...Because Cambodia is not on the list of approved countries. I have a US based bank account.Kachang wrote:Why not open a local account and transfer 10k at a time @ 0.1-0.2% ? After that local withdrawals are free. 0.7% for a single transfer seems just stealing your money, especially since they'll hardly give more than that on a year's saving.Hot_Pink_Urinal_Mint wrote:I get paid into an overseas account with Mastercard attached (I know you have visa) and for me the cheapest is ANZ at $3.50 for $500.
Be careful at Aeon Mall - Vattanack, Alceda and all the other local banks want $5 for $250!
ABA wanted $9 for $700
Maybank wouldn't accept Mastercard withdrawals.
ATM fees
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Also, most expats, especially English teachers, never have $10,000.
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Whenever I make a SWIFT transfer into my ACLEDA account using my ING account back home I'm charged 0,1% by ING, ACLEDA charges 0,1% in Phnom Penh (minmum: 10 USD) and another 0,1% (again, minimum 10 USD) to transfer the money into my local ACLEDA branch. This means if you're in Phnom Penh 0,2% would do. Whenever I transfer 10K or more 25 USD is deducted somewhere down the road, can't trace where though. This is why I tend to transfer 9.999 USD at a time.badboybubby wrote:whilst things are more competitive these days with money transfers a fair chunk is taken out, usually a percentage, by a US intermediary to facilitate the transfer...then there's usually a "receiving fee" that the local bank slug you with, either flat fee or percentage...Kachang wrote:Why not open a local account and transfer 10k at a time @ 0.1-0.2% ? After that local withdrawals are free. 0.7% for a single transfer seems just stealing your money, especially since they'll hardly give more than that on a year's saving
ps. just on the question of ATM's and exchange rates i'm guessing that when they're talking about the wholesale rate that it's not the same thing as the inter bank rate because if it was why would you bother buying foreign currency from a bank?....i presume it's a visa/mastercard rate which is probably fractionally better than the retail rate...
Whenever I use my ING ATM card the local bank will charge ridiculous amounts between 5-10 USD for a single withdrawal with a maximum of 500 EUR.
Usually the interbank exchange rate is the wholesale rate reduced with 1%.
Last edited by Kachang on Tue Jun 21, 2016 10:38 am, edited 1 time in total.
Seems weird the government (?) decides where you s(p)end your money.Hot_Pink_Urinal_Mint wrote:...Because Cambodia is not on the list of approved countries. I have a US based bank account.Kachang wrote:Why not open a local account and transfer 10k at a time @ 0.1-0.2% ? After that local withdrawals are free. 0.7% for a single transfer seems just stealing your money, especially since they'll hardly give more than that on a year's saving.Hot_Pink_Urinal_Mint wrote:I get paid into an overseas account with Mastercard attached (I know you have visa) and for me the cheapest is ANZ at $3.50 for $500.
Be careful at Aeon Mall - Vattanack, Alceda and all the other local banks want $5 for $250!
ABA wanted $9 for $700
Maybank wouldn't accept Mastercard withdrawals.
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I'm far too young for the pension! My money comes from royalites. Apparently the problem is arcane/outdated banking laws in KOW.Kachang wrote:Seems weird the government (?) decides where you s(p)end your money.Hot_Pink_Urinal_Mint wrote:...Because Cambodia is not on the list of approved countries. I have a US based bank account.Kachang wrote:Why not open a local account and transfer 10k at a time @ 0.1-0.2% ? After that local withdrawals are free. 0.7% for a single transfer seems just stealing your money, especially since they'll hardly give more than that on a year's saving.Hot_Pink_Urinal_Mint wrote:I get paid into an overseas account with Mastercard attached (I know you have visa) and for me the cheapest is ANZ at $3.50 for $500.
Be careful at Aeon Mall - Vattanack, Alceda and all the other local banks want $5 for $250!
ABA wanted $9 for $700
Maybank wouldn't accept Mastercard withdrawals.
No, I didn't refer to a pension but apparently for the US there's a list of 'approved countries' which seems odd for a free country.Hot_Pink_Urinal_Mint wrote:I'm far too young for the pension! My money comes from royalites. Apparently the problem is arcane/outdated banking laws in KOW.Kachang wrote:Seems weird the government (?) decides where you s(p)end your money.Hot_Pink_Urinal_Mint wrote:...Because Cambodia is not on the list of approved countries. I have a US based bank account.Kachang wrote:Why not open a local account and transfer 10k at a time @ 0.1-0.2% ? After that local withdrawals are free. 0.7% for a single transfer seems just stealing your money, especially since they'll hardly give more than that on a year's saving.Hot_Pink_Urinal_Mint wrote:I get paid into an overseas account with Mastercard attached (I know you have visa) and for me the cheapest is ANZ at $3.50 for $500.
