USD business account in Cambodia
A Cambodian company can open a US dollar account at almost any bank in Cambodia, because the 1997 Law on Foreign Exchange places no restriction on foreign exchange operations carried out through authorized banks and the economy runs largely in dollars. Foreign currency, mainly the US dollar, made up more than 83% of broad money in May 2026, according to National Bank of Cambodia (NBC) data. This guide covers the rules, the government's push for the riel, foreign providers, the US company route, documents and the NBC's 2024 rules on crypto assets.
- Article 5 of Cambodia's Law on Foreign Exchange of 22 August 1997 states that there shall be no restriction on foreign exchange operations carried out through authorized banks.
- Authorized banks must report transfers of 10,000 US dollars or more to the NBC, and travelers carrying 10,000 US dollars or more must declare it to customs.
- NBC data for May 2026 show foreign currency deposits and holdings of 206,166.9 billion riels, more than 83% of broad money, mainly in US dollars.
- The Ministry of Commerce required vendors and service providers to display prices in riel from March 2023, and in late 2024 the NBC and the ministry asked banks to open riel accounts for all registered businesses.
- Airwallex and Wise do not list Cambodia among their supported countries, and Mercury and Relay both include Cambodia on their prohibited countries lists.
- NBC Prakas B7-024-735 of 26 December 2024 places asset-backed stablecoins in Group 1b and lets commercial banks hold them only with prior NBC approval and within capital limits.
USD business account options in Cambodia: the short answer
A Cambodian business can hold and receive US dollars in three main ways: a US dollar account at a bank in Cambodia, a USD account with a provider outside Cambodia, or a separate US company with its own US account. Unlike most countries, Cambodia makes the first option routine. Dollar accounts are standard products at Cambodian banks, and companies commonly invoice, pay salaries and borrow in dollars.
The legal basis is the Law on Foreign Exchange, issued by the National Bank of Cambodia (NBC), the central bank, on 22 August 1997. Article 5 states that there shall be no restriction on foreign exchange operations carried out through authorized banks, and Article 7 permits residents to hold foreign currencies. An authorized bank is a bank licensed by the NBC to deal in foreign exchange.
The question for most Cambodian companies is therefore not whether they may hold dollars but which account suits each flow, and how the government's policy of promoting the riel, the national currency, affects them. This guide covers the foreign exchange rules, the riel policy, which foreign providers state that they accept Cambodian businesses, the US company route, documents, the legal position of stablecoins such as USDC and USDT, and where a Helm account fits.
The options compared
The table compares the option types. It is not a ranking: most Cambodian exporters and trading companies use a local dollar account, and some add an account abroad.
| Option | Account name and location | How US payers pay it | Main rules and limits |
|---|---|---|---|
| US dollar account at a Cambodian bank | Company's own name, bank in Cambodia | International wire (SWIFT) through the bank's US correspondent | No restriction on foreign exchange operations through authorized banks; transfers of $10,000 or more reported to the NBC |
| Riel account | Company's own name, bank in Cambodia | SWIFT wire in USD, converted on arrival | Banks asked to open riel accounts for all registered businesses |
| USD account with a foreign provider | Company's own name or a pooled account, held abroad | ACH, Fedwire or SWIFT, depending on the provider | Provider's country list decides eligibility; several exclude Cambodia |
| US company with a US account | A new US company's name, US bank or fintech | ACH and Fedwire as a US business | Separate company, US tax number and filings; some providers do not serve founders living in Cambodia |
| Stablecoin wallet | Wallet address, not a bank account | USDC or USDT on a blockchain | Prakas B7-024-735; services only by NBC-approved banks and authorized providers |
Sources: Council for the Development of Cambodia summary of the Law on Foreign Exchange; Andersen in Cambodia (1 November 2024); DFDL and Rajah & Tann on Prakas B7-024-735. As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system that US companies use for routine supplier payments. Fedwire is the Federal Reserve's same-day system for large US dollar payments.
How to choose: a garment, footwear or rice exporter selling to US and European buyers is usually best served by a dollar account at its Cambodian bank, since the dollars can be used locally without conversion. A software firm, agency or consultancy paid by US clients gains from US account details, so a client pays by ACH rather than an international wire. An importer can pay suppliers abroad from the dollar account directly.
