Transfer money out of Cambodia bank

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alfie7
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Thailand

Transfer money out of Cambodia bank

Post by alfie7 » Tue Oct 29, 2019 7:21 am

Hi,

It seems easy to open a bank account in Cambodia bank.
My question would it be also easy to transfer my money to European bank if I decide to leave the country.
As I read on FB that "there is no remittance service like Transferwise or Xendpay that serve outgoing transfers from Cambodia. Obviously, on AML compliance issues basis, and on top Cambodia in February was placed at FATF Grey AML list."

Thanks for your feedback !
daeum_tnaot
Expatriate
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Nepal

Re: Transfer money out of Cambodia bank

Post by daeum_tnaot » Tue Oct 29, 2019 5:25 pm

I believe there are several discussions of this already on CEO. Also, you could probably go to any big bank like ACLEDA or ABA and get the answer. You could also carry up to ~$10,000 on your person when you go to Europe (check regs for each state before trying this).
SueOriginal
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Location: Sihanoukville
Latvia

Re: Transfer money out of Cambodia bank

Post by SueOriginal » Tue Oct 29, 2019 7:28 pm

There are no capital controls, but there are ever increasing AML (Anti-momey laundering) regulations and related KYC(Know Your Customer) rules, that means that all sources of your funds must be well documented - it's not easy, and also notg always practically possible, especially if retroactive, and also well-documented the purpose of payment and a status of destination account. Even before, all transfers above 10k USD in ABA had to undergo pre-screening. In February 2019 Cambodia was put on FATF Grey List of entitities not-fully comliant in the area of AML. Since then Cambodia enforcement efforts had multiplied.

A reality in a modern banking world, at first place in Europe, is that if you don't provide full documentation, incl. taxation status of all your incomes, and also a proper documentation for all incoming/outgoing transactions with counterarties, a bank may either virtually indenibtely hold incoming funds, and, possibly then send them back, or just would not release them further. The same about outgoung transfers, e.g. if you can't prove that another account where you send the fuynds is exactly yours, or where funds came originally.

Since enforcement and legal things in Cambodia is not a strong poiunt, it can take quite weird forms.

Hence, I would be hesitatant to accumulate any significant amount of money in Cambodia, as you never know where the next banking idiots' twist will take a place and what it will be. If they will be unhappy about smth., then in the worst case you may simply lose your money, as if not properly documented - and it will be your responsibility to prove everything on a paper - it is enough to conclude that a source of money is unclear, and confiscate funds - in a similar manner as cash was confiscated from Chinese recently.
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