Need help - $$$ transfer from Cambodia to US

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BostonHusky
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Need help - $$$ transfer from Cambodia to US

Post by BostonHusky »

Hi folks,
Sorry if this is not the correct forum for this question, but I'm hoping for a little guidance. My father-in-law (family lives in Phnom Penh) is going to be transferring money to us in the US. I'm of course trying to figure out the cheapest way to do this. Speed of transfer is not an issue. Security and minimal fees/exchange loss are the considerations. I checked out Transferwise and does not appear that we can do outbound transactions CAM>US. WU is possible, but I'm having a hard time figuring out the fees. We need to quarterback the transaction from the US so that piece is a little tricky. I would be fine with bank to bank wiring if I could again confirm the fees from here. Any recommendations?
TIA
pczz
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Re: Need help - $$$ transfer from Cambodia to US

Post by pczz »

BostonHusky wrote: Sun Mar 29, 2020 8:36 pm Hi folks,
Sorry if this is not the correct forum for this question, but I'm hoping for a little guidance. My father-in-law (family lives in Phnom Penh) is going to be transferring money to us in the US. I'm of course trying to figure out the cheapest way to do this. Speed of transfer is not an issue. Security and minimal fees/exchange loss are the considerations. I checked out Transferwise and does not appear that we can do outbound transactions CAM>US. WU is possible, but I'm having a hard time figuring out the fees. We need to quarterback the transaction from the US so that piece is a little tricky. I would be fine with bank to bank wiring if I could again confirm the fees from here. Any recommendations?
TIA
Why you wan totuse trnasferwise? Send usd from cambodia to usa. no currency fees involved. use ACLEDA and they will guarantee the fees for correspondence banks. Total for sending $20,000 will be about $70, unless your USA bank has additional charges for inward deposits
BostonHusky
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Re: Need help - $$$ transfer from Cambodia to US

Post by BostonHusky »

I looked at the ACLEDA web site. They advertise using either Swift or WU for international money transfers. Are you referring to either of those?
samrong01
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Re: Need help - $$$ transfer from Cambodia to US

Post by samrong01 »

Your father-in-law can send from ABA Bank with the option to pay correspondent bank fees himself. This guarantees the amount sent is the amount received and is slightly cheaper. Total charges about $60 which he pays upfront. They will ask him many questions about why he wants to send, who is he sending to etc. Basically he is a crook unless he can show otherwise. If he has an account and does it online they discount $15. To do online you have to have a special card reader which they will provide (for $25) after about 2 weeks. Its complicated to use and they do not provide instructions unless asked.
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Cooldude
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Re: Need help - $$$ transfer from Cambodia to US

Post by Cooldude »

Acleda is .17% of total dollars transferred. Whereas, ABA is .15% of total dollars transferred.
pczz
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Re: Need help - $$$ transfer from Cambodia to US

Post by pczz »

BostonHusky wrote: Mon Mar 30, 2020 6:52 pm I looked at the ACLEDA web site. They advertise using either Swift or WU for international money transfers. Are you referring to either of those?
Yes. Swift. thatthe normal way of doing international wire transfers these days. Acleda will fix the intermediary bank fees for $30 (may be more if you go over 20,000. fees vary according to amount. Its ok if you are sending 6k or more
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Re: Need help - $$$ transfer from Cambodia to US

Post by pczz »

Cooldude wrote: Mon Mar 30, 2020 7:35 pm Acleda is .17% of total dollars transferred. Whereas, ABA is .15% of total dollars transferred.
Acleda do not charge a flat percentage, neither does aba. there are 2 charge sinvolved, plus the fee to guarantee the intermediary costs. For $20,000 at Acleda my total fees are around $70 and the money is in my uk bank in around 24 hours if sent before 12 noon on a friday. Plus the nice lady at ACLEDA fill the form in for me and i dont have to try doing it on my lap
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Cooldude
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Re: Need help - $$$ transfer from Cambodia to US

Post by Cooldude »

I just spoke with them about this last week and that is what both banks quoted me.
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Re: Need help - $$$ transfer from Cambodia to US

Post by pczz »

Cooldude wrote: Tue Mar 31, 2020 5:29 am I just spoke with them about this last week and that is what both banks quoted me.
All the banks are pretty much the same.They do charge 0.1% for receiving foreign funds with a minimum of $20 butthere are often deals on that fee depending on how much your are receiving. Iif you are receiving or sending GBP or EUR it is usually a lot cheaper to have it changed here because they only knock you around 1.25 to 1.5% instead of the 3.5% most uk and european banks skim on the exchange rate. i also find for small amounts that the banks ar better than the money changers most of the time and almost always if you are changing between KHR and USD. Typically if i send money to uk the intermediary bank fees wor out at $50-$70 depending on the uk bank, but if you pay at this end its only $30
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Cooldude
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Re: Need help - $$$ transfer from Cambodia to US

Post by Cooldude »

The quotes I received were for sending US dollars from here back to the States.
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