Foreign exchange rules in Cambodia
The Law on Foreign Exchange of 22 August 1997 is short and liberal. The Council for the Development of Cambodia (CDC), the government's investment board, summarizes its main provisions as follows.
| Topic | Rule in the Law on Foreign Exchange |
|---|---|
| Foreign exchange operations (Article 5) | No restriction, when carried out through authorized banks |
| Holding foreign currency (Article 7) | Residents may hold foreign currencies |
| Reporting of transfers (Article 17) | Authorized banks report transfers of 10,000 US dollars or more to the NBC |
| Cash at the border (Articles 12 and 13) | Travelers carrying means of payment of 10,000 US dollars or more, or the riel equivalent, declare them to customs |
| Gold and precious stones (Article 12) | Import and export are free, with prior declaration to the NBC |
| Loans with non-residents (Article 18) | Permitted, including trade credit, if disbursements and repayments go through authorized banks |
| Crisis measures | In a foreign exchange crisis, the NBC may temporarily restrict authorized intermediaries, in particular in foreign currency transactions |
Sources: Council for the Development of Cambodia, Foreign Exchange; Cambodia National Trade Repository, Law on Foreign Exchange Management (22 August 1997). As published on 29 October 2026. Confirm current requirements with your bank.
Investors with a Qualified Investment Project, the status given to approved investments under Cambodia's investment law, may also freely remit foreign currency bought through authorized banks for imports, loan repayments, royalties, management fees, profits and the return of capital on dissolution, according to the CDC.
Two practical points follow. First, neither Article 5 nor the CDC summary of the law contains a requirement for exporters to convert dollar receipts into riel, so a dollar account can be used for both receipts and payments. Second, because the 10,000 US dollar reporting threshold applies to transfers, banks will ask for invoices or contracts behind larger receipts and payments, as they do in most countries. Check a Cambodian bank's code with our SWIFT code lookup before putting it on an invoice.
Dollarization and the push for the riel
Cambodia is one of the most dollarized economies in Asia. NBC Depository Corporations Survey data for May 2026, released on 30 June 2026 and reported by Vietstock, show broad money (M2) of 247,668.9 billion riels ($61.9 billion), of which foreign currency, primarily the US dollar, was 206,166.9 billion riels ($51.5 billion), or more than 83%.
The government's long-running policy is to increase use of the riel without banning the dollar. The measures that affect a business are set out below.
| Measure | What it requires | Source |
|---|---|---|
| Riel prices (Ministry of Commerce prakas, 22 March 2023) | Vendors, traders and service providers display prices in riel | Phnom Penh Post, via Asia News Network (16 January 2025) |
| Riel accounts for businesses (NBC and Ministry of Commerce joint announcement, late 2024) | Banks and financial institutions facilitate the opening of riel accounts for all legally registered businesses | Andersen in Cambodia (1 November 2024) |
| Riel lending | Banks and financial institutions hold at least 10% of their loan portfolio in riel, as summarized by the authors | Phnom Penh Post, via Asia News Network (16 January 2025) |
| Exchange rate | The NBC manages the riel against the dollar under a managed float | Phnom Penh Post, via Asia News Network (16 January 2025) |
| Payments | The NBC's Bakong payment system encourages payments in riel and links to QR payments in Thailand and Malaysia | Phnom Penh Post, via Asia News Network (16 January 2025) |
Sources as listed. As published on 29 October 2026.
For a company, the effect is that it will usually keep both a dollar account and a riel account: dollars for trade, foreign suppliers and dollar-denominated contracts, riel for prices shown to consumers and for local payments where counterparties prefer riel.
Foreign USD account providers and Cambodia
Many Cambodian businesses look for US account details so that US clients can pay by ACH. Eligibility is set by each provider, and Cambodia is excluded by name from several well-known lists. The table records what each provider states on its own pages.
| Provider | What its own pages state |
|---|---|
| Airwallex | Cambodia is not on its list of supported registration locations; unlisted locations cannot be processed |
| Wise | Cambodia is not on its list of countries where customers can hold money |
| Mercury | Cambodia is on its prohibited countries list, which applies to founders living there; it also accepts only companies formed in the United States or a US territory |
| Relay | Cambodia is on its prohibited countries list; if a required owner holds citizenship or residency in a listed country, Relay cannot open the account |
Sources: the providers' own pages, linked below. As published on 29 October 2026.
