Here is the place to post any simple or complex questions you may have about any aspect of life in Cambodia and beyond without fear of being told 'That question has been asked 100 times before.'
So after a couple of years of working in Australia I will be going back to cambodia and was wondering if anybody had any advice on what to do with my savings. What would be the best way of transferrring my money from and Australian account to a Khmer account or alternatively a $US account that would be easily and cheaply accessed in Cambodia ie: minimal admin fees.
I transferred a small amount of money from my Aussie account to an ANZ Royal account and was charged a fee by the intermediary bank and nobody could tell me how much that fee was supposed to be or by whom it was charged.
If anybody who has transferred several thousand dollars themselves could give some advise it would be appreciated.
When I did a similar thing I just took cash (I declared it in Aus). Check where the best exchange rate is, Aus or Cam.
Other option is to open an account in another country but you'll always get hit with transaction fees.
Here in Viet they have a great Term Deposit rate (1 month) at 9%. Pretty good but probably doesn't help you in Cam.
I've done it two ways:
1. Wire Transfer - It must be done in US dollars and someone has to be in your home country to transfer it to a Cambodian bank account. You need the Cambodian bank's SWIFT code (and maybe the intermediary bank as well). There will be a service charge by your home bank as well as the bank here in Cambodia. Last time I did it the fee was $25 by my home bank in Canada and $35 by the bank here in Cambodia. Use this method if you are transferring sums larger than a few thousand dollars and if there is someone at home to help do the transfer.
2. ATM - Many Cambodian ATMs are on the international networks (Plus, Cirrus, etc.) and you can withdraw US dollars from your home account. The ATMs charge a fee and the fee varies. I responded on another thread awhile ago with a list of banks and ATM fees and limits for the Plus system. If you need more than the ATM limit then you need to do multiple withdrawals and possibly over a number of days. FTB allows withdrawals greater than $1000 US from their ATM. There may be others that I don't know about.
Why do you need someone in the home country? In Aus and Sg it's all done by the Internet
I am British but living in Australia and when I transferred it last time Nobody could tell me what the fees were going to be. The thing I was worried about was if it is a fixed amount for the transaction say $25 or a percentage of what you send? I will be sending $40k + and dont want to lose a massive chunk of it just to get it into a khmer account.
40 trips to an ANZ at $4 a time is $160
Canadia bank had no ATM withdrawal fee last time I used one of their machines.
Set up an account back home and bring the ATM card here.
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And if you are from the UK, don't forget the UK banks charges.
Taking out 500 USD at an ANZ ATM, from my GBP account at Lloyds TSB.
Quick and dirty calculations based on the 500:
So it costs 26 dollars to take 500 dollars from your UK account at an ANZ ATM.
haha I'll pass thanks mate.
This is is one of my worries, I think I better phone the bank...
If you are still in Australia open a bank account with Citibank, get the Citibank Plus account as it has no fees on international withdrawals, then use Canadia ATMs so you don't get charged any fees on the Cambodian side and you are getting a pretty good deal. The currency exchange rate is what ever Visa sets for the day, its usually pretty good.
Two hours ago I changed money at a little shop near central market in Phnom Penh.
For 250 GBP I was given 402 USD - (I think there was a tiny bit of rounding down there!).
So I got an actual rate of 1 GBP = 1.6080 USD.
The current online rate is 1 GBP = 1.6163 USD.
So the total fee charged for getting 402 USD was 2.08 USD
And the total fee for 500 USD would have been 2.59 USD.
Compare that with the 25.95 charge for using a UK card at a Cambodian ATM detailed above.
Citibank UK used to be good like that, now they charge the usual 2.75% commission on the Visa rate + 2.00% charge for using another banks ATM.
You may be right about Citibank Australia, but check the small print!
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