I'm reading that the Cambodian Riel is not as widely used as I would expect, and has only caught on as a local currency in markets after the Khmer Rouge dissolved in 1980 (according to Wikipedia). My tour enters Cambodia from Vietnam at Phnom Penh then I only visit Angkor Wat before hitting Thailand, so I'm only there for 6 days or so.
Can I exchange my remaining Vietnam Dong to Cambodia Riel at the border, can I get Riel out at an ATM in Phnom Penh and carry a few US dollars on me, or should I just use US dollars for my whole stay? I want to be respectful to each country's currency and culture, but if it won't be of any use then I won't bother getting any. I'll only really be buying food, drinks, and market souvenirs.
Re: Cambodian Riel
Hi shanojebs,
I'd go with US$, thats what I'm taking for my trip in July.
Apparently, most things are dual priced, even at markets and you'll probably get change in a mixture of both currencies.
As for ATM's, there is one bank, the ANZ Royal, which has 5 branches in Phnom Penh each with an ATM or 2, but that's about it.
Hope that helps you decide,
Alex
Re: Cambodian Riel
hi Alex, thanks for the reply.
ANZ Royal? I wonder if they have anything to do with the ANZ in Australia & New Zealand or if it's just a coincidence. My 2 main Aussie accounts are with ANZ.
I went to foreign exchange yesterday and on top of the local payment I scored 20 US$1 notes and 8 US$5 notes, so hopefully that should get me by in each country until I find an ATM or local foreign exchange or at least sort out the situation when I arrive.
The Australian to US exchange rate is great at the moment!
Re: Cambodian Riel
Hi Shanojebs,
Thanks for your question.
I would tend to agree Alex - US will be fine in small denominations and these can be exchanged whilst in Cambodia for some local currency so that you have both currencies at your disposal whilst you are in Cambodia. You can also use an ATM, although these are not to prevalent in Cambodia.
I hope this helps.
Regards,
Brendan
Re: Cambodian Riel
If possible, you'll want to take crisp, new bills with you. Some of the merchants will balk at worn or torn bills.
US dollars and riel are pretty well interchangeable. When I was there two years ago I would frequently receive change in Riel after spending dollars.
Re: Cambodian Riel
I'd say 95% of the bills I received from a foreign exchange look crisp and new. I suppose seeing it's not their natural currency they regard it highly and would only accept the best.
I am definitely going to try to exchange $US to local currency. I have a feeling that paying in a foreign currency would make them seem like second class citizens, so I feel like the locals would respect travellers more if we used their home currency over US dollars.
I also read on the Thorn Tree forum that merchants will often charge around 5 times for what an item or meal is actually worth in local currency, even though it might still only cost US$2-$3, so it's more cost effective to use local currency.
Re: Cambodian Riel
Its been a few years since I've been to Vietnam and Cambodia but many things will be the same. The Vietnamese are even more discriminating than the Cambodians when it comes to money. Generally, US dollars is the currency to take. Travellers checks won't be easy to exchange either. They should be new, crisp and in the current print ( tinted color). ATMs are not sufficiently widespread to be relied upon. Small purchases will be paid in rial/dong but clothing, artwork etc , $US would be expected.