Cambodia Riel denoted by KHR is the official Cambodian currency. Its divided into 100 sen. Riel is used mainly use to buy local produce. Remember that Cambodia Riel above 20,000 is not common due to its low prices in Cambodia. While you are in Cambodia, you are advised to use US dollars rather than Cambodian Riel. This is because US dollars are widely used. Many people have termed US dollars as the second known Cambodia unofficial currency. Generally, Cambodian Riel is stable to the US dollars. Therefore, you do not need to worry about rapidly inflating Cambodian currency either.
Credit Rating of Cambodian Currency
Many credit rating institutions, for example, the Moody’s gave Cambodia a B2 rating. It also gives it a stable outlook. In addition, S&P also issued Cambodia Riel a B rating. Remember that these sovereign credit ratings play vital roles in determining a given country’s access to international markets. It helps to foster capital markets. Therefore, help to foster stability of a given currency in fostering economic growth.
What is the Best Currency to use in Cambodia, Riel or US Dollar?
While in Cambodia, you can either use its Riel or US dollars. Note that Cambodia Riel is an official currency but US dollars are widely used. Many banks in Cambodia accept both the US dollars and Cambodian Riel. Apart from Cambodian Riel and US dollars, Thai Baht are also accepted at the Thai Border crossing points.
Cambodian Currency Exchange Rate
The Riel per US dollars exchange rate in many foreign exchange bureaus and banks has been stable at around 4,100. However, many shops will round this figure to 4,000 for ease. Remember that when receiving change from US dollars, cents will be given to you in Cambodian Riel. For example, if you have a 10 US dollar note for a $ 2.5 item, you will get $ 7 and 2,000 Riel change. Foreign exchange is majorly done in major towns within Cambodia, including Phnom Penh and among others. It is worth noting that it is almost impractical changing Riel to US dollars or vice versa in many remote places in Cambodia. In addition, dollars in 100, 50, 20 and 10 denominations are the most useful form of US currency in Cambodia. To check the current rates online for Cambodia currency, you may visit many real time currency exchange rate converters on the internet.
Banks and ATMs in Cambodia
Changing currency in Cambodia is safe in banks than at many currency exchange points across its border. This is because there are a lot of scam firms that may con you. They may do this by giving you very low rates or fake Cambodian currency. It is advisable that you do all your currency exchange in recognized foreign exchange bureaus and banks within Cambodia. Note that banking hours generally run from 8 am until 3 pm week days. Many banks also issue exchange travelers cheques, as well.
There are also hundreds of ATMs in Cambodia that operate in many towns within Cambodia. Remember that many of these ATMs disperse US dollars for a $ 4-5 fee per transaction. However, this varies from one bank to the other. Canadia Bank ATMs currently charge NO fees.
“Angkor Tours by a Local” is part of Siemreaprooms Tours & Guesthouse. A British/Khmer managed tour operator based in Siem Reap, Cambodia. All of our tours are led by a local Angkor Tour Guide. Copyright 2013