transferring large sums of money

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Jamie_Lambo
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Re: transferring large sums of money

Post by Jamie_Lambo »

and their ATMS are also free as mentioned
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timmydownawell
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Re: transferring large sums of money

Post by timmydownawell »

Still doesn't answer how to transfer large amounts of money cheaply though.

For regular use I found out that Citibank accounts don't charge for international withdrawals so you are just up for the ATM fee of $4 or $5. I've managed to open a Citibank account in Australia for this but still need to get the card... somehow.

But for large amounts I don't know.
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Re: transferring large sums of money

Post by epidemiks »

What banks charge you for using your own card at their own machines?
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Re: transferring large sums of money

Post by agenius »

timmydownawell wrote:Still doesn't answer how to transfer large amounts of money cheaply though.

For regular use I found out that Citibank accounts don't charge for international withdrawals so you are just up for the ATM fee of $4 or $5. I've managed to open a Citibank account in Australia for this but still need to get the card... somehow.

But for large amounts I don't know.

Nope. Especially not for me, as my bank needs a signature for transfers to Cambo (I wonder why!).


Appreciate the info on ABA bank..I'll pay them a visit
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Re: transferring large sums of money

Post by Jamie_Lambo »

timmydownawell wrote:Still doesn't answer how to transfer large amounts of money cheaply though.

For regular use I found out that Citibank accounts don't charge for international withdrawals so you are just up for the ATM fee of $4 or $5. I've managed to open a Citibank account in Australia for this but still need to get the card... somehow.

But for large amounts I don't know.
look back on page one, i told the OP how i do it
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timmydownawell
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Re: transferring large sums of money

Post by timmydownawell »

Jamie_Lambo wrote:look back on page one, i told the OP how i do it
I don't know who/what RFX is and besides I'm not in the UK, so I don't know how that helps.
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Jamie_Lambo
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Re: transferring large sums of money

Post by Jamie_Lambo »

timmydownawell wrote:
Jamie_Lambo wrote:look back on page one, i told the OP how i do it
I don't know who/what RFX is and besides I'm not in the UK, so I don't know how that helps.

http://www.rationalfx.com/
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timmydownawell
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Re: transferring large sums of money

Post by timmydownawell »

Jamie_Lambo wrote:
timmydownawell wrote:
Jamie_Lambo wrote:look back on page one, i told the OP how i do it
I don't know who/what RFX is and besides I'm not in the UK, so I don't know how that helps.

http://www.rationalfx.com/

Thanks, but when they send the money via SWIFT won't it still go via the intermediary bank who charges 3%?
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Re: transferring large sums of money

Post by bolueeleh »

timmydownawell wrote: Thanks, but when they send the money via SWIFT won't it still go via the intermediary bank who charges 3%?
most banks hv to go thru some kind of intermediary, unless u r a huge conglomerate like citi with presence in over 100 countries
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Re: RE: Re: transferring large sums of money

Post by walkjivefly »

bolueeleh wrote:
timmydownawell wrote: Thanks, but when they send the money via SWIFT won't it still go via the intermediary bank who charges 3%?
most banks hv to go thru some kind of intermediary, unless u r a huge conglomerate like citi with presence in over 100 countries
OP has 2 choices:
1. make a payment from home country bank account to destination account in Cambodia. Likely to involve a currency exchange in the origin country and not at a favourable rate. Likely to incur a service charge from the origin bank. Almost certain to go through at least one intermediary bank which will almost certainly charge a handling fee, usually a fixed amount between $25-$50 but it could be a percentage. You'll probably get no choice in which intermediary bank is used. Your origin bank will probably claim not to know which bank it will be nor how much they will charge.

2. Use a currency transfer intermediary. There are lots to choose from. Rational FX have been mentioned already. Make a payment in your home currency from your bank to the FX company. Probably there will be no fee for this payment. They'll do the currency conversion at a better rate than your bank would and then transfer the money, again via an intermediary who will again charge a fee.

In both cases when the money arrives in Cambodia the receiving bank will probably charge a fee based on the amount.



Some random things I've learned transferring money from the UK to Cambodia:
1. (UK banks claim) all US$ transfers must go through a US intermediary bank.
2. ABA and possibly other Cambodian banks (claim they) will accept payments in GB£, and give a better exchange rate than the UK bank, but both UK banks I asked to send GB£ said "cannot". They couldn't explain why.
3. Xendpay (Rational FX) have a "no surprises guarantee" which promises to refund any intermediary (but not destination) bank charges. They don't like to honour it and are slow to do so but they have refunded all the intermediary fees I've incurred in the last 2 years.
4. Peer to peer FX companies like Transferwise and CurrencyFair do not operate in Cambodia and are unlikely to do so any time soon.
5. Many traditional FX companies also don't support transfers to Cambodia.
6. The AML/KYC requirements of some traditional FX companies make then unusable by expats in Cambodia.
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