Transferring money to Cambodia
Checked with my Canada bank , can transfer money with my C/C with online banking via interac , no charge , have to ensure PP bank uses interac , mine , (in PP)charges $5.00 per transaction . My bank also does the exchange at source .
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all of these references to currency exchange... do banks in uk/aus/ca no offer USD accounts? just curious, i was actually surprised cambodia did and recently found out china does as well, didn't know if that was an option in those countries. if so, it may be worth looking into to dodge the exchange charges.
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OrangeDragon wrote:all of these references to currency exchange... do banks in uk/aus/ca no offer USD accounts? just curious, i was actually surprised cambodia did and recently found out china does as well, didn't know if that was an option in those countries. if so, it may be worth looking into to dodge the exchange charges
i have a usd acc't at a canadian bank and tried to transfer usd to my aceleda bank acc't to save on ex.fees,but aceleda would only accept cdn$ transfer from a cdn bank(i assume so they can make thr excange fee) So had to transfer cdn$ and then exchange to usd
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Bitcoin is the best solution. Register an account on Mt.Gox (google it), the largest USD/AUD/EUR/etc > BTC exchange. BTC is highly volatile, so you don't want to leave your money in BTC for long. Basically, here goes:
1. Connect your Oz bank account to a Mt. Gox account (based in Japan, but stores currency in AUD, as well as other major currencies. https://mtgox.com/
2. Buy BTC with AUD,
3. Setup a USD portion to your account.
4. Sell BTC for USD.
5. Wire transfer USD from Mt. Gox account to ANZ account.
You don't avoid the wire transfer fee, but there are no currency conversion fees and the exchange ratios are spot on. A bit on the technical side, but you can figure it out in an hour or so. Check out https://bitcoin.it/ and http://bitcoin.org/ for more information. May seem tedious or confusing, but I've been using it for at least a year, maybe two, to transfer money pretty much anywhere I need it while avoiding banking fees. It has really saved my ass some times when my US bank has decided (as it periodically does) that I'm not really who I say I am and therefore my ATM card should be blocked for a wee. Ugh. Anyway, yeah, check it out. Good stuff.
1. Connect your Oz bank account to a Mt. Gox account (based in Japan, but stores currency in AUD, as well as other major currencies. https://mtgox.com/
2. Buy BTC with AUD,
3. Setup a USD portion to your account.
4. Sell BTC for USD.
5. Wire transfer USD from Mt. Gox account to ANZ account.
You don't avoid the wire transfer fee, but there are no currency conversion fees and the exchange ratios are spot on. A bit on the technical side, but you can figure it out in an hour or so. Check out https://bitcoin.it/ and http://bitcoin.org/ for more information. May seem tedious or confusing, but I've been using it for at least a year, maybe two, to transfer money pretty much anywhere I need it while avoiding banking fees. It has really saved my ass some times when my US bank has decided (as it periodically does) that I'm not really who I say I am and therefore my ATM card should be blocked for a wee. Ugh. Anyway, yeah, check it out. Good stuff.
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Yes UK banks do offer USD accounts, they just take the currency conversion fee at a different point.OrangeDragon wrote:all of these references to currency exchange... do banks in uk/aus/ca no offer USD accounts? just curious, i was actually surprised cambodia did and recently found out china does as well, didn't know if that was an option in those countries. if so, it may be worth looking into to dodge the exchange charges.
I changed another 250 GBP at the same money changer yesterday and got a rate of 1.596 = 399 USD.
Quick calculation using my regular source of online FX rates indicated that I was paying just under 2 USD for that, fairly awesome, beats an ATM hands down.
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Your taking a pretty big risk relying on a company whose main focus is producing card games for man children. All to save how much - $20?matty wrote:Bitcoin is the best solution.
Let's not even mention the hundreds of thousands of dollars that have been lost due to hacking the different online trading exchanges. Maybe if you lose your bitcoins they will repay you in magic the gathering cards.
LoL, of course exchanging money in CASH on the black market will be better than you going though an ATM using regular rates and checking the official exchange rates online, and it's not like they could help you change money from your bank account.BillyB wrote:Yes UK banks do offer USD accounts, they just take the currency conversion fee at a different point.OrangeDragon wrote:all of these references to currency exchange... do banks in uk/aus/ca no offer USD accounts? just curious, i was actually surprised cambodia did and recently found out china does as well, didn't know if that was an option in those countries. if so, it may be worth looking into to dodge the exchange charges.
I changed another 250 GBP at the same money changer yesterday and got a rate of 1.596 = 399 USD.
Quick calculation using my regular source of online FX rates indicated that I was paying just under 2 USD for that, fairly awesome, beats an ATM hands down.
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That's like comparing the price of a bus ticket to a plane ticket; those are totally different services!
cambod wrote:LoL, of course exchanging money in CASH on the black market will be better than you going though an ATM using regular rates and checking the official exchange rates online, and it's not like they could help you change money from your bank account.
That's like comparing the price of a bus ticket to a plane ticket; those are totally different services!
- It is cutting out the 2.99% currency conversion fee charged by the UK bank.
- and cutting out the 1.5% Cash withdrawal fee (max 4 GBP (=6USD)) charged by the UK bank.
