Money Exchange

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Tim Smith
Tourist
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Canada

Money Exchange

Post by Tim Smith »

What is the best way to exchange cash. I’ve noticed when I use the ATM the rates and the service charges are horrible. Any ideas?
I guess not exchange, rather take money out of my Canadian account and not get hosed.
If I’m in Canada I can WesternUnion cash up to a Grand USD for just 7$ Canadian. It I can’t do that outside of Canada
pczz
Expatriate
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Location: phnom penh
Great Britain

Re: Money Exchange

Post by pczz »

Tim Smith wrote: Sun Jan 05, 2020 3:22 am What is the best way to exchange cash. I’ve noticed when I use the ATM the rates and the service charges are horrible. Any ideas?
ATM fees and whatever your bank charges for them is fixed.baout the only things you can do is take you ATM fee into the bank and do the exchange over the counter.You willbe charged abot 1.5% by the bank but you should be able to draw out alot more than at an ATM and yoiu may not get your banks atm charges depednign on your country and bank. For example if i go inside the bank and doa withdrawal your card is swiped through the same machine as they swipe it in a restaurant to pay your bill. My uk banks see it as a purchase, not a cahs advance so so all I pay is the 1.5% to the Cambodian bank. If you are here longer and have a six month + visa open a bank account with ACLEDA or ABA and wire some money to it. ABA do not charge for the bank account but do charge for your ATM card. $3 a year i think . WHen you wire money from home leave it in your native courrency. Cambodian bnaks usually give you a better rate. Its about 1.5% of the spot rate and UK banks charge up to 4%. You will be charged a reeceiving fee by the camboidan bank which is usually minimum $10 or 0.1%.
Put it together it will cost you a wriring fee from your home bank+intermediary bank fee of $30-$55+ say $20 receiving. if you send 10k or more it will work out much cheaper than using ATM
BR549
Expatriate
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United States of America

Re: Money Exchange

Post by BR549 »

Exchanging cash and getting cash are 2 different things..
I suppose I have that viewpoint because I am from the USA.
I was thinking about an Aussie friend who had to pay his rent in US dollars. He has to convert to dollars and riel..
Yikes..
It costs a lot to take $400us out of my US account from my Cambodian bank's ATM...or ABA..both banks hit me...I bite the bullet twice a month as a rule.
I bring NEW bills from the USA...I break them at my bank or at a Khmer money exchange place located everywhere..
Often times, I have my Khmer wife break a $100 into $50us..and 200,000+ riel...give her shopping money and put some tuk tuk change in my wallet.
For years, in other countries I plied the black market or in the case of Argentina, the blue market.
I could get incredible rates compared to what banks would give me..
I am sure there are some experts on here that have some better answers.
Tim Smith
Tourist
Posts: 12
Joined: Tue Aug 13, 2019 3:44 pm
Reputation: 2
Canada

Re: Money Exchange

Post by Tim Smith »

pczz wrote: Sun Jan 05, 2020 3:39 am
Tim Smith wrote: Sun Jan 05, 2020 3:22 am What is the best way to exchange cash. I’ve noticed when I use the ATM the rates and the service charges are horrible. Any ideas?
ATM fees and whatever your bank charges for them is fixed.baout the only things you can do is take you ATM fee into the bank and do the exchange over the counter.You willbe charged abot 1.5% by the bank but you should be able to draw out alot more than at an ATM and yoiu may not get your banks atm charges depednign on your country and bank. For example if i go inside the bank and doa withdrawal your card is swiped through the same machine as they swipe it in a restaurant to pay your bill. My uk banks see it as a purchase, not a cahs advance so so all I pay is the 1.5% to the Cambodian bank. If you are here longer and have a six month + visa open a bank account with ACLEDA or ABA and wire some money to it. ABA do not charge for the bank account but do charge for your ATM card. $3 a year i think . WHen you wire money from home leave it in your native courrency. Cambodian bnaks usually give you a better rate. Its about 1.5% of the spot rate and UK banks charge up to 4%. You will be charged a reeceiving fee by the camboidan bank which is usually minimum $10 or 0.1%.
Put it together it will cost you a wriring fee from your home bank+intermediary bank fee of $30-$55+ say $20 receiving. if you send 10k or more it will work out much cheaper than using ATM
This is great info. I’m traveling several countries and the ATM fees breaks me down to tears. I’m thinking of etransfer if cash to my buddy back in Canada. Then have him WU a local the cash.( that I trust ). Give the local a few beers for the trouble. Might work.
pczz
Expatriate
Posts: 3200
Joined: Sun Mar 22, 2015 1:00 pm
Reputation: 796
Location: phnom penh
Great Britain

Re: Money Exchange

Post by pczz »

Tim Smith wrote: Sun Jan 05, 2020 4:00 am
BR549 wrote: Sun Jan 05, 2020 3:44 am Exchanging cash and getting cash are 2 different things..
I suppose I have that viewpoint because I am from the USA.
I was thinking about an Aussie friend who had to pay his rent in US dollars. He has to convert to dollars and riel..
Yikes..
It costs a lot to take $400us out of my US account from my Cambodian bank's ATM...or ABA..both banks hit me...I bite the bullet twice a month as a rule.
I bring NEW bills from the USA...I break them at my bank or at a Khmer money exchange place located everywhere..
Often times, I have my Khmer wife break a $100 into $50us..and 200,000+ riel...give her shopping money and put some tuk tuk change in my wallet.
For years, in other countries I plied the black market or in the case of Argentina, the blue market.
I could get incredible rates compared to what banks would give me..
I am sure there are some experts on here that have some better answers.
This is great info. I’m traveling several countries and the ATM fees breaks me down to tears. I’m thinking of etransfer if cash to my buddy back in Canada. Then have him WU a local the cash.( that I trust ). Give the local a few beers for the trouble. Might work.
Western Union is expensive. It costs me about $70 to wire $20,000 to uk. My ukbankc does not charge for wires so i oly pay intermediary fees of around $55 and $20 to ACLEDA receiving. Acleda then change to USD at about 1.55 below the spot rate. You can also use transferwise which is cheaper stil if available in your country.
Im Thailand you can use your ATM inside the bank and there is no fee, but banks are reluctant to do it soyou need to find a large branch and maybe try a fe froeign banks as well.
If you want to keep your money in GBP or EURO ACLEDA also haveaccounts in those currencises. Go to HEad OFFcie because noone else seems to know. If you make a withdrawl from these accounts then it will be converted to usd at the till
Tom G Baal
Tourist
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Joined: Wed Jun 21, 2017 3:00 am
Reputation: 1
Cambodia

Re: Money Exchange

Post by Tom G Baal »

Hi Tim,

Check your online banking options. I have a Scotia account and WU is built right in to the transfer services. When you WU yourself cash, make sure you write the recipients name exactly as it appears in your passport, (middle name included). Then wait an hour, head to any WU branch and pick up your cash. Simple as that.
pczz
Expatriate
Posts: 3200
Joined: Sun Mar 22, 2015 1:00 pm
Reputation: 796
Location: phnom penh
Great Britain

Re: Money Exchange

Post by pczz »

If WU charge anything like they do in the UK it would be cheaper to use your ATM card
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