Table of bank and MFI deposit rates?
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
- Reactions: 37
- Posts: 2434
- Joined: Tue Dec 24, 2013 9:44 am
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.
It's not a lease but just a rental agreement, one that you should get from your guest house or hotel you are staying at, lease is just the word they use. You will need this to open up an account at any MFI, and maybe a bank nowadays too.
Some MFIs insist on at least six months prior residency to pay the 6% resident tax, some don't. I do not know who or who does not ask for it as it varies by bank employee, bank branch and wether it's raining outside. (It has been a while since I did it)
If you do not have 6 months residency and cannot get the 6% until then just stick in some money for six months term and then after go for a longer term, if that is what you want.
Some MFIs insist on at least six months prior residency to pay the 6% resident tax, some don't. I do not know who or who does not ask for it as it varies by bank employee, bank branch and wether it's raining outside. (It has been a while since I did it)
If you do not have 6 months residency and cannot get the 6% until then just stick in some money for six months term and then after go for a longer term, if that is what you want.
pew, pew, pew, pew!
Residency check method depends on banks and MFIs, and required documents in general tend to be one or two of work permit, employment contract or certification, residential lease agreement, and visa or stay permit validity.
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
-
- My Only Friend is my Computer
- Reactions: 0
- Posts: 728
- Joined: Mon Apr 07, 2014 2:32 pm
- Location: Phnom Penh
Prasac won't open an account if you don't have a job with an employment contract. I did the usual try another branch. Same thing. Called head office and asked them and they confirmed the requirement.
Sathapana seem to be tightening up too since converting from MFI to proper bank.
On the plus side more of the MFIs are joining the world of real banking with electronic transfers to other institutions, and Internet banking.
Sathapana's ebanking offering looks like something from Windows 3.1 but it's a start.
Sent from my Redmi 3 using Tapatalk
Sathapana seem to be tightening up too since converting from MFI to proper bank.
On the plus side more of the MFIs are joining the world of real banking with electronic transfers to other institutions, and Internet banking.
Sathapana's ebanking offering looks like something from Windows 3.1 but it's a start.
Sent from my Redmi 3 using Tapatalk
There are only 10 kinds of people in the world; those who understand binary and ...
Heh heh, "I do not know who or who does not ask for it as it varies by bank employee, bank branch and wether it's raining outside."
That's the feeling I get at a lot of financial institutions. The experience at Prasac had me wondering that they were just short of indignant that a mere tourist
would expect to take advantage of Khmer culture by attempting to participate in such a venture.
I thought afterwards that since they didn't ask to see a one year visa, an ambitious conniver would try to just buy a lease to show the bank.
The up side to all this is that I guess I should be happy I got into CMK when I did without any trouble. It's a small pleasure to wander in to their
small office on 110th street and pick up a few hundred dollars every year to add to my vacation walking around money.
Thanks to YaTingPom, and all, for the information.
That's the feeling I get at a lot of financial institutions. The experience at Prasac had me wondering that they were just short of indignant that a mere tourist
would expect to take advantage of Khmer culture by attempting to participate in such a venture.
I thought afterwards that since they didn't ask to see a one year visa, an ambitious conniver would try to just buy a lease to show the bank.
The up side to all this is that I guess I should be happy I got into CMK when I did without any trouble. It's a small pleasure to wander in to their
small office on 110th street and pick up a few hundred dollars every year to add to my vacation walking around money.
Thanks to YaTingPom, and all, for the information.
That must be very recent because I set up an account there last year. I don't work.walkjivefly wrote:Prasac won't open an account if you don't have a job with an employment contract. I did the usual try another branch. Same thing. Called head office and asked them and they confirmed the requirement.
Sathapana seem to be tightening up too since converting from MFI to proper bank.
On the plus side more of the MFIs are joining the world of real banking with electronic transfers to other institutions, and Internet banking.
Sathapana's ebanking offering looks like something from Windows 3.1 but it's a start.
Sent from my Redmi 3 using Tapatalk
A friend also set up an account this week at AMK. He doesn't work.
I can't see they would bring it that rule because they rely on deposits from expats.
I mean what teacher makes enough cash to be able to make deposits!
pew, pew, pew, pew!
-
- My Only Friend is my Computer
- Reactions: 0
- Posts: 728
- Joined: Mon Apr 07, 2014 2:32 pm
- Location: Phnom Penh
I tried to open an account at Prasac in May 2016. Didn't have any problems at AMK, Kredit, Sathapana or VisionFund. If I'd tried a few more Prasac branches I might have got lucky but fuck 'em, who needs that aggro?YaTingPom wrote:That must be very recent because I set up an account there last year. I don't work.walkjivefly wrote:Prasac won't open an account if you don't have a job with an employment contract. I did the usual try another branch. Same thing. Called head office and asked them and they confirmed the requirement.
Sathapana seem to be tightening up too since converting from MFI to proper bank.
On the plus side more of the MFIs are joining the world of real banking with electronic transfers to other institutions, and Internet banking.
Sathapana's ebanking offering looks like something from Windows 3.1 but it's a start.
Sent from my Redmi 3 using Tapatalk
A friend also set up an account this week at AMK. He doesn't work.
I can't see they would bring it that rule because they rely on deposits from expats.
I mean what teacher makes enough cash to be able to make deposits!
There are only 10 kinds of people in the world; those who understand binary and ...
I see from my old friend Google map there is an AMK office just down the street from 'my' CMK office.
I'll be in good spirits after getting my yearly stipend from CMK and wii go into AMK to try to open an account as a tourist, just for sport.
I'll be in good spirits after getting my yearly stipend from CMK and wii go into AMK to try to open an account as a tourist, just for sport.
-
- Similar Topics
- Replies
- Views
- Last post
-
-
8.8% fixed term deposit rates now....
by wolfcreek » Thu Apr 20, 2023 10:01 pm » in Cambodia Speakeasy - 10 Replies
- 1861 Views
-
Last post by jackrossi
Sun May 07, 2023 7:22 pm
-
-
- 1 Replies
- 2308 Views
-
Last post by Khamad
Fri Jun 28, 2019 3:58 am
-
- 1 Replies
- 1254 Views
-
Last post by horace
Fri Jun 19, 2020 8:45 pm
-
-
Any prediction on when the 3k deposit requirement may be lifted?
by Jools » Fri Aug 21, 2020 10:59 am » in Questions and Answers - 24 Replies
- 5013 Views
-
Last post by Alex
Sun Aug 23, 2020 3:12 pm
-
-
-
CAB, Cambodia Asia Bank, tries to keep Covid deposit
by Guest999 » Tue Dec 01, 2020 7:46 pm » in Cambodia Speakeasy - 6 Replies
- 1789 Views
-
Last post by Spigzy
Thu Dec 03, 2020 1:50 am
-