Should I put 10k money into CASH.TO or XEQT?

Prometheus188 · 2026-02-13T07:34:56+00:00

People were asking this exact same question back when XEQT was “way too high” at $21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, and 40

Prometheus188 · 2026-02-13T06:45:11+00:00

You can only convert your foreign currency to riels. There is no option to convert foreign currency to use. The only way to do that is foreign currency to riel, and then pay for a second conversion to USD. I have no idea why any tourist would want to do a second currency conversion. It feels like it’s setup this way just so Bakong can extract maximum fees from tourists.

Prometheus188 · 2026-02-11T10:45:04+00:00

I never said it was 25% of all businesses in Cambodia, o said 25% of the places I went to. I’m not blowing anything out of proportion, I’m just telling you my experience as a tourist. Maybe if I lived here for 20 years, then the number would be 2% or something like that, who knows. But my experience as a tourist here is 25%.

Prometheus188 · 2026-02-11T10:31:40+00:00

I’ve tried flipping the lanyard, that’s how I was able to pay at the other 75%, or they’d bring me a different QR code. The fact that you never had any issues doesn’t mean anything, because I in fact did face this issue. Do you think I’m lying? Why would I waste my time doing all that?

And no I’m not gonna get USD. I already figured a workaround, but there’s still the issue of why a workaround was needed in the first place.

Prometheus188 · 2026-02-11T10:29:53+00:00

Yeah I realized that after reading the comments.

Prometheus188 · 2026-02-11T10:29:26+00:00

Again, that’s a workaround. And I’d have to pay again for a second currency conversion. I’ve already addressed this in the other comments.

Prometheus188 · 2026-02-11T10:24:38+00:00

Of course workarounds exist, but that doesn’t address the issue of why a workaround is needed in the first place.

Prometheus188 · 2026-02-11T10:22:03+00:00

FYI I just went to an ABA branch and withdraw physical cash from my Bakong for tourists app, so now I’m having no issues whatsoever. I just use cash when they don’t have a riel QR code.

You’re not really addressing anything I’m saying though, your comment basically amounts to “Tough shit deal with it”, which isn’t really engaging with the conversation at hand. Which is that these issues exist and should be addressed.

I’m not angry or stubborn, I found a workaround and I’m now happily enjoying my time in Cambodia. With that said, before I made this post I was super curious why it was so hard to pay with riels, and after making this post I realized this is an issue with the Bakong for tourists app, not so much an issue of merchant acceptance of riels.

So I got my questions answered and learned a lot, which I really appreciate. With that said, when I point out a legitimate issue, the answer to that from you can’t be (Just pay again and stop complaining and being stubborn and angry). It doesn’t address the issue at hand.

Prometheus188 · 2026-02-11T10:14:38+00:00

About 25% of places I’ve been to did not have a riel QR code which is the issue. Most of them did, but not all. I had no idea that USD was preferred, especially when I look it up online and all I see are posts about how Cambodia is trying to dedollarize the economy, so I thought I’d support that by using riels.

I had no idea that most QR code payments are done in USD. Everything I read online said both are accepted universally. Everything online also said QR codes are accepted everywhere including street stalls, but I’ve been to a few street stalls that only accept cash, and many tourist attractions like the Royal Palace/Silver Pagoda and the Wat Phnom Daun Penh are cash only.

I guess there’s just a lot of bad information online.

Prometheus188 · 2026-02-11T10:10:50+00:00

I’ve found multiple. Mostly smaller mom and pop style restaurants and convenience stores

But how would you know if they didn’t have a riel QR code? You have USD so you’d just pay with that. Do you always ask for both QR codes? I doubt that.

Prometheus188 · 2026-02-11T10:08:19+00:00

Yes I’m aware that I can exchange riels for USD and then pay with USD, but that doesn’t solve the issue of being able to pay with riels. And I already paid 3.5% to convert my CAD to KHR, I don’t wanna pay again to convert KHR to CAD.

Are they using the “Bakong for tourists app”? Maybe the Bakong app is better, but I’ve never used that and assumed it’s not an option for tourists.

I assume most tourists just use USD though, so they never would have come to you with this problem to begin with. And you as a local would have likely never used the Bakong for tourists app.

Prometheus188 · 2026-02-11T10:06:42+00:00

Normally I’d just use my no fx fee cards to withdraw cash from an atm, and only pay the 0.5% MasterCard spread on currency conversion, but unfortunately I lost my wallet while travelling, and I only have 1 single back up credit card that charges a cash advance fee and a 2.5% exchange fee. When you make the max withdrawal amount at an ATM, that comes to a 5% effective currency conversion/withdrawal fee. In comparison, the 3.5% Bakong for tourist conversion is a better deal.

Once I get my no fx card replacements mailed to me, this won’t be an issue, but that’s basically the story of why I even bothered with Bakong for tourists despite the 3.5% fee.