Be careful at Aeon Mall - Vattanack, Alceda and all the other local banks want $5 for $250!
ABA wanted $9 for $700
Maybank wouldn't accept Mastercard withdrawals.
The banking system here is indeed a bit strange because of all those MFI's not connected to anything, but the major banks are connected to the SWIFT system and through those you can both receive (easy) and send (tried it once and stopped because of their idiotic policy - they wanted to see the original invoice that had to be paid) money abroad. At least that's my experience. So far I've made several transfers and all were smooth - into the KOW that is.
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i used World First because of their supposedly better rates likewise to acleda and those were the charges from memory...Kachang wrote:Whenever I make a SWIFT transfer into my ACLEDA account using my ING account back home I'm charged 0,1% by ING, ACLEDA charges 0,1% in Phnom Penh (minmum: 10 USD) and another 0,1% (again, minimum 10 USD) to transfer the money into my local ACLEDA branch.
i think you'll find it's standard chartered bank acleda's correspondent bank in the US...i couldn't work out the discrepancy either until i emailed the manager at acleda and he kindly explained...my impression though is that they take a chunk irrespective of the amount being sent...25 USD is deducted somewhere down the road, can't trace where though.
all up i found out that it wasn't any cheaper than sending money with moneygram for example...
He's been in his room 35 years...time to let him out!
The 25 USD is only deducted when I transfer 10k or more. When I transfer 9.999 USD the only deduction is 0,1% by ING, 0,1% in Phnom Penh by ACLEDA and 0,1% by ACLEDA to transfer it into the provinces. I never transfer foreign currencies into Cambodia, always USD. I don't trust ACLEDA will give me better exchange rate than a Western bank. ING offers me wholesale rate minus 1% which is pretty OK. A 9.999 USD transfer will cost me 20 USD to ACLEDA to receive it in the provinces (if I would live in Phnom Penh it would be only 10 USD) plus 0,1% fees in EURO back home, this of course depends on the exchange rate, but it's the equivalent of 9,99 USD. So all together I can receive 10k minus 1 dollar for a 30 USD fee. Equals about 4-5 ATM withdrawals (5 USD + EUR 2,25 back home).
As a small plus I put the money into three saving accounts offering 4-4,25% interest, back home it's 0,4% by now. That way I kind of 'earn' the costs back.
As a small plus I put the money into three saving accounts offering 4-4,25% interest, back home it's 0,4% by now. That way I kind of 'earn' the costs back.
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ur worried about being charged $4 to withdraw $500?aem wrote:Checked out Vattanac today. ATM says 4 Dollar Charge for "European Credit Card" .... it is getting annoying Will go to a Canadian Bank office soon and ask about that 500 Dollar thing. Any additional hints? Maybe there is a bank that only charges 2 Dollars or sth?
just carry all ur cash from home with you, keep in under your $10 rooms mattress and save the fees
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that's interesting...twice i've sent less than that and on both occasions was charged a fee,( by the correspondent bank) a % it seems because it varied with the amount...maybe something to do with the sender's bank or country of origin ?...Kachang wrote:The 25 USD is only deducted when I transfer 10k or more
same here...World First provided the exchange, pretty close to the wholesale rate...didn't think you could send any other currency to cambodia...I never transfer foreign currencies into Cambodia, always USD
He's been in his room 35 years...time to let him out!
Phuket2006 wrote:ur worried about being charged $4 to withdraw $500?aem wrote:Checked out Vattanac today. ATM says 4 Dollar Charge for "European Credit Card" .... it is getting annoying Will go to a Canadian Bank office soon and ask about that 500 Dollar thing. Any additional hints? Maybe there is a bank that only charges 2 Dollars or sth?
just carry all ur cash from home with you, keep in under your $10 rooms mattress and save the fees
I am not. I would be worried about carrying 500 Dollar cash (in any country) though. I had asked the question because I am living here now and was not planning to open a local bank account soon as I got an international account. The latter served me very well during my 2 years in India. Never had to go through the hassle of opening and closing a local account.
So is it correct that instead of using a Canadia ATM, I can go inside the branch with my Mastercard, and withdraw $500 and there are no fees from Canadia?
I understand there might be a fee from my bank.
I understand there might be a fee from my bank.
Go to any Maybank ATM. It does not charge any fees on top of what your own bank might charge of course.bernie wrote:So is it correct that instead of using a Canadia ATM, I can go inside the branch with my Mastercard, and withdraw $500 and there are no fees from Canadia?
I understand there might be a fee from my bank.