Outwards Remittances
Re: Outwards Remittances
Success! Solution: Use ABA Bank. No problems there although their $30 fee is a bit stiff. I was not able to use their online system as they take 7 days to activate that so I did my outwards remittance at the branch on the day I opened the account.
This is my first time with ABA. I investigated them a few years ago and was disturbed by their weak balance sheet and undercapitalisation. Things seem to have turned around now with capital from National Bank of Canada and a rapidly expanding customer base. They have an S&P rating of B which is not bad for a Cambodian bank.
Their website is very impressive compared to the crude examples from the other banks. They offer 3 types of accounts to open but when you go to the branch it turns out you can only open a savings account. No requirement for documents other than a passport with a 1 year visa (maybe 6 months too - I did not ask). Also from 1st July they are now charging for cards (Visa $5, Mastercard $5, Unionpay $3 - all per year) and passbooks ($5 per year I think). Internet and mobile app are still free.
I would recommend this bank to anyone looking for banking services in Cambodia.
This is my first time with ABA. I investigated them a few years ago and was disturbed by their weak balance sheet and undercapitalisation. Things seem to have turned around now with capital from National Bank of Canada and a rapidly expanding customer base. They have an S&P rating of B which is not bad for a Cambodian bank.
Their website is very impressive compared to the crude examples from the other banks. They offer 3 types of accounts to open but when you go to the branch it turns out you can only open a savings account. No requirement for documents other than a passport with a 1 year visa (maybe 6 months too - I did not ask). Also from 1st July they are now charging for cards (Visa $5, Mastercard $5, Unionpay $3 - all per year) and passbooks ($5 per year I think). Internet and mobile app are still free.
I would recommend this bank to anyone looking for banking services in Cambodia.
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offroadscholar
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Re: Outwards Remittances
Yep, USD to AUD. 29th May was the date. ABA charged $15 commission and $15 cable fee, so $30 in total. I sent $9,900. Don't know AU bank charges as receiver pays those and I didn't ask. Exchange rate was 1.4362. It was about 1 cent higher than market on the day. There is also an option on the app for 'receiver to pay all charges'.ego bibere nimis wrote: ↑Thu Jul 04, 2019 1:33 pm
Thats interesting. Couple of questions if you dont mind. What fees were you charged by ABA and your Ozzy Bank ?
Was it USD to AUD, and if so, what exchange rate did you get compared to the spot rate at the time of the transfer ?
[/quote]
Around 1 cent margin sounds very reasonable, thats a similar margin to what OFX(Ozforex) offer. I thought the receiving Ozzy bank would charge around 3% on the USD/AUD Forex exchange, ie your rate compared to spot rate.
Maybe its a lower charge converting from USD to AUD, vs AUD to USD ?
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offroadscholar
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Re: Outwards Remittances
ABA do seem to be more service orientated but offer lower interest rates on fixed interest deposits compared to Canadia and Acleda. Probably more chance for Return of Capital with ABA.samrong01 wrote: ↑Fri Jul 05, 2019 4:48 pm Success! Solution: Use ABA Bank. No problems there although their $30 fee is a bit stiff. I was not able to use their online system as they take 7 days to activate that so I did my outwards remittance at the branch on the day I opened the account.
This is my first time with ABA. I investigated them a few years ago and was disturbed by their weak balance sheet and undercapitalisation. Things seem to have turned around now with capital from National Bank of Canada and a rapidly expanding customer base. They have an S&P rating of B which is not bad for a Cambodian bank.
Their website is very impressive compared to the crude examples from the other banks. They offer 3 types of accounts to open but when you go to the branch it turns out you can only open a savings account. No requirement for documents other than a passport with a 1 year visa (maybe 6 months too - I did not ask). Also from 1st July they are now charging for cards (Visa $5, Mastercard $5, Unionpay $3 - all per year) and passbooks ($5 per year I think). Internet and mobile app are still free.
I would recommend this bank to anyone looking for banking services in Cambodia.
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John Bingham
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Re: Outwards Remittances
I tried using WU to transfer money to a foreign bank account, both at my bank and a WU office, the forms had no field for receiver bank account details. I tried using their online service and they would only accept a US sender address and ZIP code.Pedroviera wrote: ↑Fri Jul 05, 2019 1:08 amMaybe useful tip for someone. I have used western union " bill payer" online service from Cambodia. I had used western union previously in USA. You can make credit card payments, fund your savings account debit online from a different bank (in USA for me) . Transfer bank 1 to western union and they transfer to bank 2 . 400 usd transfer cost 10-15 bucks. You accumulate points and occasion transfer free. Same day service for credit card payment, 2 days to transfer to savings/debit account... Originally Bank 2 wouldn't accept funds online/phone from Bank 1 and they suggested using western union and it worked
Silence, exile, and cunning.
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Pedroviera
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Re: Outwards Remittances
All my online western union transfers using usa addresses and banks. And using a VPN while in Cambodia online... I have not attempted transfer to/from foreign banks using western union
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