Before you apply to any provider, check three points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name. Second, which rails the details accept: ACH only, or also Fedwire and SWIFT. Third, whether the provider's owner rules, not only its company rules, exclude Cambodian residents or citizens.
Provider pages used: Airwallex eligible countries, Wise country list, Mercury prohibited countries and Relay prohibited countries. For more on these lists, see our page on countries Mercury does not serve.
The US company route
Some Cambodian founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Owner rules matter here as much as company rules. Mercury's prohibited countries list includes Cambodia and applies to founders living there, and Relay cannot open an account where a required owner holds citizenship or residency in Cambodia. Check each provider's owner rules before forming the company.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no legal residence, principal place of business or principal office in the US may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
The US company is a separate legal entity with its own tax filings, and money it earns belongs to it, not to the Cambodian company. Because Cambodian companies can already hold dollars at home, the US company route is mainly worth considering for businesses with US contracts, US staff or US investors. Take Cambodian and US tax advice, including on transfer pricing, before choosing it.
Documents you need
Banks and providers ask for broadly the same company file. The list below is a typical checklist; each bank sets its own.
| Document | Dollar account at a Cambodian bank | USD account with a foreign provider |
|---|---|---|
| Certificate of incorporation from the Ministry of Commerce | Yes | Yes |
| Memorandum and articles of association | Yes | Usually |
| Tax registration certificate from the General Department of Taxation | Yes | Often |
| Board resolution to open the account and name signatories | Yes | Usually |
| Identity documents of directors and signatories | Yes, national ID or passport | Yes, passport or national ID |
| Details of beneficial owners | Yes | Yes |
| Proof of business address | Yes | Yes |
| Description of trade, counterparties and expected volumes | Sometimes | Yes |
| Contracts or invoices for large payments | For transfers the bank must report | Often, for the first large payments |
Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.
Keep the same company name, in the same spelling, on every document. Khmer and English versions of a name that do not match are a common cause of delay with foreign providers, so give a certified translation of the incorporation certificate where the provider asks for one.
Stablecoins in Cambodia: USDC and USDT
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the two most widely used. The NBC regulates them under a 2024 prakas, a ministerial or central bank regulation.
- Earlier position. In 2018, the NBC, the Securities and Exchange Regulator of Cambodia (SERC) and the national police issued a joint statement prohibiting crypto activities without a license from the relevant authorities.
- Prakas B7-024-735 of 26 December 2024 on transactions related to cryptoassets sorts cryptoassets into groups. Group 1a covers tokenized traditional assets such as tokenized securities. Group 1b covers stablecoins backed by traditional assets with an effective stabilization mechanism; algorithmic and crypto-referenced stablecoins are excluded. Group 2 covers everything else, including unbacked cryptoassets.
- Banks. Commercial banks may carry out Group 1 activities for their own account only with prior NBC approval, may not deal in Group 2, and may not issue cryptoassets. DFDL reports exposure limits of 5% of common equity tier 1 capital for Group 1a and 3% for Group 1b, with quarterly reporting.
- Service providers. Payment service institutions may act as cryptoasset service providers for exchange, transfer and custody with NBC authorization, with conditions to be set by the NBC. Breaches can bring fines of KHR 20 million to KHR 500 million.
| Question | What the sources say |
|---|---|
| Are stablecoins regulated? | Yes; asset-backed stablecoins are Group 1b under Prakas B7-024-735 |
| Can Cambodian banks hold them? | Only Group 1, with prior NBC approval and within capital limits |
| Who may offer exchange and custody? | Entities authorized by the NBC as cryptoasset service providers |
| Are unbacked cryptoassets allowed for banks? | No; commercial banks may not engage in Group 2 activities |
Sources: DFDL (17 January 2025); Rajah & Tann Asia on Prakas B7-024-735. As published on 29 October 2026.
