How can I get the best exchange rate between the US dollar and the Cambodian riel?
To secure the best exchange rate between the US dollar and the Cambodian riel, check what the mid-market rate of the currency is. The mid-market rate is the midpoint between buyers and sellers in the global interbank foreign exchange market and it is the same rate as banks use when they trade currencies with each other.
If you need to send money to someone in Cambodia, the best exchange rate is usually available from an online money transfer service. The rate they offer will likely be better than the bank, plus, they can offer a speedier transaction — some can make international transfers within an hour or less.
If you’re traveling to Cambodia, you should bring a travel-friendly debit card so you can withdraw money as you need it. Keep in mind that debit or credit cards may not be widely accepted outside of the airport and major hotels.
The exchange rate between riel and dollars offered when spending in USD in Cambodia is quite competitive, meaning tourists will not benefit much from exchanging their cash into riel. US dollars are so common in Cambodia today that everybody knows the exchange rate, which is usually around 4,000 riel per dollar. Since Cambodia doesn’t use coins, a common practice is to use dollars for all bigger purchases and riel for anything smaller.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
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The riel is the official currency of Cambodia, a country in Southeast Asia that also widely accepts the US dollar. It’s a cash-centric country, which means that few places accept credit or debit cards. But make sure your cash isn’t torn or crumpled — if so, stores will not accept it.
What affects exchange rates between the US dollar and the Cambodian riel?
The exchange rate between the US dollar and the Cambodian riel is controlled by the Cambodian government and is therefore very stable. Still, the exchange rate may be affected by things like economic and political developments in either Cambodia, the United States or elsewhere in the world.
The balance of trade between countries, economic growth, unemployment levels, and interest rates all affect the exchange rate between currencies like the dollar and the riel. Under normal circumstances, the interest rate is the most important factor for the exchange rate between currencies. This is the case because investors are always looking to deposit money in a country with higher interest rates to earn the higher return.
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How does the Cambodian riel trade against the US dollar historically?
The exchange rate between the Cambodian riel and the US dollar has been very stable over the past 10 years, trading at about the same level in 2017 as it did in 2007.
Between late 2008 and 2010, the riel saw a period of lower-than-normal exchange rates compared to the dollar, with the exchange rate trading at around 4,200 riel per dollar. In early 2011, however, the riel strengthened again and the exchange rate moved back to the usual interval between 3,900 and 4,100 riel per dollar.
US Dollar to the Cambodian Riel for the last 10 days
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US Dollar to the Cambodian Riel for the last 10 months
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US Dollar to the Cambodian Riel for the last 10 years
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Market rate for common transfer amounts USD to KHR
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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