Spigzy wrote: ↑Fri Oct 11, 2019 3:14 pm The other consideration of course is the exchange rate if you have any; this is often a killer even if the fees are super low.

exactly, for decent sums the bank's spread is the major consideration

SiemReapRoddy wrote: ↑Mon Sep 02, 2019 9:18 pm I think the fee and exchange rate are pretty good using TransferWise because it's bank to bank.

Maybe $3.99 fee + current transfer rate.

But they say when transfering USD outside US they have to use swift which is extra $3.99 + both banks can charge you extra money.

I know noone will be able to tell me what my home bank will charge, but do you have any idea what kind of fees ABA charges when transfering money into them in dollars from outside Cambodia.

I'm trying to find the cheapest way to move my money into country.

Anyone happen to know?

It's not bank to bank, it's IOU to IOU. Transferwise is a network of "Transferwise companies/branches", one incorporated in each country of each currency, and they buy large blocks of currency. When you do a transfer, no money is actually transferred, just an IOU from one Transferwise company to another Transferwise company, and you get a slice of a pre-bought block from the destination, and you add to the chunk of the source. The TW companies reimburse each other at the point of doing the large tranche currency transactions, that's a simplified explanation of how it works, it's a smart idea, and circumvents the traditional cartel of inter-bank transfer fees. It's a good example of fintech innovation. I doubt there is a cheaper way of transferring money, other than using cryptocurrency or trading in art. Transferwise rates vary by method, but I seem to pay around £2 a time, =/- 20p or so, which is probably a bit less than US$3.99 that you cite above.

Yes of course... I my case I am lucky as it is USD to USD, but in the case of an exchange rate, how would one even ask what rate is being used? I mean, it seems tough to ask the bank what exchange rate they are going to use because you would have to call them up to do it, and also exchange rates are changing all the time.

I think the TW app displays the rates they use, and even shows competitors' rates, I think. I'm not using it in Cambodia btw, but I would if I had a Cambodian bank account.
You connect bank cards or accounts at either end. I never use the transfer function, I just load TW from my card, and send it to my account in the destination country.
My Mrs does it a different way on hers, and she also uses her TW card to go shopping in places like Big C. I don't understand what she does, nor she what I do.

So what I'm still not getting is why Transferwise says that they don't do transfers to Cambodia... but some people say that they are using it here...How is that possible?

They could be using it in the country, but getting the money transferred to a non Cambodian bank ether in the country or in Thailand, I guess. If they're just moving dollars around, I guess it's simpler than for non-dollar sources. Nobody needs to buy Riel really, do they.
https://transferwise.com/us/blog/make-u ... r-transfer
Seems like "WorldRemit" is the only one you can use.
https://www.monito.com/send-money/unite ... _page=null
https://www.movetocambodia.com/living-i ... e/banking/

It also seems that, if you have their "borderless account" you can use the Mastercard within the Cambodia for places that accept Mastercard. Then it's also possible to use that card to withdraw up to $250 per month from an ATM (and in order to be free one would need to find Mastercard ATMs that are free of charge). But it seems that it can't really be used beyond that to get money in Cambodia.

Doc67 wrote: ↑Mon Oct 14, 2019 10:41 am

daeum_tnaot wrote: ↑Sat Oct 12, 2019 11:14 pm So what I'm still not getting is why Transferwise says that they don't do transfers to Cambodia... but some people say that they are using it here...How is that possible?

I use them all the time. As long as you have a Cambodian US$ account they will send it via the swift system. It takes about 2 days max.

Thanks Doc67, that's very helpful. Based on your previous post, it sounds like it may be cheaper for me to use a wire transfer from my bank in the US without involving TransferWise.

How much does TransferWise charge you for the transaction with ABA?