Exchanging money in Phnom Penh is straightforward once you know the basics. By choosing the right places to exchange and keeping an eye on rates, you can ensure a hassle-free experience. Whether you’re exploring the city’s bustling markets, sampling Khmer cuisine, or visiting historical sites, having the right currency on hand will make your trip smoother and more enjoyable.
One essential aspect of traveling here is understanding how to exchange money efficiently. Whether you’re a first-time visitor or a seasoned traveler, this guide will walk you through the best ways to exchange money in Phnom Penh.
How to Exchange Money in Phnom Penh: A Quick Guide for Travelers
1. Understanding the Currency
Cambodia uses two main currencies: the Cambodian Riel (KHR) and the US Dollar (USD). In most urban areas like Phnom Penh, the USD is widely accepted alongside the Riel. Prices are often quoted in dollars for higher amounts and in riels for smaller transactions. The exchange rate is typically around 4,000 KHR to 1 USD, though it may vary slightly.
2. Where to Exchange Money
Banks
Banks are a reliable option for exchanging money. Major banks like ACLEDA Bank, Canadia Bank, and ABA Bank offer currency exchange services at competitive rates. They are secure and trustworthy, but they may require some waiting time.
Currency Exchange Counters
Phnom Penh has numerous currency exchange counters, especially in central areas like Monivong Boulevard or near the Central Market (Phsar Thmei). These counters often provide better exchange rates than banks, but ensure you compare rates before making a transaction.
Hotels
Many hotels in Phnom Penh offer currency exchange services. While convenient, the exchange rates are usually less favorable compared to banks or specialized counters.
ATMs
ATMs are a convenient way to access cash in Phnom Penh. Many machines dispense both USD and KHR. Keep in mind that withdrawal fees can vary, so check with your bank for applicable charges.
3. Tips for a Smooth Exchange
– Check the Rates: Exchange rates can fluctuate, so it’s wise to check rates online or at multiple counters before making a decision.
– Inspect Your Dollars: Cambodian businesses prefer crisp, undamaged dollar bills. Torn or heavily worn bills might not be accepted.
– Keep Small Denominations: While $50 and $100 bills often fetch a better rate, having small denominations is handy for day-to-day expenses.
– Be Cautious of Scams: Stick to reputable places for currency exchange and count your money carefully before leaving the counter.
4. Using Digital Payment Options
Digital payments are gaining popularity in Phnom Penh. Mobile payment apps like ABA Pay, Wing, and Pi Pay are widely accepted at many restaurants, stores, and even markets. This can reduce the need to carry large amounts of cash.
5. When to Use Riels vs. Dollars
– Use riels for small purchases like street food, tuk-tuk rides, and market items.
– Use dollars for larger transactions, such as hotel bills or fine dining.
– Expect to receive a mix of dollars and riels as change if you pay in USD.