Transferring money to Cambodia
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It's what I have been using for the last three months in Indonesia, Malaysia, Thailand and Cambodia, I can confirm there is no extra fees. The only time I had to pay a fee was in Thailand because I couldn't find an ATM that didn't charge fees.
If you are living in the uk prior to living in Cambodia, I'd recommend opening an account with Metrobank - mainly based in London. They allow overseas withdrawals without any fees or loading (ie. percentage of amount withdrawn). It is very rare for banks to offer this in the UK (other banks charge a fee and percentage for every withdrawal). There's info about these accounts and similar credit cards in the travel section on the moneysavingexpert.com website if interested.
The other issue is the ATM fees charged by Cambodian banks - Canadia Bank was the only one I found that didn't charge these.
The other issue is the ATM fees charged by Cambodian banks - Canadia Bank was the only one I found that didn't charge these.
My bank in Canada will not allow wire transfers by Internet. I've done it by Fax but it's a hassle. They have anti-money laundering measures in place so won't just do it unless you've set it up previously with the branch manager. Sounds like Aus and Sg is much less hassle.Drunk again wrote:Why do you need someone in the home country? In Aus and Sg it's all done by the Internetsoyat wrote:I've done it two ways:
1. Wire Transfer - 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.
Western Union don't allow you to send money over the Internet if you live in Singapore.
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Apreciate all the replies, I will check out the banks that have been mentioned.
Also, it's already been mentioned, but when you do a wire (bank-to-bank) transfer, make sure your get the SENDING bank to route it through the subsidiary bank they BOTH have in common. That means it will only go through one, and their fee will most likely be cheaper than the random ones they might send it through if you don't request a certain one... For American banks it's usually Standard Chartered Bank.Speak No Evil wrote:Apreciate all the replies, I will check out the banks that have been mentioned.
Indeed, very important. Banks are quite lazy and not there for your benefit. If they can save some money by using a bank bad for you, they will.
Q: Is it possible to open a EUR account at a bank in Cambodia ?
Q: Is it possible to open a EUR account at a bank in Cambodia ?
Ozforex, minimum 2 k, the rate is the current official rate, $15 for a transfer to a local bank account.
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I've been wire transferring money from a U.S account to my Cambodian bank several times a year for the last nine years. My advice is this:
1. Leave your money safely deposited in an Australian bank. Make sure your bank has a decent online banking system, and one that allows you to make international wire transfers online.
2. When you get to Cambodia, open an account with a Cambodian bank which has a correspondent banking relationship with your Australian bank. Check the Cambodian bank websites. They usually list their wire transfer instructions (SWIFT codes, etc.), correspondent banks and wire transfer fees. If your Australian bank is one of their correspondent banks, your transfer will go through as quickly and cheaply as possible.
I use Citibank in the US and Cambodian Commercial Bank in PP. I've had transfers done in as little as 24 hours. Citi charges me $20.00 and CCB $10.00 if transferring less than $10,000. BTW, there's no requirement that someone in your home country makes the transfer. You do it all yourself online.
1. Leave your money safely deposited in an Australian bank. Make sure your bank has a decent online banking system, and one that allows you to make international wire transfers online.
2. When you get to Cambodia, open an account with a Cambodian bank which has a correspondent banking relationship with your Australian bank. Check the Cambodian bank websites. They usually list their wire transfer instructions (SWIFT codes, etc.), correspondent banks and wire transfer fees. If your Australian bank is one of their correspondent banks, your transfer will go through as quickly and cheaply as possible.
I use Citibank in the US and Cambodian Commercial Bank in PP. I've had transfers done in as little as 24 hours. Citi charges me $20.00 and CCB $10.00 if transferring less than $10,000. BTW, there's no requirement that someone in your home country makes the transfer. You do it all yourself online.
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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.
"This is my happening and it freaks me out!"
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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