Bank Account for Remote Worker

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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armchairlawyer
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Cambodia

Re: Bank Account for Remote Worker

Post by armchairlawyer » Sun Aug 19, 2018 2:49 pm

OP, If you do switch your salary receiving account from SA to Cambodia, open several accounts and diversify. Open one year fixes to get the best rates. For spending in Thailand etc, buy THB cash in Cambodia if possible (the FX rates are great), otherwise use your ABA or Canadia debit cars as stated. I've never done this but I would expect the rates will be OKish.
JSON
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Re: Bank Account for Remote Worker

Post by JSON » Sun Aug 19, 2018 4:14 pm

armchairlawyer wrote:
Sun Aug 19, 2018 2:23 pm
OP, you can use an FX broker in order to get a better rate when you transfer the money eg OFX.com.
Fees at the Cambodian end are minimal in the case of ABA and Canadia.
Bear in mind that there is no government guarantee of bank deposits in Cambodia. The two banks that have been credit rated (ABA and Acleda) both got single B, which is well within junk category. Otoh, there have been no cases of defaults in recent years.
Personally I favour the MFIs (eg Prasac) because they offer the best rates (8% on one year fixes) and imho lower risk, due to lower costs and more diversified loan portfolios. I would be wary of banks making a lot of real estate loans.
Thanks for the info.

I'm not sure I could use an FX broker as all I can supply my employer with is a bank account for them to pay into. As I understand it, using an FX broker would be extra steps on their side?

What about getting them to pay into a PayPal and then disbursing from there into the Cambodian account? Quite a conundrum, agree with you re. not leaving any cash in ZAR. That's the point I'm looking to get to, first step is to get my primary source of income paid into another account usable in SEA.
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armchairlawyer
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Re: Bank Account for Remote Worker

Post by armchairlawyer » Sun Aug 19, 2018 5:24 pm

JSON wrote:
Sun Aug 19, 2018 4:14 pm
armchairlawyer wrote:
Sun Aug 19, 2018 2:23 pm
OP, you can use an FX broker in order to get a better rate when you transfer the money eg OFX.com.
Fees at the Cambodian end are minimal in the case of ABA and Canadia.
Bear in mind that there is no government guarantee of bank deposits in Cambodia. The two banks that have been credit rated (ABA and Acleda) both got single B, which is well within junk category. Otoh, there have been no cases of defaults in recent years.
Personally I favour the MFIs (eg Prasac) because they offer the best rates (8% on one year fixes) and imho lower risk, due to lower costs and more diversified loan portfolios. I would be wary of banks making a lot of real estate loans.
Thanks for the info.

I'm not sure I could use an FX broker as all I can supply my employer with is a bank account for them to pay into. As I understand it, using an FX broker would be extra steps on their side?

What about getting them to pay into a PayPal and then disbursing from there into the Cambodian account? Quite a conundrum, agree with you re. not leaving any cash in ZAR. That's the point I'm looking to get to, first step is to get my primary source of income paid into another account usable in SEA.
Yes, probably the FX broker is only of use for the funds you already have in SA. Presumably you are suffering an FX hit now every time salary is paid to you in SA, so things will not be any worse when it is paid to you in Cambodia. At least this time you will get the money in the right currency for keeping and so won't need to FX twice. BTW, if you show a 6 month visa when you open the account, they will only deduct 6% tax on your interest. Otherwise it is quite a lot higher.
JSON
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South Africa

Re: Bank Account for Remote Worker

Post by JSON » Sun Aug 19, 2018 6:39 pm

Thanks armchairlawyer!

Very useful info. Just had a brainwave.

Will be in SA for the next couple of months and only in Cambo again in Jan. So... I may open an account with Transferwise (as I don't need access to funds now).

They also offer brokerage services. SO keep currency in AUD on Transferwise then when ready disburse to New ABA bank account from January.

Only issue is that I'll build up a chunk on the Transferwise account which won't attract any interest.

If you have any further advice you are welcome to PM me.

Cheers for all of the info!
elguapo
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Re: Bank Account for Remote Worker

Post by elguapo » Sat Aug 25, 2018 11:51 am

Look into Payoneer. They can supply you with receiving accounts in, I think, 7 currencies that you can receive transfers from business accounts into. The transfers are counted as local instead of international so the company you work for would just pay you as if they were doing a direct deposit to a local Aussie account. You can then withdraw the money to your connected Cambodian, or any other, account for a pretty low fee compared to doing an international money transfer.
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