Transfering money.

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Popeye
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Australia

Transfering money.

Post by Popeye »

What is the best way to transfer money from Australia to Cambodian ABA bank ?
I have been using " AUDSmart " but lately not happy with them as they hang onto your money for 3 days before sending it on. So losing out on exchange rate and interest.
Have looked at transfers with CBA Aus and ABA here, but not sure what to do.
Cheers.
chiltern
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Great Britain

Re: Transfering money.

Post by chiltern »

Can't you do a SWIFT transfer from one bank to the other. I regularly transfer money between my UK bank an my ANZ account here. It costs £20 per transaction irrespective of the amount. If I instruct my bank before 1pm UK time the money will be in my ANZ account in under 24 hours
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timmydownawell
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Cambodia

Re: Transfering money.

Post by timmydownawell »

Yes, you can do a SWIFT transfer from CBA. As with all banks here it goes via an intermediary bank who will take maybe 2% depending on the amount transferred. And ABA also takes a cut. So all three banks involved have their hand in your pocket.
You must walk in traffic to cross the road - Cambodian proverb
Popeye
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Australia

Re: Transfering money.

Post by Popeye »

Well at least using AUDSmart I get what is quoted. $1000 AU, here I get $754.89 US. No intermediary bank involved and ABA don't take a cut. So it looks as I am still in front.
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timmydownawell
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Cambodia

Re: Transfering money.

Post by timmydownawell »

I use a Citibank-AU VIsa to withdraw at Maybank ATMs now. No fees and the exchange rate is good too. Would only use SWIFT if I need to transfer a large amount in a hurry TBH.
You must walk in traffic to cross the road - Cambodian proverb
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