Table of bank and MFI deposit rates?
My walk-in experience in Phnom Penh in late 2015 without work permit or employment contract then.
Opened; AMK, Amret, HKL, Sathapana
Declined; Kredit, Prasak, VisionFund
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Opened; AMK, Amret, HKL, Sathapana
Declined; Kredit, Prasak, VisionFund
Sent from my iPhone using Tapatalk
Well all right Ooo', I have to ask, what did they ask you for at AMK, Amret, HKL, Sathapana, to open an account?
At CMK they asked for my passport, my picture and my signature.
At CMK they asked for my passport, my picture and my signature.
Well, took my passport, pic, local address (self declared), my local mobile number and my signature.SHiVer wrote:Well all right Ooo', I have to ask, what did they ask you for at AMK, Amret, HKL, Sathapana, to open an account?
At CMK they asked for my passport, my picture and my signature.
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I'll be getting a local phone mobile number upon arrival at the airport. The crux of the matter is in "local address (self declared)".
Can you please detail what transpired in various incarnations.
Let me say I certainly appreciate the information, thank you.
Can you please detail what transpired in various incarnations.
Let me say I certainly appreciate the information, thank you.
They'll want to see a copy of your ordinary visa (6 months min) to grant the residents tax rate.
I won't say "I'm more than happy to pay the non-resident withholding tax."
I will however say I'm more than willing to pay the non-resident withholding tax.
This is the dilemma - Prasac wouldn't give me access to a term deposit as a non-resident.
I will however say I'm more than willing to pay the non-resident withholding tax.
This is the dilemma - Prasac wouldn't give me access to a term deposit as a non-resident.
As for local address, I used my serviced apartment's one where I stayed.
And, yes, another documentary requirement in general was visa, which in my case was business visa. Most nationalities, I guess, are able to obtain a business visa upon arrival at the PNH airport.
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And, yes, another documentary requirement in general was visa, which in my case was business visa. Most nationalities, I guess, are able to obtain a business visa upon arrival at the PNH airport.
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First - thank you very much for your help. As they say 'The devil is in the details."
You say "self declared" regarding your address, does that mean nobody asked to see, let alone make a copy of, any rental agreement?
I'm divorced, so out of practice straight face lying, but I'd give it a try for financial gain.
Most importantly, what period of time was the business visa you showed them good for?
As I recall the E visa given at the airport is good for one month and you are able to get that extended later.
Did you show a six or twelve month visa?
I've emailed several MFIs and never received an answer to the question, "Do you allow non-residents (tourists) access to term deposits?"
You say "self declared" regarding your address, does that mean nobody asked to see, let alone make a copy of, any rental agreement?
I'm divorced, so out of practice straight face lying, but I'd give it a try for financial gain.
Most importantly, what period of time was the business visa you showed them good for?
As I recall the E visa given at the airport is good for one month and you are able to get that extended later.
Did you show a six or twelve month visa?
I've emailed several MFIs and never received an answer to the question, "Do you allow non-residents (tourists) access to term deposits?"
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'.
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