This hermespan nutcase continues to crack me up. Today I saw his name on ThaiVisa, ranting about Bangkok Bank charging account maintenance fees in case your balance is below 2,000 THB (i.e. less than $70) AND not a single transaction has occurred within the last 12 months. He's got millions to invest, that much is clear.hermespan wrote:The purpose of this thread is only one (not for smartass comments, one liner quips about banking in Cambodia in general, etc) It is for sincere on-topic duscussion by clientele of ABA Bank, Cambodia on the details of using ABA, in Cambodia and outside the Kingdom.
ABA Bank has numerous advantages which I have itemized elsewhere. But, I am starting to wonder whether it is really not professional and trustworthy, or at the very least whether it is ineffective for use with a Samsung tablet and for someone who spends only part of his time in Cambodia. Her are my new criticisms...
1. The once a month account statements (excel docs) won't open regardless what app I use (they will open on a desktop or laptop however)
2. It always sounds to be the same guy manning the phones in weekends. Not confidence inspiring. And his English fluency is inferior to those who man phones at ANZ.
3. They use, like DBS in Singapore, one of those devices to be sent changing access codes. But, they have been out of stock for some months.
4. I must have at least five different codes. I just asked the guy on the phone. Even he doesn't know how many I have. There's PINs, tel banking, user IDS, blah blah.
5. When I finally get to where I have to type in yet another code (send by SMS) the screen of my tablet goes as crazy as this is driving me, and flashes back and forth between two contents, making it impossible for me to type in that third f%#&/ng code.
First off, I am a cranky old man pissed off that banking has become so complicated (both by the cirporations themselves and the governments that regulate them) compared to 1980. I am a bit of a retard when it comes to math and finances and I like to keep things simple (which is why I prefer cash currency in a safety box - non existent in PNH, so I have to haul around wads of cash from Singapore, Bangkok, and Kuala Lumpur - Hong Kong is not little guy expat friendly for boxes)
Secondly, I am starting to wonder if the extra points on interest are worth all this grief. The big banks offer shit interest. This micky mouse corner Joe's Bank run by Koreans or Kazhaksthanis is a pain in the ass.
What has been your experience with ABA? And are their high interest rates cause for suspicion?
ABA Bank - experiences, pro and con
I'm very glad to hear this is the case. Clearly I know nothing about this area and the NBC runs like clockwork.rob77 wrote:My experience is that considerable regulation is enforced by the NBC, there are various lines and policies that everybody has to keep to and as far as government ministries go this is one of the more strictly operated and better managed ones.
Dealing with several ministries in Cambodia I can safely say that the NBC is indeed the best run of those I've dealt with - by a country mile. They also have the best food even for a 30 minute meeting!Bosco wrote:I'm very glad to hear this is the case. Clearly I know nothing about this area and the NBC runs like clockwork.rob77 wrote:My experience is that considerable regulation is enforced by the NBC, there are various lines and policies that everybody has to keep to and as far as government ministries go this is one of the more strictly operated and better managed ones.
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
As I said I would know nothing and defer to both the contributors on Khmer440 and those who have had lunch there. Combined they would likely leave me standing in terms of knowledge on the NBC and practical Cambodian banking regulation.Spigzy wrote:Dealing with several ministries in Cambodia I can safely say that the NBC is indeed the best run of those I've dealt with - by a country mile. They also have the best food even for a 30 minute meeting!Bosco wrote:I'm very glad to hear this is the case. Clearly I know nothing about this area and the NBC runs like clockwork.rob77 wrote:My experience is that considerable regulation is enforced by the NBC, there are various lines and policies that everybody has to keep to and as far as government ministries go this is one of the more strictly operated and better managed ones.
Seriously though the comparison has feck all to do with the NBC vs other Cambodian institutions but rather the NBC vs it's international peers.
