Cambodian Banks Ordered to Offer NO-COST Riel Accounts
Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
Not sure what you mean with that, there's a minimum initial deposit, but whatever your deposit is, gets credited to your account. In my case, I rocked up with $300 to open my first USD account with them in person at their head office, and those $300 were then my opening balance without any deductions.
Note, however, that my point in the post you've quoted is that I've never been charged for my riel account. What this thread is about. If you want to talk fees in general, I was obviously charged for some things related to my USD account, such as debit card fees.
Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
This is probably where the regulator hasn't covered itself in glory; a drive to promote KHR seems to have ended up moving from 'promote' to 'mandatory' without understanding the various banks & MFIs all have varying fees & charges for accounts that will impact customers. Some banks have requsted consent from their customers, some have just opened KHR accounts arbitrarily - some with no fees, and I assume some with fees that just haven't been noticed yet. Pretty certain there will be some discontent at fees on an account you never wanted.. and the fip side, some banks being charged 'per account' by software vendors likewise having a nightmare as they have thousands of accounts with zero balance. Hurrumph.
To me it is fine, I have an electricity bill, etc that a KHR account is useful for - big question is when private sector payrolls etc will switch to KHR. Likewise the IT problems of various companies with bills like Telcos, ISPs, etc that I'll wager are all still on USD only. That's fine whilst exchange rates are stable, but still quite a risk as the country moves to KHR. And yes, we better get used to KHR, it is one ay ticket & gaining momentum despite little hiccups in implementation like this one.
To me it is fine, I have an electricity bill, etc that a KHR account is useful for - big question is when private sector payrolls etc will switch to KHR. Likewise the IT problems of various companies with bills like Telcos, ISPs, etc that I'll wager are all still on USD only. That's fine whilst exchange rates are stable, but still quite a risk as the country moves to KHR. And yes, we better get used to KHR, it is one ay ticket & gaining momentum despite little hiccups in implementation like this one.
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
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pissontheroof
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Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
I can withdraw riel out of my dollar account if I need small money ..
I will never deposit reil into the bank or into the reil account
I don’t know how they can charge for a compulsory account I never signed for ..
When you take out withdrawel sometimes they state your balance and what is “ available “ to withdraw and look you will see it is always $10 less than your balance that you can never withdraw and will always be there and will always stay and they will keep if you ever close the account . and if you just let it go it will get eaten in fees that they will always have on you .( thier money )
. I am wondering if they are going to let me withdraw all the money I have in there when I find my new bank
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newsgatherer
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Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
I don't know where you get the mandatory from. Obliged is not mandatory in legal terms. It's another blunder, putting needless pressure on an already burdened system to find new ways of taxing, don't think the dollar will be running anywhere without a major conflict happening.
Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
From the letter I get every customer, no matter what kind of account that customer has, MUST have an account in riels (as well).
Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
Maybe I should have use the word 'non deductible'?Alex wrote: ↑Fri Sep 20, 2024 10:58 amNot sure what you mean with that, there's a minimum initial deposit, but whatever your deposit is, gets credited to your account. In my case, I rocked up with $300 to open my first USD account with them in person at their head office, and those $300 were then my opening balance without any deductions.
Note, however, that my point in the post you've quoted is that I've never been charged for my riel account. What this thread is about. If you want to talk fees in general, I was obviously charged for some things related to my USD account, such as debit card fees.
It's the same for accounts in riels AFAIK, but then there's a 10k riel 'non deductible deposit'.
Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
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pissontheroof
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Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
Alex wrote: ↑Fri Sep 20, 2024 7:52 amYou've been bitching about ABA for months (at least), so what's holding you back? You seem to have plenty of time on your hands, you could open an account with another bank in about 30 minutes and be done with it.pissontheroof wrote: ↑Thu Sep 19, 2024 3:13 pm its pure communism -i can guarantee ,
they will charge for sure ..
ridiculous - - i’m quitting -ABA. terrible bank
Now to stay on topic, let me ask you, what's so terrible about ABA's free riel account? It works fine for me so far, I'm curious what kind of problems others have that I could expect down the line.
Nothing terrible if realy free , if it incurs charges that is not cool , I don’t need it ..
I said , if I need small money i can withdraw reil from my dollar account to pay for local stuff if i need reil
I never deposit excess reil back into the bank , I just withdraw whatever I need for day to day stuff .
Otherwise i use my credit card directly almost anywhere ( visa ) and avoid this bank all together
I just withdraw my monthly income from my account in usa ( checking account no intrest ) to deposit into ABA savings
The only thing keeping me at ABA for now is I haven’t picked a bank yet that I hope
will be what I need if able to do a fixed deposit until the kid reaches his age of not minority and if I need to name someone ( godfather)
in charge of his money if anything happens to me .. I still want control until I die in case I change my mind on the
godfather thing - waiting for appointments at 2 banks , i don’t know
who to name yet as the “ breadwinner “ * ( cambodian translation) of my savings account ..
This is my invention to eliminate a expensive legal written asssist hocus pocus
From the letter I get every customer, no matter what kind of account that customer has, MUST have an account in riels (as well).
I see that , but can they let you keep an inactive account ? Do you have to pay maintenance on it ?
Like I say , ABA got you by the cajones., I’m not withdrawing reil to deposit it back .
On the app i see I have a new account with zero balance will it go into the red ( balance i owe them ? )
I have 4 accounts , my original , one joint with sons name , and 2 fixed deposits ..
Like i said before , that’s communist .. like tiktok ..
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newsgatherer
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Re: Cambodian Banks Ordered to Offer NO-COST Riel Accounts
I believe this is why the riel has been behaving so anti-cyclical since about a month ago, strengthening even past its usual high mark that it tends to reach in March.
Whether it will last is another matter but this is one area where I really hope the government will push more for riel to be used and drive up its value against the USD (btw, the strongest the riel has ever been was 35 in 1969).
Whether it will last is another matter but this is one area where I really hope the government will push more for riel to be used and drive up its value against the USD (btw, the strongest the riel has ever been was 35 in 1969).
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