Cambodia Travel News

Cambodia Mekong Bank Ltd., owned by Cambobian business tycoon Teng Boon, pioneers in issuing the Visa credit card to its Cambodian customers for the first time in banking history of this country.

Two types of credit card can be issued - the Classic and the Gold One with the limit ranges from Us$500-2,500 and US$5,000-10,000, respectively. The applicants must deposit their money twice the amount of the limit at Cambodia Mekong Bank to be eligible for the card. The annual interest rate is 1.5% for both types of the card.

Although major hotels, restaurants, and some shops in Cambodia are able to accept the credit card payment for many years in the past, those who pay by credit cards are mainly the foreigners. The Cambodians themselves have to make transactions all in cash, as no bank in Cambodia is eligible to issue the International credit card.

Critics appeal that Cambodia is not ready on the Credit Card as there is no banking laws to protect the card users and the banks. Only the rich people will be interested in using the card in the beginning, but it is believed that later the use of credit card will be prevalent.

This is another new sign of financial evolution in Cambodia.