Nobody can say it is perfect but it is one of the more scrutinised ministries and works with international entities like World Bank, ADB, ratings agencies so that it can improve its international standings and ratings that help further potential inflows of FDI, gain partners for new financial infrastructure like Stock Market etc,Bosco wrote:I'm very glad to hear this is the case. Clearly I know nothing about this area and the NBC runs like clockwork.rob77 wrote:My experience is that considerable regulation is enforced by the NBC, there are various lines and policies that everybody has to keep to and as far as government ministries go this is one of the more strictly operated and better managed ones.
- Mekong Mike
- 5 minutes to kill
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Sorry Rob, I sometimes cannot read humour on here too well. Not sure if your response was serious.
NBC is a weak institution, just like all government agencies here. I would advise not to trust their regulation of banks anymore than you would trust any other government agency. Which is to say, not much. Be aware of the risks of using any local Cambodia bank - not that its easy to find out about the risks.
NBC also has the luxury of only "playing" at monetary policy for the riel, since the main currency here is the USD. Of course, that choice of currency will hurt business and thus the economy in Cambodia over the long haul.
World Bank has been effectively out of Cambodia for years. ADB has no direct interest in banking supervision of which I am aware. And as for the FDI that comes into Cambodia, I think not a strong correlation between that and financial health of Cambodia banks. Those who do FDI so far have the means not to rely strictly on local banks except for short bursts.
NBC is a weak institution, just like all government agencies here. I would advise not to trust their regulation of banks anymore than you would trust any other government agency. Which is to say, not much. Be aware of the risks of using any local Cambodia bank - not that its easy to find out about the risks.
NBC also has the luxury of only "playing" at monetary policy for the riel, since the main currency here is the USD. Of course, that choice of currency will hurt business and thus the economy in Cambodia over the long haul.
World Bank has been effectively out of Cambodia for years. ADB has no direct interest in banking supervision of which I am aware. And as for the FDI that comes into Cambodia, I think not a strong correlation between that and financial health of Cambodia banks. Those who do FDI so far have the means not to rely strictly on local banks except for short bursts.
Mike, I have come to the conclusion that this thread is an alternate universe. In this other world the NBC is apparently a fine, upstanding and wholesome institution that carries out the dictates of the various banking Prakas with fiery steel. I have stood aside from this conversation as I live in the real world.Mekong Mike wrote:Sorry Rob, I sometimes cannot read humour on here too well. Not sure if your response was serious.
NBC is a weak institution, just like all government agencies here. I would advise not to trust their regulation of banks anymore than you would trust any other government agency. Which is to say, not much. Be aware of the risks of using any local Cambodia bank - not that its easy to find out about the risks.
NBC also has the luxury of only "playing" at monetary policy for the riel, since the main currency here is the USD. Of course, that choice of currency will hurt business and thus the economy in Cambodia over the long haul.
World Bank has been effectively out of Cambodia for years. ADB has no direct interest in banking supervision of which I am aware. And as for the FDI that comes into Cambodia, I think not a strong correlation between that and financial health of Cambodia banks. Those who do FDI so far have the means not to rely strictly on local banks except for short bursts.
I said that NBC was comparatively well run on a local basis i.e. compared to some other local ministries. My experiences with other ministries provides enough evidence to convince me of this.
The NBC have (and constantly seek to explore) various sorts of international cooperations and initiatives so they can push the Stock Market, Bonds and very long term potential Riel-ization of the economy.
In terms of day to day running of banks in Cambodia I have seen enough information from several players and publicly available to know the NBC does take action with bank operators if they step out of line, to an extent. The ongoing cash reserves and liquidity ratios of the banks are easy enough to come by which make if clear the reserve policies remain in action.
In the recent past the NBC downgraded banks who did not make the grade and restricted their operations, they have continually increased the minimum cash deposits to loans ratio, restricted the ratio of loan by segment (to minimise property loan exposure) while at the same time pushing towards greater interbank interoperability.
The system isn't perfect but there is actually a system in place and even the bigger banks have had to fall in to line a number of times. As a whole I think they did a pretty reasonable job of steering the ship through the Global Financial Crisis, other richer, better educated, less corrupt and more transparent countries did far worse.
