Best Way to Transfer AUD/USD from Paypal to A Cambodian Bank
Best Way to Transfer AUD/USD from Paypal to A Cambodian Bank
I have a decent job, and it pays via Paypal. I know Paypal will charge me, and the ATM will charge me, perhaps up to $15 total for a single ATM transaction (numbers made up, but I know they're pricey).
The total situation: I get paid in AUD via Paypal. I have to exchange it for USD, which costs 2%. Ugh. Each time.
I have a bunch of USD backed up in Paypal, and I want to transfer for it to my convenient bank account in Cambodia in USD (it's a fairly reputable institution, just not ANZ). I don't get charged locally for withdrawing from the local bank account, of course.
So, I'm pretty sure Paypal WON'T send any money to Cambodia. **If they do, tell me.** But as far as I know, it's a no-go.
That leaves me with a few options that I know of (please add any salient options):
1. Go to the local bank with my ATM/Debit MC card of Paypal, and do a transfer that way. Don't know how much that'll cost...but I'll look it up.
2. Wire transfer? From Paypal to a 3rd world bank? AUD to USD? Don't know about that one.
3. Raise my Paypal ATM limit (maybe $1k or $2k USD) and just max out a big ATM withdrawal at once, and take the one-time hit.
4. Get an AUD account, OR have by bosses transfer in USD (not so easy).
On the other hand, perhaps I can cutout Paypal and their 2% currency exchange rate altogether (although I *do* like Paypal, I'd keep them if I could), and use the following:
I heard tranzfers.com and ozforex.com are pretty decent. Ozforex.com however requires a $2,000 transfer, which I'm just about able to do, just with this new job. So maybe they'll be much easier on the rates and currency exchanges.
Any ideas? Much appreciated, business is going well, quite brisk, thank you!
EDIT: Some typos and clarifications.
EDIT2: Edited the title only,
The total situation: I get paid in AUD via Paypal. I have to exchange it for USD, which costs 2%. Ugh. Each time.
I have a bunch of USD backed up in Paypal, and I want to transfer for it to my convenient bank account in Cambodia in USD (it's a fairly reputable institution, just not ANZ). I don't get charged locally for withdrawing from the local bank account, of course.
So, I'm pretty sure Paypal WON'T send any money to Cambodia. **If they do, tell me.** But as far as I know, it's a no-go.
That leaves me with a few options that I know of (please add any salient options):
1. Go to the local bank with my ATM/Debit MC card of Paypal, and do a transfer that way. Don't know how much that'll cost...but I'll look it up.
2. Wire transfer? From Paypal to a 3rd world bank? AUD to USD? Don't know about that one.
3. Raise my Paypal ATM limit (maybe $1k or $2k USD) and just max out a big ATM withdrawal at once, and take the one-time hit.
4. Get an AUD account, OR have by bosses transfer in USD (not so easy).
On the other hand, perhaps I can cutout Paypal and their 2% currency exchange rate altogether (although I *do* like Paypal, I'd keep them if I could), and use the following:
I heard tranzfers.com and ozforex.com are pretty decent. Ozforex.com however requires a $2,000 transfer, which I'm just about able to do, just with this new job. So maybe they'll be much easier on the rates and currency exchanges.
Any ideas? Much appreciated, business is going well, quite brisk, thank you!
EDIT: Some typos and clarifications.
EDIT2: Edited the title only,
Last edited by Telesales on Mon Jul 22, 2013 6:34 pm, edited 2 times in total.
An aside topic, but of equal importance: you Aussies and forex traders, how do you think the AUD / USD (the inverse of many currencies) will do in the next few months? Bernanke, Rudd, etc....
It's all dizzying, no need for speculation or lengthy political discussions, but some basic strong reasoning and up or down will be perfect, thanks...Or course China is a factor, we know, with the AUD economy, and the US is often the inverse of most currencies, if it goes down, everything else goes up...so let's factor that in...
Currently at 0.92 AUD to 1 USD, but it's been up and down. Been down to 0.89 recently (which is a $30 loss on a $1000 AUD exchange!). What's the short-term (next few months to six months)?
It's all dizzying, no need for speculation or lengthy political discussions, but some basic strong reasoning and up or down will be perfect, thanks...Or course China is a factor, we know, with the AUD economy, and the US is often the inverse of most currencies, if it goes down, everything else goes up...so let's factor that in...
Currently at 0.92 AUD to 1 USD, but it's been up and down. Been down to 0.89 recently (which is a $30 loss on a $1000 AUD exchange!). What's the short-term (next few months to six months)?