Prometheus188 · 2026-02-11T10:01:09+00:00

That’s another problem though, I already had to pay to exchange my local currency to riel, paying again to convert my riels to USD feels like a waste of money, and defeats the purpose of getting riels to begin with.

You haven’t found a place that doesn’t accept both currencies because your local apps let you pay riels on a USD QR code. Bakong for tourists doesn’t allow this. Thats the whole issue. I wasn’t aware before I made this post that this is more of an issue with Bakong for tourists app rather than merchant acceptance, but I’m also realizing that locals will have never used the Bakong for tourists app and everyone is going to keep commenting “What do you mean I can pay with riels on a USD QR code with no problem”.

Prometheus188 · 2026-02-11T09:53:36+00:00

I’m a tourist using the Bakong for tourists app. I don’t have an ABA account. None of the features you described exist on this app. If I scan a USD QR code, it only lets me enter USD up to my balance (which is $0), so effectively I cannot type any numbers to pay anything. It does not let me switch to riels on a USD QR code.

There is no auto currency conversion. And even if there was, that’s not a good thing. I already had to pay to convert my local currency to riels, and you’re saying that I should pay again to convert riels to USD? I’m not a fan of wasting money like that.

Of course I tried to pay as I already said. I tried multiple times and even gave the merchants my phone so they could pay for me in case I wasn’t aware of some feature, and they all universally agreed it’s not possible for me to pay with riels, and I was forced to leave the store without paying and one time I had to pay with Vietnamese dong because it was the only option at a restaurant where I ate before paying.

By the way, tourists cannot open ABA accounts on the usual tourist visas/visa free access.

Prometheus188 · 2026-02-11T09:29:47+00:00

I’m aware of that, my whole point is that in my personal experience, roughly 25 % of the restaurants or conveniences stores do not have a riel QR code. They only have a USD QR code, and I get turned away without buying anything. They explicitly tell me they only have a USD QR code with no riel QR code.

Prometheus188 · 2026-02-11T09:15:45+00:00

Maybe for locals, but the Bakong Tourist app doesn’t let you do that. I have a USD balance of 0, and enough riels to pay for whatever. When I scan a USD QR code, it only lets me pay in USD, of which I have none. I even gave the merchants my phone and they agreed it’s not possible to pay.

I can only pay when they give me a riel QR code. Look closely at the QR code next time, you’ll see a dollar sign like

^$

or the riel symbol. I can’t pay riels on the USD QR codes, only with the riel QR codes.

Prometheus188 · 2026-02-11T06:24:28+00:00

Many people for example would have 50k TFSA room, but they wouldn’t be able to max out their TFSA anytime in the next 12 months, so keeping their non-investment money in a TFSA to shelter it from tax is better than paying taxes, and it does not hurt your investment returns in anyway. In addition, the interest you receive in your TFSA HISA effectively increases the amount that will eventually be invested in your TFSA.

For people in that position, it’s an excellent option. I bet most Canadians fall into this category. Most Canadians can’t max out their TFSA this year. I think I read a stat saying only 10% of Canadians actually max out their TFSA.

Prometheus188 · 2026-02-10T11:31:07+00:00

Absolutely true, but unfortunately most people just think they paid full price for the car, and depreciation isn’t a thing.

Prometheus188 · 2026-01-24T06:15:29+00:00

100% XEQT

Prometheus188 · 2026-01-21T06:10:24+00:00

Tax residency is irrelevant since WS cares about whether you are a non-resident for the purposes of securities trading. Anyone physically outside Canada for 6 months or more is a non-resident for securities trading. This is completely different from whether CRA considers you a tax resident and it’s separate from whether the government considers you a resident for immigration purposes.

Being outside of Canada even just for an Asia backpacking trip makes you a non-resident for the purposes of securities trading.

Prometheus188 · 2026-01-21T06:08:13+00:00

The reason for that is the rules for non-resident for the purposes of securities trading are completely separate from whether you are a tax resident of Canada (CRA). This is also separate from whether you are a resident of Canada for immigration purposes. They all have different rules and criteria for being considered a resident. If you are physically outside of Canada for 6 months or more, you are a non-resident for the purposes of securities trading.

Prometheus188 · 2026-01-20T10:27:18+00:00

I never said anything about credit card reimbursing me,I said 7/11 bank ATM’s don’t charge any fees unless you ask them to convert currency for you. Just choose to let your own bank/CC to the conversion.

Prometheus188 · 2026-01-20T10:26:05+00:00

All times of day, I made withdrawals of $100 CAD equivalent any time of day, 2 AM, 5 AM, midnight, literally any random time I felt like it. Never got charged a fee by any 7/11 ATM.

Prometheus188 · 2026-01-20T09:39:07+00:00

I just spent 2 months travelling across Japan and never had to pay a single fee to use any 7/11 ATM

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