- and cutting out the (potential) 5 USD ANZ charge.
Only in the past year have I realised that cash is so much better than plastic (for us Brits anyway).
First in the Philippines, then in Thailand, now (even more so) in Cambodia.
You just need to check the rates offered first, hint: if the rates are taped to the wall, forget it!
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So are carrying a wedge of notes around with you when you travel BillyB ?
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I won't defend some elements of the user base, but the technology itself is secure. Some companies that use bitcoin aren't secure and many have been hacked. Some users don't encrypt their wallets or use secure passwords and or they download malware, etc. And yeah, there are tons of ponzi schemes. But all of that is the bitcoin community. Mt. Gox has been running their exchange since the beginning and are a completely legitimate corporation based in Japan.somekind of sandwich wrote:Your taking a pretty big risk relying on a company whose main focus is producing card games for man children. All to save how much - $20?matty wrote:Bitcoin is the best solution.
Let's not even mention the hundreds of thousands of dollars that have been lost due to hacking the different online trading exchanges. Maybe if you lose your bitcoins they will repay you in magic the gathering cards.
I'm not saying to invest heavily in bitcoin, but I doubt leaving your money in a Mt. Gox account for a few hours is much of a risk. I've had a Mt. Gox account for more than a year with no problems at all.
Maybe I just think the technology is cool though.
"This is my happening and it freaks me out!"
Yes, why not.Speak No Evil wrote:So are carrying a wedge of notes around with you when you travel BillyB ?
A few thousand in £50 notes, those are the easiest to carry.
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silk road http://en.wikipedia.org/wiki/Silk_Road_ ... etplace%29 used bitconmatty wrote:I won't defend some elements of the user base, but the technology itself is secure. Some companies that use bitcoin aren't secure and many have been hacked. Some users don't encrypt their wallets or use secure passwords and or they download malware, etc. And yeah, there are tons of ponzi schemes. But all of that is the bitcoin community. Mt. Gox has been running their exchange since the beginning and are a completely legitimate corporation based in Japan.somekind of sandwich wrote:Your taking a pretty big risk relying on a company whose main focus is producing card games for man children. All to save how much - $20?matty wrote:Bitcoin is the best solution.
Let's not even mention the hundreds of thousands of dollars that have been lost due to hacking the different online trading exchanges. Maybe if you lose your bitcoins they will repay you in magic the gathering cards.
I'm not saying to invest heavily in bitcoin, but I doubt leaving your money in a Mt. Gox account for a few hours is much of a risk. I've had a Mt. Gox account for more than a year with no problems at all.
Maybe I just think the technology is cool though.
stay away from bitcon I would imagine all transactions are watched. http://en.wikipedia.org/wiki/BitcoinThe Australian Federal Police has stated that "anyone engaging in illegal activity through online marketplaces such as Silk Road...will not always remain anonymous and when caught, they will be prosecuted," in a press release.
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
BillyB wrote:cambod wrote:LoL, of course exchanging money in CASH on the black market will be better than you going though an ATM using regular rates and checking the official exchange rates online, and it's not like they could help you change money from your bank account.
That's like comparing the price of a bus ticket to a plane ticket; those are totally different services!And replacing that by a 2 USD charge.
- It is cutting out the 2.99% currency conversion fee charged by the UK bank.
- and cutting out the 1.5% Cash withdrawal fee (max 4 GBP (=6USD)) charged by the UK bank.
- and cutting out the (potential) 5 USD ANZ charge.
Only in the past year have I realised that cash is so much better than plastic (for us Brits anyway).
First in the Philippines, then in Thailand, now (even more so) in Cambodia.
You just need to check the rates offered first, hint: if the rates are taped to the wall, forget it!
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BillyB wrote:Yes, why not.Speak No Evil wrote:So are carrying a wedge of notes around with you when you travel BillyB ?
A few thousand in £50 notes, those are the easiest to carry.
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Of COURSE that's the cheapest way to transfer money from the UK to Cambodia (duh) so I thought that goes without saying....
I'm truly shocked you only realized this in the "past year."
Yes, so am Icambod wrote:BillyB wrote:Only in the past year have I realised that cash is so much better than plastic (for us Brits anyway).
First in the Philippines, then in Thailand, now (even more so) in Cambodia.
You just need to check the rates offered first, hint: if the rates are taped to the wall, forget it!Of COURSE that's the cheapest way to transfer money from the UK to Cambodia (duh) so I thought that goes without saying....BillyB wrote:Yes, why not.Speak No Evil wrote:So are carrying a wedge of notes around with you when you travel BillyB ?
A few thousand in £50 notes, those are the easiest to carry.
I'm truly shocked you only realized this in the "past year."
I never realised that there was quite that much difference, I have been using a Caxton FX card (2.75% markup, no other charges) at Canadia bank ATM, expecting that the money changers would take about 2% as in TH and PH.
My preferred method in Thailand or Philippines (or Malaysia) is still to use my Citibank UK ATM card at a Citibank ATM, that costs just under 1%.
However Citibank ATM's are hard to find, I know of one in Thailand, there are none in Cambodia...
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