Ly Hour money exchange

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cpandrea
Expatriate
Posts: 32
Joined: Sun Oct 11, 2015 1:33 pm
Reputation: 2

Ly Hour money exchange

Post by cpandrea »

www.lyhourgroup.com/

In the past I changed money mostly around Central Market, once at ABA bank and I got a better rate as the standard ABA rate, but even less than at Central Market. By ABA took too long and they checked carefully each euro note and asked to replace some.

Having a bigger amount of euro to exchange, I went for the first time to the head office of Ly Hour. I was totally surprised how they work there. The exchange rate is good, but it seems they don’t offer better rate for big amounts. They don’t check carefully the notes and they got all the euro notes.
They have there a lot of cash, I didn’t see any security and the staff are not using any computing system to register the transaction, the cash (USD and foreign currencies) is just “shared” among the staff and I don’t how they could find out if at the end of the day some money is missing and who takes responsibility of an eventual loss.
I hope they are managing the MFI in other way, not too bureaucratic but with a real control system.

I would know the experience of other people
1) are the exchange rate by the Branch offices the same as by the Head office ?
2) are they really not offering a better rate for big amounts ?
3) who has usually the best exchange rate for euro in PP ?
Mishmash
Expatriate
Posts: 1949
Joined: Tue Nov 14, 2017 7:34 pm
Reputation: 1145
Cambodia

Re: Ly Hour money exchange

Post by Mishmash »

cpandrea wrote: Mon Oct 28, 2019 2:34 am www.lyhourgroup.com/

In the past I changed money mostly around Central Market, once at ABA bank and I got a better rate as the standard ABA rate, but even less than at Central Market. By ABA took too long and they checked carefully each euro note and asked to replace some.

Having a bigger amount of euro to exchange, I went for the first time to the head office of Ly Hour. I was totally surprised how they work there. The exchange rate is good, but it seems they don’t offer better rate for big amounts. They don’t check carefully the notes and they got all the euro notes.
They have there a lot of cash, I didn’t see any security and the staff are not using any computing system to register the transaction, the cash (USD and foreign currencies) is just “shared” among the staff and I don’t how they could find out if at the end of the day some money is missing and who takes responsibility of an eventual loss.
I hope they are managing the MFI in other way, not too bureaucratic but with a real control system.

I would know the experience of other people
1) are the exchange rate by the Branch offices the same as by the Head office ?
2) are they really not offering a better rate for big amounts ?
3) who has usually the best exchange rate for euro in PP ?
1) The time and money spent chasing around for that extra 10 riels is not worth it.
2) big/small - the exchange rate is set by the National Bank of Cambodia.
3) My wife.

Dude - if you are exchanging millions per hour on an automated system then take care.

If not - please google how money works

I am not a troll - but most people in Cambodia likes Ly Hour. He's a rich man who delivers what people want.

For me it doesn't matter if I can change $10k and get 100 riels more at a different exchange, as long as the cashier looks pretty and gives me her number.
cpandrea
Expatriate
Posts: 32
Joined: Sun Oct 11, 2015 1:33 pm
Reputation: 2

Re: Ly Hour money exchange

Post by cpandrea »

Mishmash wrote: Mon Oct 28, 2019 3:15 am
cpandrea wrote: Mon Oct 28, 2019 2:34 am www.lyhourgroup.com/

In the past I changed money mostly around Central Market, once at ABA bank and I got a better rate as the standard ABA rate, but even less than at Central Market. By ABA took too long and they checked carefully each euro note and asked to replace some.

Having a bigger amount of euro to exchange, I went for the first time to the head office of Ly Hour. I was totally surprised how they work there. The exchange rate is good, but it seems they don’t offer better rate for big amounts. They don’t check carefully the notes and they got all the euro notes.
They have there a lot of cash, I didn’t see any security and the staff are not using any computing system to register the transaction, the cash (USD and foreign currencies) is just “shared” among the staff and I don’t how they could find out if at the end of the day some money is missing and who takes responsibility of an eventual loss.
I hope they are managing the MFI in other way, not too bureaucratic but with a real control system.

I would know the experience of other people
1) are the exchange rate by the Branch offices the same as by the Head office ?
2) are they really not offering a better rate for big amounts ?
3) who has usually the best exchange rate for euro in PP ?
1) The time and money spent chasing around for that extra 10 riels is not worth it.
2) big/small - the exchange rate is set by the National Bank of Cambodia.
3) My wife.

Dude - if you are exchanging millions per hour on an automated system then take care.

If not - please google how money works

I am not a troll - but most people in Cambodia likes Ly Hour. He's a rich man who delivers what people want.

For me it doesn't matter if I can change $10k and get 100 riels more at a different exchange, as long as the cashier looks pretty and gives me her number.
the exchange rate Euro USD is not set by the National Bank of Cambodia, maybe the NBC can olz influence the exchange rate KHR (riel) USD
I agree with you that for small amount the time and money spent chasing around for that extra is not worth it, but if you are exchanging 1000 or more USD/Euro the difference can be 10 usd or more
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