They ain't ethical banks that's for use, despite how they might market themselves (Vision Funds 10.5% term account is called a 'Social Investor Term Deposit).
However,... I save with Vision Fund, as well as with Prasac, HKL, Kredit, and AMK. They all offer similar rates.
I take it as a given that they are all pretty high/medium risk, but with my income and other options available in Cambodia to me, I've gotta take some risk and that's also why I'm spreading it around. Don't know a great deal about each one really. Prasac recently nearly got took over by a Korean bank, but for some reason it fell through. HKL were recently successfully bought out by a large Thai bank. Kredit and AMK I'm slowly withdrawing from as their international connections are not so sound (judging from searches around the web)
Vision Fund seem the safest of the bunch, big international organisation http://www.visionfund.org/1526/microfinance/ and just last month they opened a new purpose built HQ.
So hope they are good for a few years.
But, would like some more knowledge on all of them too.
Why Vision Fund doesn't want my money ?
- Khmerhamster
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I'm not sure exactly what you mean, but you do know Vision Fund are a Christian organisation?Rama wrote:They ain't ethical banks that's for use, despite how they might market themselves (Vision Funds 10.5% term account is called a 'Social Investor Term Deposit).
.
They certainly don't try to hide this.
https://www.visionfund.com.kh/who-we-are
- Lucky Lucan
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Are they connected with World Vision? It doesn't matter, as far as I can see there are loads of MFIs with giant HQs blooming around the city. it's just more usury but with a better sales line.Khmerhamster wrote:I'm not sure exactly what you mean, but you do know Vision Fund are a Christian organisation?Rama wrote:They ain't ethical banks that's for use, despite how they might market themselves (Vision Funds 10.5% term account is called a 'Social Investor Term Deposit).
.
They certainly don't try to hide this.
https://www.visionfund.com.kh/who-we-are
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
I know they're Christian, and I know they are for profit.
All the MFIs I save with are 'for profit', they're commercial enterprises and the rates of interest on the loans they give are high so they can make a profit.
They claim they are created to fight the money lenders, but really they aim to be the new age money lenders to low income earners.
I'm not going to kid myself that I'm a 'social investor' because I'm earning 12% per annum.
All the MFIs I save with are 'for profit', they're commercial enterprises and the rates of interest on the loans they give are high so they can make a profit.
They claim they are created to fight the money lenders, but really they aim to be the new age money lenders to low income earners.
I'm not going to kid myself that I'm a 'social investor' because I'm earning 12% per annum.
- Khmerhamster
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I'm not sure if there is a direct connection now. They certainly came out of WV and have similar ethos but may be separate orgs now.Lucky Lucan wrote:Are they connected with World Vision? It doesn't matter, as far as I can see there are loads of MFIs with giant HQs blooming around the city. it's just more usury but with a better sales line.Khmerhamster wrote:I'm not sure exactly what you mean, but you do know Vision Fund are a Christian organisation?Rama wrote:They ain't ethical banks that's for use, despite how they might market themselves (Vision Funds 10.5% term account is called a 'Social Investor Term Deposit).
.
They certainly don't try to hide this.
https://www.visionfund.com.kh/who-we-are
- Khmerhamster
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Yeah, that's a very fair point.Rama wrote:I know they're Christian, and I know they are for profit.
All the MFIs I save with are 'for profit', they're commercial enterprises and the rates of interest on the loans they give are high so they can make a profit.
They claim they are created to fight the money lenders, but really they aim to be the new age money lenders to low income earners.
I'm not going to kid myself that I'm a 'social investor' because I'm earning 12% per annum.
Trying to make folks feel good for investing with them.
TBH though if savings are @ 12% and loans are @ 24% that is a pretty low profit margin for micro finance by the time you take into account bad debt, collections, staff costs and building overheads (they do have a lot of property).
They are a relatively young organisation so I can't imagine they own all their property outright.
I came back to Cambo and this time asked for an ordinary visa so to be able to open a fixed deposit at Sathapana. Guess what ? at Norodom branch they told me I needed also work permit ! Why the fuck they did not tell me two months ago ! They made me waste a passport page for nothing (e-visa is tourist only) . Anyway well remembering the advice read on this board about different policies at each branch, I asked again at Monivong branch and this time could open the account . When asked them the details for transferring money by SWIFT , they told me to look at this page of their website http://www.sathapana.com.kh/international-transfer/. Just to be sure, I copy pasted them in my e-mail to my contact in Singapore and waited the usual two/three days.... only to receive a phone call this morning from Singapore that money had been returned due to wrong correspondent bank ! Sathapana morons didn't even put their right correspondent bank on their website !Gau wrote: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.
At this point as my plane takes off tomorrow and I really can't stand to stay in this shithole any longer I decided to abort the investment .... I mean how much moron can these morons be ? put wrong correspondent bank in remittances webpage ? fuckunbelievable !
the e-mail I received from my Singapore contact:
Your TT to Cambodian Bank has been rejected, we have indicated the following as the correspondent/intermediary Bank when sending the TT but the bank came back to say they do not have an a/c with the Beneficiary Bank.
Receiver Correspondent Bank
Field 54A: JPMORGAN CHASE BANK, N.A. – Swift Code: CHASUS33
Your TT to Cambodian Bank has been rejected, we have indicated the following as the correspondent/intermediary Bank when sending the TT but the bank came back to say they do not have an a/c with the Beneficiary Bank.
Receiver Correspondent Bank
Field 54A: JPMORGAN CHASE BANK, N.A. – Swift Code: CHASUS33
- Lucky Lucan
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Gau wrote:the e-mail I received from my Singapore contact:
Your TT to Cambodian Bank has been rejected, we have indicated the following as the correspondent/intermediary Bank when sending the TT but the bank came back to say they do not have an a/c with the Beneficiary Bank.
Receiver Correspondent Bank
Field 54A: JPMORGAN CHASE BANK, N.A. – Swift Code: CHASUS33
That's one cool story bro. I bet you're fun to hang out with.
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
I suppose branches outside Phnom Penh tend to relax regulations of documentary requirements. For example, I have USD and THB accounts with Poipet branch of a microfinance deposit taker which rejected the same at its Phnom Penh headquarters. I also live in a Thailand but have a Cambodian business visa.
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the problem is how to get back to Thailand through a land border...I just got rejected at Suvarnabhumi ! I guess there's no way to escape the retirement visa and the multi re-entry permit at this point ... man the Jomtien Immigration is a hell-hole
- Phuket2006
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why were u rejected at swampy?
trying to get a visa exempt and to many?
to many tourists visas in a row?
those are the only reasons i have heard of
If u were rejected its in the computer....
trying to get a visa exempt and to many?
to many tourists visas in a row?
those are the only reasons i have heard of
If u were rejected its in the computer....
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
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