Khmer Times Headline on 20 April 2021 "The National Bank of Cambodia discourages usage of bank notes to curb COVID-19 spread"
Several months ago I wanted to move $2k to a different bank that was actually just across the street, about 50m away. The first bank pushed me to get bank draft, no point carrying cash they said. I said I'll take cash. They said, "Are you sure? Normally for large cash withdrawals you need to request the cash in advance." I reminded them that 2K was not a large amount, and that no, I was unafraid to cross the street.
After years in Cambodia I was used to 100%cash transactions, liked it, and still prefer cash when it is just as easy. Online banking: love it. Having a decent credit score for borrowing: handy. Yes, notes can be filthy, smelly, and troublesome if you miss a small cut or tear in a US note here. However, while spending with cards is ridiculously easy, I like the way cash reminds me not to spend more than I carry in my pocket. If I don't have it with me, I don't spend it. I like that.
Paying options ARE nice, but I'll be sad if Cambodia loses its position of one of the relatively few countries where cash is still king.
Does all the above only show I'm old?
Cambodia, where cash WAS king
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Really? I have withdrawn a lot more than that at the bank with zero notice, they didn't flinch.Guest9999 wrote: ↑Tue Apr 20, 2021 8:00 pm
Several months ago I wanted to move $2k to a different bank...
bank pushed me to get bank draft, no point carrying cash they said. ... Normally for large cash withdrawals you need to request the cash in advance."
Cambodia does seem to be catching up with digital payments, noticeably so in the last year or so. All food delivery apps & grab accepting Pipay/ABA pay etc. more and more QR code aba pay things around town.
Will take a hell of a long time to make the jump to day to day local transactions though.
I still like spending cash, for the same reasons you state. wallet empty = time to go home
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Same, bank has encouraged me to take cash when I would have been happier with a draft. And it would have been a heck of a lot more than 2k.ReasonstobefearfulP3 wrote: ↑Tue Apr 20, 2021 9:02 pmReally? I have withdrawn a lot more than that at the bank with zero notice, they didn't flinch.Guest9999 wrote: ↑Tue Apr 20, 2021 8:00 pm
Several months ago I wanted to move $2k to a different bank...
bank pushed me to get bank draft, no point carrying cash they said. ... Normally for large cash withdrawals you need to request the cash in advance."
Cambodia does seem to be catching up with digital payments, noticeably so in the last year or so. All food delivery apps & grab accepting Pipay/ABA pay etc. more and more QR code aba pay things around town.
Will take a hell of a long time to make the jump to day to day local transactions though.
I still like spending cash, for the same reasons you state. wallet empty = time to go home
They seem to be more than happy counting out ridiculous amounts of cash. If it was this week then I would have maybe believed it as I think there may have been a run on some banks and they haven’t been able to keep cash machines stocked.
The tipping point from vaccine rollout exuberance to virus is not going anywhere panic has been taking place this week.
Safe havens, crypto and gold are also struggling with upwards momentum.
Safe haven cash usd and less so chf will be king in a panicking world.
Its extraordinary banks are still offering the interest rates they do on usd in kow.
Something has got to give.
How do they do it.
Safe havens, crypto and gold are also struggling with upwards momentum.
Safe haven cash usd and less so chf will be king in a panicking world.
Its extraordinary banks are still offering the interest rates they do on usd in kow.
Something has got to give.
How do they do it.
Was in Canadia bank in SHV in 2017. Chinese guy comes in with a big bag full of cash. So big the zip had broken and it was showing. He went up to the counter without the bag. For ages. I just stared at it. So tempting. So, so tempting.
pew, pew, pew, pew!
I forgot to mention a key point in my OP. The two banks were 50m apart in a small town in Canada. The transition to avoiding cash in Canada happened while I was living in Cambodia and so the contrast shocked me.
Now, in Cambodia, the banks, Government, and other data collectors, are pushing digital $ hard, and like in China, at least among Cambodia's younger middle class (most broadly defined), uptake is booming.
Super wild guess: 80% of Cambodians under 40 years old who own their personal motorbike have used Wing 5 or more times. Not sure % who have made online purchases, maybe one of you has that info, but that's growing very fast too.
Cash isn't disappearing in Cambodia soon, even Tycoons, recent press pics prove, love posing with stacks of $100's, but I bet non-cash money will be used half the time very soon.
Now, in Cambodia, the banks, Government, and other data collectors, are pushing digital $ hard, and like in China, at least among Cambodia's younger middle class (most broadly defined), uptake is booming.
Super wild guess: 80% of Cambodians under 40 years old who own their personal motorbike have used Wing 5 or more times. Not sure % who have made online purchases, maybe one of you has that info, but that's growing very fast too.
Cash isn't disappearing in Cambodia soon, even Tycoons, recent press pics prove, love posing with stacks of $100's, but I bet non-cash money will be used half the time very soon.
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Good grief what the heck are you talking about?
80% of under 40s have used Wing more than 5 times???
What does that prove? They use wing to send CASH - and maybe if you change your 5 to 50 it could still be true.
I'd say the number of wing users is closer to 100% if you set the threshold at 5 times. But again, I don't know what point that proves
80% of under 40s have used Wing more than 5 times???
What does that prove? They use wing to send CASH - and maybe if you change your 5 to 50 it could still be true.
I'd say the number of wing users is closer to 100% if you set the threshold at 5 times. But again, I don't know what point that proves
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Wing, TrueMoney et al are go-betweens for cash. Been around longer and before FB got popular.
Nothing to do with cashless society whatsoever.
Nothing to do with cashless society whatsoever.
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pew, pew, pew, pew!
I didn't mean Wing was eliminating use of cash at either end, I just mean that most people on this forum have a story like YaTingPom's. Some normal looking old Khmer guy getting off a motodop and walking into a bank with a brown paper bag stuffed with many, many thousands of dollars. When you had to carry cash to buy anything, so hand carrying large chunks of cash was totally normal. Those days are fading fast.
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Newsflash: Developing country is developing and now is embracing technologies already in place in many other countries.
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