A Cambodian company paid in USDC or USDT by a buyer abroad should convert only through an NBC-authorized provider and keep the invoice and wallet records with its accounts.
Where a Helm USD account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR and GBP details.
For a Cambodian business, it works beside the local dollar account:
- Service businesses can give US clients domestic US payment details, so a client pays by ACH as it would pay a US vendor, instead of sending an international wire to Phnom Penh.
- Exporters selling to Europe can give buyers EUR details with an IBAN, the international account number format used across Europe, and GBP details with a sort code for UK buyers.
- Importers and trading companies can hold dollars and send international payments to suppliers by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending.
- Companies paid in stablecoins by buyers abroad can receive USDC and USDT and convert them to USD inside the account. Take advice on how Prakas B7-024-735 applies to your business before using this feature.
Funds can be sent home to the company's dollar account in Cambodia through its authorized bank. Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance, such as supplier finance, receivables finance and working capital, is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Freelancers and sole traders
Cambodian freelancers can open a personal dollar account at most Cambodian banks, since residents may hold foreign currency. Online providers set their own country lists, and several exclude Cambodia, so check each provider's page before sending a client your details. A freelancer who grows into an agency should open an account in the company's name once the business is registered, so client payments and personal funds stay separate.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a company in Cambodia open a USD account?
Yes. Article 5 of the Law on Foreign Exchange of 22 August 1997 places no restriction on foreign exchange operations through authorized banks, and Article 7 lets residents hold foreign currencies. US dollar accounts are standard products at Cambodian banks.
How dollarized is Cambodia?
NBC data for May 2026 show foreign currency of 206,166.9 billion riels ($51.5 billion) out of broad money of 247,668.9 billion riels ($61.9 billion), more than 83%. The foreign currency is primarily the US dollar.
Do Cambodian banks report large transfers?
Yes. Under Article 17 of the Law on Foreign Exchange, authorized banks report transfers of 10,000 US dollars or more to the NBC. Banks may ask for invoices or contracts behind those payments.
How much cash can I carry into or out of Cambodia?
Travelers carrying means of payment of 10,000 US dollars or more, or the riel equivalent, must declare them to customs under Articles 12 and 13 of the Law on Foreign Exchange. Gold and precious stones need prior declaration to the NBC.
Do Cambodian businesses have to price in riel?
A Ministry of Commerce prakas of 22 March 2023 requires vendors, traders and service providers to display prices in riel. In late 2024 the NBC and the Ministry of Commerce also asked banks to open riel accounts for all legally registered businesses.
Can a Cambodian business open a Wise or Airwallex account?
Cambodia is not on Wise's list of countries where customers can hold money, and it is not on Airwallex's list of supported registration locations. Check both pages directly, because providers update their lists.
Can a Cambodian founder open a Mercury account for a US company?
Mercury's prohibited countries list includes Cambodia and applies to founders living in the listed countries. Relay's list also includes Cambodia and applies to any required owner with citizenship or residency there.
Is USDT legal in Cambodia?
NBC Prakas B7-024-735 of 26 December 2024 regulates cryptoassets and places asset-backed stablecoins in Group 1b. Commercial banks need prior NBC approval to hold them, and cryptoasset service providers need NBC authorization, so businesses should use only authorized providers.
Can a Cambodian get a US EIN for a US company?
Yes. The IRS instructions for Form SS-4 let international applicants call 267-941-1099 to obtain an EIN, and state that only international applicants can receive an EIN by telephone. Applicants can also fax Form SS-4 to 304-707-9471 from outside the US.
References
- Council for the Development of Cambodia: Foreign Exchange
- Cambodia National Trade Repository: Law on Foreign Exchange Management (22 August 1997)
- Vietstock: Cambodia's broad money nears $62 billion in May, NBC reports (9 July 2026)
- Asia News Network (Phnom Penh Post): The dominance of the dollar in Cambodia (16 January 2025)
- DFDL: Cryptoassets regulation introduced by the National Bank of Cambodia (17 January 2025)
- Rajah & Tann Asia: Prakas on transactions related to cryptoassets
- Mercury: Prohibited countries
- Relay Help Center: Prohibited countries
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.