Best Way to transfer monthly payments to Cambodia.
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Best Way to transfer monthly payments to Cambodia.
If I wanted to send monthly payments to someone in Cambodia, is the most effecient way a SWIFT transfer from bank to bank? Is there any other way that is more cost effective?
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How often are you planning to do it? If I was doing it frequently I would open a dedicated account and send them a debit card to withdraw through.
Depends also on the amount.
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There isn’t currently a particularly efficient method.
I would look into a preloaded card like Revolut. You transfer the money into the account, send them the card and they can lift it as and when required.
This means you can see (via smartphone app) when they lift the money and you can control how much money is in the account.
I would look into a preloaded card like Revolut. You transfer the money into the account, send them the card and they can lift it as and when required.
This means you can see (via smartphone app) when they lift the money and you can control how much money is in the account.
It depends where you want to transfer from. Transferring from neighboring countries is quite effective and cheap, but transfers from AUS, USA en EU will cost and I guess 12 monthly payments will cost you at least 250 USD all together, so another solution than monthly payments will save you quite some money.
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Let’s say you’re transferring a $1000 a month to someone. If you have the cash, why not open an account in Cambodia (or use an existing one), transfer $12k over, and then transfer the $1000 a month domestically to the lucky recipient. Of course this wouldn’t work with a classic remittance system of earning money and then sending it home, but if you can swing the cash it might save you some in the long run, and the hassle.
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For Australians who are not aware ANZ has introduced online transfers to an international bank account (up to10k it isneither free or $8. I have temporarily forgotten. I will update this once my memory is refreshed). For amounts between 10k and 25k per day, ANZ Shield allows you to transfer for free.
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Hold it right there Migs. Reality check :Miguelito wrote:Let’s say you’re transferring a $1000 a month to someone. If you have the cash, .
- 12 months upfront ? It's Detroit, not Jack Rossi. He only has bitcoins that might go up again.
- even if he had the cash, there's no way the Khmer recipients wouldn't get their hands on the total amount in a matter of days.
I think western union is only $8 if transferring from your bank account rather than a visa card.
It's the exchange rate you have to watch, if transferring to a bank account some banks can skim up to 3% as well as having a lower exchange rate.
It's the exchange rate you have to watch, if transferring to a bank account some banks can skim up to 3% as well as having a lower exchange rate.
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One bit coin in like $12k, isn’t it? At the rate it’s crashing I’d be cashing out if I were him.logos wrote:Hold it right there Migs. Reality check :Miguelito wrote:Let’s say you’re transferring a $1000 a month to someone. If you have the cash, .
- 12 months upfront ? It's Detroit, not Jack Rossi. He only has bitcoins that might go up again.
- even if he had the cash, there's no way the Khmer recipients wouldn't get their hands on the total amount in a matter of days.
Keep the money in one account and don’t tell the wife. As he’s American he just has to remember his reporting requirements.
I use a visa travel card, they are available world wide, it holds 3 different currencies but since you will be depositing in USD and withdrawing in the same currency you will not have exchange rate variances.it costs me $5 per withdraw.
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Just thought I'd share that with you.
Just thought I'd share that with you.
No intermediary bank fees? For me that fee is larger then the fee at either end.violet wrote:For Australians who are not aware ANZ has introduced online transfers to an international bank account (up to10k it isneither free or $8. I have temporarily forgotten. I will update this once my memory is refreshed). For amounts between 10k and 25k per day, ANZ Shield allows you to transfer for free.
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Kachang wrote:No intermediary bank fees? For me that fee is larger then the fee at either end.violet wrote:For Australians who are not aware ANZ has introduced online transfers to an international bank account (up to10k it isneither free or $8. I have temporarily forgotten. I will update this once my memory is refreshed). For amounts between 10k and 25k per day, ANZ Shield allows you to transfer for free.
no intermediary bank fees.
Fyi I transferred money from ABA to an Aus bank and avoided intermediary fees by having AUD arrive into Aus rather than USD. So ABA exchanged and then transferred. Fees were outgoing from ABA (USD15) and incoming from Aus bank (Aud25). Nonidea if that was overall cheaper or not. The exchange rate from the bank seemed ok. The intermediary bank fee if I had transferred USD thatcwere then exchanged via intermediary would havevbeen USD30
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