Has anybody successfully transferred large amounts (US$150K-$300K) via SWIFT to Cambodia?
I tried making a transfer today, and when the banker in the originating bank entered the details, she received a warning prior to the transfer saying something along the lines of "Since this is a transfer to Cambodia there is a risk of funds becoming frozen/confiscated, not reaching the destination, and we will not be able to reacquire them". This warning appears when she tries to transfer to ANY bank in Cambodia. I tried to do some research and found zero reports of problems around the interwebs. It just seems like a generic "3rd-world country warning" by this particular bank's system. Covering their own ass in case something goes down, I guess.
I thought I'd ask anyway, just for some peace of mind.
Transferring large amount via SWIFT
It's probably due to being on a list of wonky countries with a super low rating:
http://www.asiatoday.com.au/content/cam ... th-says-sp
http://www.phnompenhpost.com/bank-sector-risk-sp
http://www.asiatoday.com.au/content/cam ... th-says-sp
http://www.phnompenhpost.com/bank-sector-risk-sp
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Transferred 100k £ from Abbey National to Acleda about 8 years ago, and very recently transferred 9k $ from Acelda to a bank in Vietnam, no problems.
k440, something to do when you're pissed.
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I've never sent those kind of sums but used to get five figures transferred into Cambodia regular over a twelve month period and never had any problems.
I know I'm unloveable. You don't have to tell me. I don't have much in my life, but take it - it's yours.
Make sure the sending bank fills in your name exactly as it appears on the Cambodian bank on the transfer. Only time I have had a problem was when the sending bank put my first name before my surname, while the Canadia has it the other way round.
It arrived, but Canadia refused to release it into my account, sent it back and I had to start again.
It arrived, but Canadia refused to release it into my account, sent it back and I had to start again.
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If this sort of problem still occurs, you are free to use my bank accountsRobW wrote:Make sure the sending bank fills in your name exactly as it appears on the Cambodian bank on the transfer. Only time I have had a problem was when the sending bank put my first name before my surname, while the Canadia has it the other way round.
It arrived, but Canadia refused to release it into my account, sent it back and I had to start again.
EVERYONE BOW DOWN TO HIS MAJESTIES phat kunthea™
This. Extremely important.RobW wrote:Make sure the sending bank fills in your name exactly as it appears on the Cambodian bank on the transfer. Only time I have had a problem was when the sending bank put my first name before my surname, while the Canadia has it the other way round.
It arrived, but Canadia refused to release it into my account, sent it back and I had to start again.
Thanks for the replies everyone.
I decided to do a less meaty test transfer of $20K+ to make sure things are running smoothly. The transfer was actually super fast, the Cambodian bank received the SWIFT message in less than 24 hours. However, they then called me up and said that they need to ask some questions "for compliance" because it's over $20K. The head office won't credit the funds to my account until I answer.
They asked what I'm going to do with the money. I answered. Then they asked for "supporting documents". My response was of course "what documents? and in order to support what claim?" (since what I'm going to do with the money clearly doesn't involve any pre-documentation - this isn't a real estate deal). Their response was annoyingly "Any documents you have". After some more back and forth they ended up requesting documentation on my current employment.
This was a pretty frustrating interaction (I think they understand about 30% of what I say) and I failed to see the relevance of it to the transfer. I guess they're doing it because it's a very new account that they haven't properly vetted yet. Hopefully they will credit the funds to my account tomorrow. I may have to rethink the larger transfer unless they can assure me there won't be additional hassles.
I decided to do a less meaty test transfer of $20K+ to make sure things are running smoothly. The transfer was actually super fast, the Cambodian bank received the SWIFT message in less than 24 hours. However, they then called me up and said that they need to ask some questions "for compliance" because it's over $20K. The head office won't credit the funds to my account until I answer.
They asked what I'm going to do with the money. I answered. Then they asked for "supporting documents". My response was of course "what documents? and in order to support what claim?" (since what I'm going to do with the money clearly doesn't involve any pre-documentation - this isn't a real estate deal). Their response was annoyingly "Any documents you have". After some more back and forth they ended up requesting documentation on my current employment.
This was a pretty frustrating interaction (I think they understand about 30% of what I say) and I failed to see the relevance of it to the transfer. I guess they're doing it because it's a very new account that they haven't properly vetted yet. Hopefully they will credit the funds to my account tomorrow. I may have to rethink the larger transfer unless they can assure me there won't be additional hassles.
PPCB. According to my research they are one of only two banks in Cambodia that don't charge a percentage on inbound SWIFT transfers (as in 0%, while the rest charge 0.10% or more), and they charge the lowest percentage on outbound SWIFT transfers (0.12%, while the rest charge around 0.17% on average). My plan was to use the PPCB account whenever I want to transfer in or out and save a few hundreds of dollars.
They still haven't credited my account, btw. They just called to ask more questions from their compliance department, very apologetic though.
They still haven't credited my account, btw. They just called to ask more questions from their compliance department, very apologetic though.
I use ABA and never had a problem in or out, they did discount the inwards remittance fee by 50% as well.
I sent a large sum out about a month ago and I had an email from Europe to advise they had the money a few hours later.
I sent a large sum out about a month ago and I had an email from Europe to advise they had the money a few hours later.
In total it took 3-4 business days for that first test transfer to land in my account. I made the transfer on Tuesday, PPCB got the SWIFT instruction late Wednesday, they kept bugging me from Thursday to Monday, and credited the account early Tuesday.
Now get this... I decided to make the much bigger transfer with them anyway (better the devil you know...). I made it Tuesday, right after I verified the test transfer was credited, and prepared myself for more torture. They received the SWIFT instruction late Wednesday again, but no torture came. This time they credited my account on the spot! I had the funds sitting in my account less than 24 hours after making the transfer. I guess once you're verified things work fast.
As mentioned, there were absolutely no fees or charges from PPCB for these.
Now get this... I decided to make the much bigger transfer with them anyway (better the devil you know...). I made it Tuesday, right after I verified the test transfer was credited, and prepared myself for more torture. They received the SWIFT instruction late Wednesday again, but no torture came. This time they credited my account on the spot! I had the funds sitting in my account less than 24 hours after making the transfer. I guess once you're verified things work fast.
As mentioned, there were absolutely no fees or charges from PPCB for these.
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