The accepted currency in Cambodia is the US dollar, even more accepted than their local currency, the Riel. I had an interesting time getting hold of some US dollars. Decided to do so now, even though it is officially three months before I will be in Siem Reap.
The reason is the current strength of the Australian economy, the Aussie dollar is very strong. When I hopped on the Yahoo Currency Converter just before, the official exchange rate is one Aussie dollar buys 97 US cents.
I don't think it has ever been this good that I can remember in my life! When my family and I travelled to the USA in 1994, I think we were buying 65 US cents with one of our dollars.
Here's an extract from Monday's Courier Mail, where David and Libby Koch talk about currency exchange and rates (I typed directly from the newspaper):
While the Media quotes the currency based on the wholesale interbank rates (which are the best) there is a huge variation on offer. Our research in the past week has found:
- The difference between the interbank and your rate should be no more than US3c.
- Never convert currency at a shopping centre Travelex branch (oops! That's what I did :-(
Whoops! Oh well I learned the hard way I guess....
I did try to pick up my currency from Australia Post (best rate closest to interbank and no commission) but they would only order it in large bills, like 20's and 50's. The best thing I can have are the small notes that I got, no higher than ten dollar notes. For many people in Cambodia, $20 US could be a months wages! There is no way in the wide world I'm going to take huge notes into the country and expect the local shops to change them for me.
One more task done in the entire process of getting ready!
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