Monthly transfer to UK bank account?

FrankReynolds · Post by **FrankReynolds** » Fri Nov 20, 2020 2:39 am

Hi all,
I need to transfer approx 240 usd per month from ABA to a UK account, to cover a direct debit. What's the cheapest way to do this?

samrong01 · Post by **samrong01** » Fri Nov 20, 2020 6:58 am

There is no really cheap way of doing this. The banks monopolize transfers and you could pay anything from $10-$30 per transaction depending on correspondent bank fees (not to mention exchange losses). In order to minimise cost I suggest you consider transferring a larger sum every 3 or 6 months.

Kammekor · Post by **Kammekor** » Fri Nov 20, 2020 7:33 am

samrong01 wrote: ↑Fri Nov 20, 2020 6:58 am There is no really cheap way of doing this. The banks monopolize transfers and you could pay anything from $10-$30 per transaction depending on correspondent bank fees (not to mention exchange losses). In order to minimise cost I suggest you consider transferring a larger sum every 3 or 6 months.

^this. Generally up to 10k USD the fees remain the same, so transferring 2.400 USD once to cover 10 months will set you back the same amount as one 240 USD transfer.

Doc67 · Post by **Doc67** » Fri Nov 20, 2020 8:02 am

FrankReynolds wrote: ↑Fri Nov 20, 2020 2:39 am Hi all,
I need to transfer approx 240 usd per month from ABA to a UK account, to cover a direct debit. What's the cheapest way to do this?

ABA has a facility to transfer money to a VISA card (Transfers button and scroll down).

I do not not know if this is a facility to only Cambodian issued visa cards or VISA cards denominated in USD. The limits are $10 to $2500.

If your UK account has a visa debit card associated with it, you might be able to get the account credited via the backdoor of the debit card.

You could try sending $10 and see what happens. If it works then let us all know!

FrankReynolds · Post by **FrankReynolds** » Fri Nov 20, 2020 9:37 am

OK, good to know. Seems like transfer enough for the year is the way to go.
I'll definitely look into the backdoor visa card account crediting and get back to you.
Cheers

xandreu · Post by **xandreu** » Fri Nov 20, 2020 9:52 am

I've been looking into this question for some time now and I still haven't found a reasonably cheap way of doing it. It seems that whichever way you do it, it has to go through several different links in a chain and every one of those links wants their cut.

FrankReynolds · Post by **FrankReynolds** » Fri Nov 20, 2020 12:06 pm

xandreu wrote: ↑Fri Nov 20, 2020 9:52 am I've been looking into this question for some time now and I still haven't found a reasonably cheap way of doing it. It seems that whichever way you do it, it has to go through several different links in a chain and every one of those links wants their cut.

Perhaps if I can find a brit who gets a UK pension paid into their UK account, and wants to swap a small chunk of it for dollars every few months, they'll take dollars cash and transfer some sterling to me from his account to mine?....

Post by **Freightdog** » Fri Nov 20, 2020 2:36 pm

Foreign exchange trading accounts?

I use foreign currency direct, going from UK to Cambodia. Intermediary bank fees along with exchange rates, and source/receiving bank fees need to be considered. I’ve not needed to go the other direction, yet. But I set up my account with them when I was paid in Euros.

The other alternative might be wOrth checking out is XE. Currency app. I’ve used that fairly frequently, again only going UK to Cambodia.

xandreu · Post by **xandreu** » Fri Nov 20, 2020 3:46 pm

Freightdog wrote: ↑Fri Nov 20, 2020 2:36 pm ...again only going UK to Cambodia.

UK to Cambodia has never been a problem for me. It's no different to sending it from the UK to anywhere else.

But for some reason there are barriers, red-tape, unreasonable charges and just basically pains in the ass everywhere you try to transfer money OUT of Cambodia.

For example, Transferwise will initially offer you pretty reasonable rate, say $5 on a small transfer, but as soon as it realises you're using a Visa (Debit) card that was issued in Cambodia, the rate suddenly jumps to about $50. That's a 10 fold increase, just because you're using a card that was issued in Cambodia.

I'm no conspiracy theorist, but it does seem to me as if it's deliberately set up like this. 'They' (whoever 'they' are) simply don't want people transferring money out of Cambodia.

It also doesn't help that Cambodia uses USD's. Most money transfer companies will automatically assume that because you're trying to transfer USD, you're doing it from the US and from a US bank, and will ask you details that are relevant to US banks, not Cambodian ones, with no option to tell it that you're not transferring it from the US.

Doc67 · Post by **Doc67** » Mon Nov 23, 2020 12:01 pm

xandreu wrote: ↑Fri Nov 20, 2020 3:46 pm
Freightdog wrote: ↑Fri Nov 20, 2020 2:36 pm ...again only going UK to Cambodia.
UK to Cambodia has never been a problem for me. It's no different to sending it from the UK to anywhere else.

But for some reason there are barriers, red-tape, unreasonable charges and just basically pains in the ass everywhere you try to transfer money OUT of Cambodia.

For example, Transferwise will initially offer you pretty reasonable rate, say $5 on a small transfer, but as soon as it realises you're using a Visa (Debit) card that was issued in Cambodia, the rate suddenly jumps to about $50. That's a 10 fold increase, just because you're using a card that was issued in Cambodia.

I'm no conspiracy theorist, but it does seem to me as if it's deliberately set up like this. 'They' (whoever 'they' are) simply don't want people transferring money out of Cambodia.

It also doesn't help that Cambodia uses USD's. Most money transfer companies will automatically assume that because you're trying to transfer USD, you're doing it from the US and from a US bank, and will ask you details that are relevant to US banks, not Cambodian ones, with no option to tell it that you're not transferring it from the US.

Plus Cambodia is on a grey list for money laundering, so that won't help.

Monthly transfer to UK bank account?

Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Re: Monthly transfer to UK bank account?

Who is online

Register/Login to CEO with your Social Media Account: