transferring large sums of money

Whether you're a working stiff or a business owner yourself, this is the place to discuss all aspects of financing your drinking habit ;-)

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Anchor Moy
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Re: transferring large sums of money

Post by Anchor Moy »

Anyone use Revolut ? I'd like to hear anyone's experiences with this.

https://revolut.com/
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michael.stewart1
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Re: transferring large sums of money

Post by michael.stewart1 »

Perhaps Cambodia could use a hawala network. Anyways I have been trying to figure a way to start a business that would make money transfers cheaper. Ideas I have been considering would be to buy riels from tourists returning to the USA and I could exchange it for US dollars either a physical payment or if they have PayPal and a US bank account I would send it to them as a friend so they do not have to pay fees. I could likely send to other PayPal account holders but they would be responsible for any fees that occur.

Another idea would be to purchase coins and beat up currency from people in Cambodia and exchange them with people traveling to the USA . Beat up Us dollars and coins are still usable in the US and this idea would benefit both the USA and Cambodia as Cambodia could get rid of money that will hamper its economy and it sends money that would otherwise be unusable back to the USA. Eventually, I would do this for Chinese Yuan, Russian Rubles, Euros, and the like.

Also if an individual has a PayPal account in the USA and wished to send cash to it I would be able to buy up their US dollars and transfer this to their US account or any individual whom has a bank account linked to paypal.If they needed a bill paid or a check sent out to someone in the USA I can do that as well as I have a US bank account. I would simply charge 1.00 per transaction with a 1000 maximum per transaction. If I have cash on hand I would be able to the same thing for a person in the USA who wishes to send money to people in Cambodia. I would charge 1.00 per transaction with a maximum of 1000 per transaction.

I have considered doing this in China due to their currency controls. I have a US bank account and I would be willing to buy US currency in China and send that amount to a US bank account. In China it tends to be a hassle to send money to another country due to currency restrictions. So thanks to my US bank account in the USA I would have a way to profit from this especially when people want to pay credit cards and student loans.
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IraHayes
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Re: transferring large sums of money

Post by IraHayes »

Posted on wrong thread
bangkokhooker
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Re: transferring large sums of money

Post by bangkokhooker »

michael.stewart1 wrote: Sat Aug 04, 2018 10:13 pm Perhaps Cambodia could use a hawala network. Anyways I have been trying to figure a way to start a business that would make money transfers cheaper. Ideas I have been considering would be to buy riels from tourists returning to the USA and I could exchange it for US dollars either a physical payment or if they have PayPal and a US bank account I would send it to them as a friend so they do not have to pay fees. I could likely send to other PayPal account holders but they would be responsible for any fees that occur.

Another idea would be to purchase coins and beat up currency from people in Cambodia and exchange them with people traveling to the USA . Beat up Us dollars and coins are still usable in the US and this idea would benefit both the USA and Cambodia as Cambodia could get rid of money that will hamper its economy and it sends money that would otherwise be unusable back to the USA. Eventually, I would do this for Chinese Yuan, Russian Rubles, Euros, and the like.

Also if an individual has a PayPal account in the USA and wished to send cash to it I would be able to buy up their US dollars and transfer this to their US account or any individual whom has a bank account linked to paypal.If they needed a bill paid or a check sent out to someone in the USA I can do that as well as I have a US bank account. I would simply charge 1.00 per transaction with a 1000 maximum per transaction. If I have cash on hand I would be able to the same thing for a person in the USA who wishes to send money to people in Cambodia. I would charge 1.00 per transaction with a maximum of 1000 per transaction.

I have considered doing this in China due to their currency controls. I have a US bank account and I would be willing to buy US currency in China and send that amount to a US bank account. In China it tends to be a hassle to send money to another country due to currency restrictions. So thanks to my US bank account in the USA I would have a way to profit from this especially when people want to pay credit cards and student loans.
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tightenupvolume1
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Re: transferring large sums of money

Post by tightenupvolume1 »

agenius wrote: Mon Jul 25, 2016 12:47 pm greetings.

having fallen in love with the country and its people on a visit last year, I'm now planning a long-term move to Cambodia.

I would like to start or buy a business, but I have a technical question: what is the best/easiest/fastest way to transfer a large sum of money (enough to make a down payment on a business purchase) to Cambo? Travellers' cheques, a wire, a counter withdrawal?

thx,
if you are asking a question like that "travellers cheques?" "the fastest way?" then i would think twice about starting a business cos you obviously do not have a clue. "enough to make a down payment?" "buy a business with a counter payment?" how long is a piece of string? Why not move here, get a bank account then simply go through the legal system and transfer the money.

charlie
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AndyKK
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Re: transferring large sums of money

Post by AndyKK »

Transfer fee from the persons own bank in the UK. - There is a small fee for the intermediary bank usually on the currency exchange rate. - Then the fee of the receiving bank ABA.

Now, I haven't done this lately for sometime. But from your bank in the UK (fee). Intermediary bank (no fee) ABA (fee) But excepts GBP now, exchange rates apply on withdrawals.
Always "hope" but never "expect".
Jack.R.
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Re: transferring large sums of money

Post by Jack.R. »

I think you could make a killing if you are able to set up a hawala network, withdrawal of 500$ is often 5$ from US ATM plus fees so if you charged let say 3$ for every 500$ you could really do well, plus hawala goes around the annoying controls and regulations that the us imposed on expats.
I personally like the concept, but devolping it effectively, building up trust and a network isn't easy.
Also you are at risk to turn into a money laundering machine, anyway it's a quite interesting topic send a PM my way if you are serious about it.
w2no
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Re: transferring large sums of money

Post by w2no »

:( do agree that we the agent would be used as laundering machine.


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