerates in Japan. Orix is listed at Tokyo and NY stock exchanges (presumably it's better or stricter regulated)
http://www.lolc.com.kh/eng/share_holders.aspx
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http://www.lolc.com.kh/eng/share_holders.aspx
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- Barang_doa_slae
- cannonballer
- Reactions: 37
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- Joined: Tue Dec 24, 2013 9:44 am
I don't see how being taken over by a well known know foreign institution makes a Cambodian MFI safer.
If the sale is recent then I can agree it can be a good indicator having been thoroughly audited. One might also expect expect a good governance.
However, if for whatever reason such an MFI goes bankrupt, I doubt the owner will save it if not in it's own best interest. They don't bear the same name and they probably amount to uncritical small investments for such big international banks.
It is very different from fully owned bank subsidiaries like Campu, CIMB etc. Of course the size and risk level aren't the same but since they have the same name and are part of ambitious master plans, in case of problems, wouldn't the shareholders be very annoyed to let that name go under in cambodia ?
I used to have accounts in AMk and AMRET and I choose them because they had just reveived loans from institutions like the European Bank. Anyway back then all lights were green regarding MFIs (2010/1014)
I am less informed about the current situation but I would think the risk level has risen consequently in the past two years.
Do not hesitate to prove me wrong and enlighten me.
If the sale is recent then I can agree it can be a good indicator having been thoroughly audited. One might also expect expect a good governance.
However, if for whatever reason such an MFI goes bankrupt, I doubt the owner will save it if not in it's own best interest. They don't bear the same name and they probably amount to uncritical small investments for such big international banks.
It is very different from fully owned bank subsidiaries like Campu, CIMB etc. Of course the size and risk level aren't the same but since they have the same name and are part of ambitious master plans, in case of problems, wouldn't the shareholders be very annoyed to let that name go under in cambodia ?
I used to have accounts in AMk and AMRET and I choose them because they had just reveived loans from institutions like the European Bank. Anyway back then all lights were green regarding MFIs (2010/1014)
I am less informed about the current situation but I would think the risk level has risen consequently in the past two years.
Do not hesitate to prove me wrong and enlighten me.
HKL was bought by Krungsri, a Thai bank of Japan's Mitsubishi UFJ Financial Group in 2016. LOLC by Japan's Orix thru its Sri Lankan subsidiary in 2014.
I suppose Japanese grand parent companies or its subsidiaries underwent decent due diligence.
NBC discloses supervision reports on banks and MFIs annually.
https://www.nbc.org.kh/english/publicat ... eports.php
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I suppose Japanese grand parent companies or its subsidiaries underwent decent due diligence.
NBC discloses supervision reports on banks and MFIs annually.
https://www.nbc.org.kh/english/publicat ... eports.php
Sent from my iPhone using Tapatalk
Good morning everyone. I have a question concerning MFI deposit accounts.
Prasac lists Withholding Tax at 4% for Residents and 14% for Non-residents, yet since you have to show a lease you aren't a non-resident.
The question is: Do they mean 4% for citizens and 14% for non-citizens?
Thank you.
Prasac lists Withholding Tax at 4% for Residents and 14% for Non-residents, yet since you have to show a lease you aren't a non-resident.
The question is: Do they mean 4% for citizens and 14% for non-citizens?
Thank you.
No they mean residents not citizens. Also many will ask for you to be here for min of six months if you want to pay the lesser of the two, Prosac SHV for one.
If you rent a room you will have a rental agreement.
And its 6% tax not 4% (unless it's recently changed) and remember that's on the monthly interest, so $100 pm less 6% would be $6 tax.
If you rent a room you will have a rental agreement.
And its 6% tax not 4% (unless it's recently changed) and remember that's on the monthly interest, so $100 pm less 6% would be $6 tax.
pew, pew, pew, pew!
- Barang_doa_slae
- cannonballer
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Sorry I missed your question.YaTingPom wrote:Can I ask why you stopped using MFIs?
Because I put all my money into a building, even more than that since I had to borrow from a local bank at 9%
Not that I am saying local real estate is way safer than MFIs
C/P from Prasac website: Resident 6% Non-resident 14%.YaTingPom wrote:
And its 6% tax not 4% (unless it's recently changed) and remember that's on the monthly interest, so $100 pm less 6% would be $6 tax.
https://www.prasac.com.kh/services/depo ... t-account/
Isn't that what I just said?Jaap wrote:C/P from Prasac website: Resident 6% Non-resident 14%.YaTingPom wrote:
And its 6% tax not 4% (unless it's recently changed) and remember that's on the monthly interest, so $100 pm less 6% would be $6 tax.
https://www.prasac.com.kh/services/depo ... t-account/
Anyhoo. I say spread your risks. MFI, land/property, under mattress, gold.
pew, pew, pew, pew!
You said just that. You also included an 'unless' in your post. My point is that you were right. You're welcome.YaTingPom wrote:Isn't that what I just said?Jaap wrote:C/P from Prasac website: Resident 6% Non-resident 14%.YaTingPom wrote:
And its 6% tax not 4% (unless it's recently changed) and remember that's on the monthly interest, so $100 pm less 6% would be $6 tax.
https://www.prasac.com.kh/services/depo ... t-account/
Anyhoo. I say spread your risks. MFI, land/property, under mattress, gold.
Plus: you're right about spreading risks, not sure about the mattress thing though...
YaTingPom, thank you for your prompt reply. At Prasac they (first the young woman I was speaking with, then the young man that she called over ) wouldn't let me open an account
without a lease. The young woman didn't answer the question, "If I don't have a lease doesn't that just make me a non-resident?" That's the time the man was called over and
I asked him the same question - to which he replied "We have to make a copy of a lease to open the account."
I didn't think to try another "high return" MFI. With my tail between my legs I took the money back to CMK where I had maintained a 6% return account and put that money in a
4% return account (that I had closed to go to Prasac).
To explain that story - years ago I took money to Camodia on one of my vacation jaunts and opened an account with CMK which at the time was offering 6%. They made a copy of
my passport and wanted two pictures. After a few years they changed the return to 6% on the first two thousand dollars and 4% on the balance, so I looked for greener pastures.
- "Also many will ask for you to be here for min of six months if you want to pay the lesser of the two ..."
So not all MFIs require a lease, if you are willing to pay 14% withholding tax?
Can you YaTingPom, or anyone, tell me which MFIs don't require a lease?
Thank you.
without a lease. The young woman didn't answer the question, "If I don't have a lease doesn't that just make me a non-resident?" That's the time the man was called over and
I asked him the same question - to which he replied "We have to make a copy of a lease to open the account."
I didn't think to try another "high return" MFI. With my tail between my legs I took the money back to CMK where I had maintained a 6% return account and put that money in a
4% return account (that I had closed to go to Prasac).
To explain that story - years ago I took money to Camodia on one of my vacation jaunts and opened an account with CMK which at the time was offering 6%. They made a copy of
my passport and wanted two pictures. After a few years they changed the return to 6% on the first two thousand dollars and 4% on the balance, so I looked for greener pastures.
- "Also many will ask for you to be here for min of six months if you want to pay the lesser of the two ..."
So not all MFIs require a lease, if you are willing to pay 14% withholding tax?
Can you YaTingPom, or anyone, tell me which MFIs don't require a lease?
Thank you.
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