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+1cambod wrote:ATM
Option (2) from the OP's list doesn't work, PayPal won't wire the funds to an account that isn't linked to the PayPal account.
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Hmm... I also get paid into my Paypal account (in US dollars) and I transfer it into my UK bank account without incurring any charges. I think they used to charge and used to have a long delay, but it's now free and fairly quick. I think to send money from the UK to Cambodia it costs about $30 from the UK side and maybe $50 on the Cambodian side, so it's not cheap. However, that amount doesn't change regardless of the cash sent, so you can just build it up and send as a lump some.
Another option is Western Union... Wait for it... I know it's expensive but they run promotions, unlike regular banks, which allow for very cheap transfers. This seems to rotate between different S.E. Asian countries, so check into that and it's possible to transfer a chunk of money (certainly substantial by Cambodian standards) for very little.
When I was working in China, I also had a deal with a friend (it's got to be someone you trust, or at least someone whose ass you could kick ) where if he needed cash to spend online or use in his foreign bank accounts, I'd send him a Paypal transaction, and he'd give me the cash. It all evens out without anyone getting fucked by a bank.
Another option is Western Union... Wait for it... I know it's expensive but they run promotions, unlike regular banks, which allow for very cheap transfers. This seems to rotate between different S.E. Asian countries, so check into that and it's possible to transfer a chunk of money (certainly substantial by Cambodian standards) for very little.
When I was working in China, I also had a deal with a friend (it's got to be someone you trust, or at least someone whose ass you could kick ) where if he needed cash to spend online or use in his foreign bank accounts, I'd send him a Paypal transaction, and he'd give me the cash. It all evens out without anyone getting fucked by a bank.
Yeah, free beck and forth between your personal banks and PayPal...emeraldbar wrote:.. I think they used to charge and used to have a long delay, but it's now free and fairly quick.
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Yeah, it's been free for AT LEAST 7 years in the States.emeraldbar wrote:No joke. Totally free! https://www.paypal.com/uk/webapps/mpp/paypal-fees
asked at bank:
NO bank on cambodian soil deals with paypal...
even, if its a bank that in their native country does work with paypal, their cambodian branches WONT...
means, nobody can RECEIVE money on a cambodian paypal account...
apparently you can PAY with paypal, but not receive money
possibly open a cambodian paypal account, get a cambodian bank account, verify the paypal account pay with your credit card or bank balance...
(i dont think a debit card will work)
further, some non-cambodian paypal accoutns have been blocked in the past, when they were accessed from cambodia....
... ?... oh my...
NO bank on cambodian soil deals with paypal...
even, if its a bank that in their native country does work with paypal, their cambodian branches WONT...
means, nobody can RECEIVE money on a cambodian paypal account...
apparently you can PAY with paypal, but not receive money
possibly open a cambodian paypal account, get a cambodian bank account, verify the paypal account pay with your credit card or bank balance...
(i dont think a debit card will work)
further, some non-cambodian paypal accoutns have been blocked in the past, when they were accessed from cambodia....
... ?... oh my...
Best way I've gathered so far:
1. Canadia Bank MC/Visa cash advance, no fees on their end.
2. WING
3. tranzfers.com
4. ozforex.com
5. Possibly open an account with Maybank here in Cambodia, a Malaysian bank, which you can connect to Paypal.
Any more?
1. Canadia Bank MC/Visa cash advance, no fees on their end.
2. WING
3. tranzfers.com
4. ozforex.com
5. Possibly open an account with Maybank here in Cambodia, a Malaysian bank, which you can connect to Paypal.
Any more?
Going to have to rule out option 2 for you sorry! Nil possibles - at the moment.Telesales wrote:Best way I've gathered so far:
1. Canadia Bank MC/Visa cash advance, no fees on their end.
2. WING
3. tranzfers.com
4. ozforex.com
5. Possibly open an account with Maybank here in Cambodia, a Malaysian bank, which you can connect to Paypal.
Any more?
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
A debit card that is issued and bears the Visa or Mastercard symbol should work. Most debit cards work exactly the same as a credit card, apart from that the fact that you have to deposit your own funds into the account before being able to make any purchases, as opposed to spending on credit which you then have to pay back.dotty wrote: verify the paypal account pay with your credit card or bank balance...
(i dont think a debit card will work)
I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
So far, I'm pulling my limit daily from Canadia, and depositing it here in Cambodia. I'm getting charged 1% it seems by Paypal, $3 for every $300 withdrawn...
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