Bank Question For Americans.

Ask us anything. Cambodia Expat's Online has a huge community of long term expats that can answer any question you may have about life in Cambodia. Have some questions you want to ask before you move to Cambodia? Ask them here. Our community can also answer any questions you have about how to find a job or what kind of work is available for expats in Cambodia, whether you're looking for info about Phnom Penh, Siem Reap or anywhere else in the Kingdom. Don't be shy, ask CEO's members anything!
Ricky Dunn
Expatriate
Posts: 74
Joined: Wed May 23, 2018 5:35 am
Reputation: 22
United States of America

Bank Question For Americans.

Post by Ricky Dunn » Mon May 28, 2018 7:26 am

When you transfer money from your American bank to a Cambodian bank does it remain in dollars?
User avatar
General Mackevili
The General
Posts: 16499
Joined: Tue May 06, 2014 5:24 pm
Reputation: 1547
Location: The Kingdom
Contact:
United States of America

Re: Bank Question For Americans.

Post by General Mackevili » Mon May 28, 2018 7:43 am

I believe it depends on what currency the account you're transferring it to is in. If you transfer it to a Cambodian bank account insets held in Riel, it gets converted to Riel. If you transfer it to a Cambodian bank account that's kept in USD, then it should stay in USD all the way.

Expect to be hit with about $25 to $50 intermediary bank fees along the way, most likely through Standard Charter.
"Life is too important to take seriously."

"Life does not cease to be funny when people die any more than it ceases to be serious when people laugh."

Have a story or an anonymous news tip for CEO? Need advertising? CONTACT ME

Cambodia Expats Online is the most popular community in the country. JOIN TODAY

Follow CEO on social media:

Facebook
Twitter
YouTube
Google+
Instagram
Ricky Dunn
Expatriate
Posts: 74
Joined: Wed May 23, 2018 5:35 am
Reputation: 22
United States of America

Re: Bank Question For Americans.

Post by Ricky Dunn » Mon May 28, 2018 9:12 am

Thanks, General.
jmagic
Expatriate
Posts: 161
Joined: Fri Mar 31, 2017 5:41 am
Reputation: 48
Cambodia

Re: Bank Question For Americans.

Post by jmagic » Mon May 28, 2018 9:25 am

My transfers from US banks have always come through in dollars. The Cambodian bank will charge you a small fee for transfer (I think ABA's is $10 or .01%), and the US bank is likely to charge you in the range of $30.
Old8404
Expatriate
Posts: 75
Joined: Tue Oct 25, 2016 4:57 pm
Reputation: 47
United States of America

Re: Bank Question For Americans.

Post by Old8404 » Mon May 28, 2018 9:55 am

The sending bank in USA will (usually) ask if transfer is in USD or Local Currency. You have choice.
User avatar
Kammekor
Expatriate
Posts: 1726
Joined: Fri Sep 01, 2017 12:50 pm
Reputation: 532
Cambodia

Re: Bank Question For Americans.

Post by Kammekor » Mon May 28, 2018 10:43 am

The General is right, if you open an account in Cambodia you have a choice: in riel or in dollar. If the account is in riel the incoming dollars will be exchanged to riels and the riels will be added to the account. If the account is in dollars there's no conversion.

If your bank offers you a transfer in 'local currency' you better not use it, the overseas bank will give a very, very bad exchange rate.
daeum_tnaot
Expatriate
Posts: 35
Joined: Sun Mar 04, 2018 1:43 pm
Reputation: 0
Nepal

Re: Bank Question For Americans.

Post by daeum_tnaot » Mon May 28, 2018 7:42 pm

Amazingly, there are even other currency accounts available, such as Thai Baht, British Pound, maybe Euro as well.
Post Reply Previous topicNext topic
  • Similar Topics
    Replies
    Views
    Last post