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 ;-)

NO BUSINESS SALES HERE PLEASE, WE HAVE A SECTION FOR THAT IN THE CLASSIFIEDS.
bangkokhooker
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Re: Bank Account for Remote Worker

Post by bangkokhooker » Sat Aug 18, 2018 10:56 pm

as a fellow saffer i thank u for your patience and obvious love psd-kiwi.

respect
explorer
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Re: Bank Account for Remote Worker

Post by explorer » Sun Aug 19, 2018 2:49 am

If you get the money sent to a Cambodian bank account, they will take out a huge amount in fees. You will save a lot of money if you open an Australian bank account.
## I thought I knew all the answers, but they changed all the questions. ##
willyhilly
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Re: Bank Account for Remote Worker

Post by willyhilly » Sun Aug 19, 2018 5:54 am

Would be a long wait for the Aussie dollar to increase in value against the US.
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Duncan
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Re: Bank Account for Remote Worker

Post by Duncan » Sun Aug 19, 2018 7:25 am

willyhilly wrote:
Sun Aug 19, 2018 5:54 am
Would be a long wait for the Aussie dollar to increase in value against the US.


But will it be a long wait before the USA $ drops against other currency's. Remember, what goes up, must come down eventually.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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PSD-Kiwi
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Re: Bank Account for Remote Worker

Post by PSD-Kiwi » Sun Aug 19, 2018 11:22 am

explorer wrote:
Sun Aug 19, 2018 2:49 am
If you get the money sent to a Cambodian bank account, they will take out a huge amount in fees. You will save a lot of money if you open an Australian bank account.
I receive a substantial transfer from abroad into my ABA acct monthly...the huge amount in fees is a whopping $10!
ABA Inward Remittance Fees:
0.10% or min. USD 10 (whichever is higher)
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Duncan
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Re: Bank Account for Remote Worker

Post by Duncan » Sun Aug 19, 2018 11:28 am

PSD-Kiwi wrote:
Sun Aug 19, 2018 11:22 am
explorer wrote:
Sun Aug 19, 2018 2:49 am
If you get the money sent to a Cambodian bank account, they will take out a huge amount in fees. You will save a lot of money if you open an Australian bank account.
I receive a substantial transfer from abroad into my ABA acct monthly...the huge amount in fees is a whopping $10!
ABA Inward Remittance Fees:
0.10% or min. USD 10 (whichever is higher)

How good was the exchange rate
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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PSD-Kiwi
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Re: Bank Account for Remote Worker

Post by PSD-Kiwi » Sun Aug 19, 2018 11:30 am

@ Duncan - USD to USD...no exchange rate required.

Obviously that is something the OP will need to consider though.
explorer
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Re: Bank Account for Remote Worker

Post by explorer » Sun Aug 19, 2018 2:06 pm

It will be transferred from a bank in Australia. The bank in Australia will take out fees, the bank in Cambodia will take out fees, and you will get a poor exchange rate. You will lose a lot of money.
## I thought I knew all the answers, but they changed all the questions. ##
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armchairlawyer
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Re: Bank Account for Remote Worker

Post by armchairlawyer » 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.
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armchairlawyer
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Re: Bank Account for Remote Worker

Post by armchairlawyer » Sun Aug 19, 2018 2:29 pm

Also, I would get your money out of ZAR as often as possible. For the forseeable future it is likely to head down against the USD. Every time it pops up a bit, sell.
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