Table of bank and MFI deposit rates?
For my self declaration of local address, no evidence was required in fact by MFIs with which I could open accounts.
As for business visa, one can extend stay permit for 3, 6 or 12 months, and I think 6 months or longer is necessary to be categorized as resident.
Visa validity and stay permit validity are different stuff, and one can extend stay permit but not visa per se, IINM.
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As for business visa, one can extend stay permit for 3, 6 or 12 months, and I think 6 months or longer is necessary to be categorized as resident.
Visa validity and stay permit validity are different stuff, and one can extend stay permit but not visa per se, IINM.
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Thanks again Ooo' for your patience with an old man.
So I can attempt to lie about having a residence but I can't lie about being a resident, as I will only get a short term visa at the airport
for my short term stay in Cambodia.
I am left with the lingering thought - why bother to detail a 14% withholding tax on the interest of term deposits for non-residents
if non-residents can't have a term deposit.
I mentioned I was married once so I'll write it off as "feminine logic".
So I can attempt to lie about having a residence but I can't lie about being a resident, as I will only get a short term visa at the airport
for my short term stay in Cambodia.
I am left with the lingering thought - why bother to detail a 14% withholding tax on the interest of term deposits for non-residents
if non-residents can't have a term deposit.
I mentioned I was married once so I'll write it off as "feminine logic".
Well well, look what I found (I'm both happy for myself and embarrassed for myself - it was here in a different thread all along ...)
- Re: Why Vision Fund doesn't want my money ?
- Postby Gau » Sat Sep 24, 2016 10:42 pm
- anyway Vision buffoons did not bother to reply and I'm off to Thailand again.
- For those who might be interested , as a non resident with only a tourist visa I was able to open accounts at ABA , Kredit and AMK. Sathapana Bank would open to a non resident but requires a
- business visa.
I guess my fortuitous instinct to go to AMK was a godsend.
(I like to say, "I don't believe in God, but I know She loves me.")
Now I'm chagrined for letting that 'bad' experience years ago with Prasac make me give up the search for a better return than with CMK.
- Re: Why Vision Fund doesn't want my money ?
- Postby Gau » Sat Sep 24, 2016 10:42 pm
- anyway Vision buffoons did not bother to reply and I'm off to Thailand again.
- For those who might be interested , as a non resident with only a tourist visa I was able to open accounts at ABA , Kredit and AMK. Sathapana Bank would open to a non resident but requires a
- business visa.
I guess my fortuitous instinct to go to AMK was a godsend.
(I like to say, "I don't believe in God, but I know She loves me.")
Now I'm chagrined for letting that 'bad' experience years ago with Prasac make me give up the search for a better return than with CMK.
SHiVer, I couldn't open accounts with Kredit in 2015 as they necessitated work permit, employment contact and/or residential lease contract, which I didn't possess then.
So, I would be interested in knowing if you could open with Kredit in the near future.
Withholding tax for nonresident applies to not only individuals but also institutional depositors such as foreign banks outside Cambodia.
Having said that, still certain banks, e.g. Sathapana and Phnom Penh Commercial Bank, open accounts for individual nonresident (presumably with business visa). Unsure about MFIs though.
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So, I would be interested in knowing if you could open with Kredit in the near future.
Withholding tax for nonresident applies to not only individuals but also institutional depositors such as foreign banks outside Cambodia.
Having said that, still certain banks, e.g. Sathapana and Phnom Penh Commercial Bank, open accounts for individual nonresident (presumably with business visa). Unsure about MFIs though.
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Good morning Oo'.
Well I'll be in Cambodia next week. I'll have a story to tell then.
I'm looking forward to it.
Well I'll be in Cambodia next week. I'll have a story to tell then.
I'm looking forward to it.
Last edited by SHiVer on Mon Jan 16, 2017 8:49 am, edited 1 time in total.
Say Oo', if you remember, which branch of Kredit did you go to? It will be one to avoid, for a start.
I read here it's a roll of the dice, which branches follow which 'rules'.
I read here it's a roll of the dice, which branches follow which 'rules'.
I went to Kredit's headquarters and was declined in late 2015.
Among MFIs, Kredit currently offers the highest interest in USD of 8.25% for 18 month and 8.5% for 24 month.
The second or third highest in USD is HKL, wholly owned by Bank of Ayudhaya from Thailand.
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Among MFIs, Kredit currently offers the highest interest in USD of 8.25% for 18 month and 8.5% for 24 month.
The second or third highest in USD is HKL, wholly owned by Bank of Ayudhaya from Thailand.
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A friend of mine just recently succeeded to open an USD account with Kredit with his passport and visa. He lives in Thailand, so the account is marked as nonresident for tax purpose.
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- 440 newbie - handle with care
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Hi all, I have been reading all these posts. Thanks a lot. I am trying to get a clear vision on the practical risks of investing 100k and above with an IMF on a long term basis. I see the Moody's ratings and many of your comments. How many of you are on a long term basis with large amounts and how do you feel about the risk? Thanks again
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Many of the MFIs have been operating for a decade or more. Some are now "proper" banks. None appear to have failed yet and those I've been using have paid interest every month without issues. I'm a newbie, my accounts are less than 2 years old.Braddockrd wrote:Hi all, I have been reading all these posts. Thanks a lot. I am trying to get a clear vision on the practical risks of investing 100k and above with an IMF on a long term basis. I see the Moody's ratings and many of your comments. How many of you are on a long term basis with large amounts and how do you feel about the risk? Thanks again
Where else are you going to earn nearly 10%pa? Are the risks any greater than for a first world bank paying <1%pa? I think they're just different risks.
Don't put all your money in MFIs, don't put it all in a single MFI, enjoy the interest.
There are only 10 kinds of people in the world; those who understand binary and ...
Supervision Annual Report by NBC, the banking and microfinance regulator as well as the central bank, discloses nonperforming loan ratio and other performances of each bank and microfinance, and may be of help in comparing MFIs.
https://www.nbc.org.kh/english/publicat ... eports.php
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https://www.nbc.org.kh/english/publicat ... eports.php
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Hello, remember me? I've been back a week from three weeks in Cambodia. (I forgot that all my passwords are sequestered in my home computer.)
The upshot of the story:
- Two accounts at AMK. Riel - 10.5%, US$ - 7.25% (minus 14% withholding tax)
- Three accounts at CMK. US$ - 7%,6% and 4%. (net).
Went to sub-branch of Prosac and got a more straightforward "explanation" -
"Yes, the withholding tax for non-residents is 14% ."
"No, a non-resident cannot have an account."
The upshot of the story:
- Two accounts at AMK. Riel - 10.5%, US$ - 7.25% (minus 14% withholding tax)
- Three accounts at CMK. US$ - 7%,6% and 4%. (net).
Went to sub-branch of Prosac and got a more straightforward "explanation" -
"Yes, the withholding tax for non-residents is 14% ."
"No, a non-resident cannot have an account."
What's the term at amk, 18 months? Monthly or yearly interest?
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