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Retiring anywhere in the world takes research and thought and weighing the pro's and con's.

One of the items that retiree's look at is opening a bank account.

Everyone who is a retiree will need a bank account in order to live whether you are receiving direct deposit pension, pension checks, other income and even savings.

And if you cannot open an account easily it will often influence your decision as to whether you want to retire at that destination or not.

I had considered retiring to Philippines and found that most banks said I needed a resident card by way of SSRV in order to open the account. And as I consier the SSRV as too expensive and a money grab I would not be able to open a bank account there.

Sure there are people who are paying someone at the local bank under the table to open an account or know someone who can help them be it friend or other but I do not want to go thru the trouble of moving somewhere and not be sure if I can open a bank account there or not.

Thailand makes it easier to open a bank account as compared to Philippines and Cambodia is the easiest place to open a bank account of the three retirement destinations.

Cambodia is the best country of the three in terms of ease and cost of obtaining a long term visa, and I know it is the easist place to open a bank account as well.

You will find that there is limited internet information about retiring to Cambodia, about accommodations in Cambodia, about banking etc.

Don't let this discourage you from coming here to visit or retire. I can easily get information about retiring to Philippines but it is not safe there, often the power supply is not reliable, it is dirty there, and obtaining a visa or opening a bank account in Philippines is much more complicated or difficult as compared to Cambodia.

When I arrived in Siem Reap I talked to a Cambodian business owner about my opening a bank account here. After a week nothing, no progress and I took matters into my own hands. That day I approached a bank and opened an account successfully.

The business owner I had spoken is helpful but he did not have any experience in the area of banking for foreigners.

I have a savings account, a current account, and a debit card. If I want I can get a prepaid Visa card from them as well. My checks are deposited at this bank and I understand the costs associated with clearing checks and the time requirement as well.

There are many ATM's throughout Siem Reap and the country is growing quickly in terms of new and improved infrastructure, in terms of acceptance of visa and other credit cards, in terms of ATM's and providing retiree's with the conveniences that they are accustomed to.

Both Western Union and MoneyGram can be handled by banks here in Siem Reap.

The process of opening a bank account takes a bit longer here as for the bank I selected the account is approved in Phnom Penh and debit card issued from there as well.

When I go to my bank the service is excellent and I am treated like royalty. All in all one of the best banking experiences I have had in all the countries I have lived in or visited.






related pages


Cambodia Visa


Internet in Siem Reap, Cambodia


Accommodations



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