And that's not to say there aren't areas I have concerns about but I can still see much worse situations for banks in Europe, Asia, US etc.
The NBC have (and constantly seek to explore) various sorts of international cooperations and initiatives so they can push the Stock Market, Bonds and very long term potential Riel-ization of the economy.
In terms of day to day running of banks in Cambodia I have seen enough information from several players and publicly available to know the NBC does take action with bank operators if they step out of line, to an extent. The ongoing cash reserves and liquidity ratios of the banks are easy enough to come by which make if clear the reserve policies remain in action.
In the recent past the NBC downgraded banks who did not make the grade and restricted their operations, they have continually increased the minimum cash deposits to loans ratio, restricted the ratio of loan by segment (to minimise property loan exposure) while at the same time pushing towards greater interbank interoperability.
The system isn't perfect but there is actually a system in place and even the bigger banks have had to fall in to line a number of times. As a whole I think they did a pretty reasonable job of steering the ship through the Global Financial Crisis, other richer, better educated, less corrupt and more transparent countries did far worse.
And that's not to say there aren't areas I have concerns about but I can still see much worse situations for banks in Europe, Asia, US etc.
Getting back on track from the original post instead of reacting to the name calling (in another post I do so) I would like to point out the ad in the August 19, 2013 issue of PNH Post that FINALLY a bank in Cambidia is joining civilization and arranging ATM nachines that take bank deposits of cash. I hope they put enough ink on their receipts (unlike ANZ) and actually provide enough paper ( unlike ANZ).
Isn't it risky to use an ATM for deposit? What if it malfunctions? What if it takes your cash and doesn't give you a receipt? I have always avoided these Deposit machines.
OSK have deposit ATM machines already, think they've been there for a year now but can't say I've used them.hermespan wrote:Getting back on track from the original post instead of reacting to the name calling (in another post I do so) I would like to point out the ad in the August 19, 2013 issue of PNH Post that FINALLY a bank in Cambidia is joining civilization and arranging ATM nachines that take bank deposits of cash. I hope they put enough ink on their receipts (unlike ANZ) and actually provide enough paper ( unlike ANZ).
Same as when the ATM doesn't present cash when you do a withdrawal, or you don't take it in time - you'll need to go into the branch/call call centre and give them the details. They then count up the money in the ATM at some convenient point (usually convenient for the bank, not you) and if they find the ATM has more cash than expected, you'll get it back or credited to your account.redcup wrote:Isn't it risky to use an ATM for deposit? What if it malfunctions? What if it takes your cash and doesn't give you a receipt? I have always avoided these Deposit machines.
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
With that kind of logic, you'd better avoid pretty much everything, from electric hair dryers (= could burn off your scalp) to airplanes (= could crash).redcup wrote:Isn't it risky to use an ATM for deposit? What if it malfunctions? What if it takes your cash and doesn't give you a receipt? I have always avoided these Deposit machines.
I've been using cash deposit machines in Thailand for many years and with great success. Only once did one of them malfunction - I filled in a form at the branch and the money was then deposited later that day. Beats filling in a form and queuing up each and every time you'd like to deposit money, I think.
Back on topic, I've just come back from opening a current account with the usual ATM / cheque book facility and was very satisfied with the service. Polite, courteous and took time to explain the various facilities etc. This was at the main HQ branch near Independence Monument. While I had employment contract stamped, apartment lease etc, they didnt ask for that an only took a photocopy of my passport.
That contrasts sharply with a similar attempt ten minutes earlier at the nearby ANZ Royal bank which made me feel like I was some kind of international drug runner and sent me away to get more information before they would deign to take my hard-earned every month.
So . . . ABA it is.
That contrasts sharply with a similar attempt ten minutes earlier at the nearby ANZ Royal bank which made me feel like I was some kind of international drug runner and sent me away to get more information before they would deign to take my hard-earned every month.
So . . . ABA it is.
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