Transfer Large sum of USD to the UK from Cambodia

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Michael2002
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Re: Transfer Large sum of USD to the UK from Cambodia

Post by Michael2002 »

When checking for example HiFX on FCA website a lot of garbled info comes up . Are they secure or not ? Seems no way to verify except from folks who have used them .
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bolueeleh
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Re: Transfer Large sum of USD to the UK from Cambodia

Post by bolueeleh »

you keep doubting these online currency website, why not just go with traditional banks? instead of going back n forth about it? :facepalm:
Money is not the problem, the problem is no money
pczz
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Re: Transfer Large sum of USD to the UK from Cambodia

Post by pczz »

I move money both ways usually $10k at a time. From uk I have a revolut card which gives me the best exchange rate but they cannot ship to Cambodia so I let them change it into $, send it to a dollar account on IOM and they send it here for free. total cost $35 intermediary bank fee and 1% receiving fee in Cambodia.
In reverse, Cambodia banks usually give you a better rate than UK banks and most forex, depending on how much you send. I used Acleda last time. Sending fee $50, exchange rate was better than the uk forex broker I sometimes use and $35 intermediary. Cash arrived in uk no fee (its in GBP) but that may be bank specific. BTW usually forex dealers will give very crap rates under $5000, slightly better up to $10,000. Above 10,000 they are nearly as good as Cambodian banks give you, and the rate doesn't generally improve until you get to $50,000. The intermediary bank fee is always the same, at least up to $20,000 (between $25 and $50) depending on the bank. You are going to need documentation to explain this money or you will have money laundering issues with the UK. Also capital gains tax is payable on foreign exchange profits, depending on your circumstances
willyhilly
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Re: Transfer Large sum of USD to the UK from Cambodia

Post by willyhilly »

Vespa money changers always gave me the exact rate in cash or offered to deposit it in my foreign bank. In the street near the Olympic roundabout opposite the ladder shops.
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