Bank account

troelshartmann · Post by **troelshartmann** » Wed Nov 03, 2021 7:53 am

atst wrote: ↑Wed Nov 03, 2021 6:52 am
Happy2 wrote: ↑Wed Nov 03, 2021 6:22 am
carlsagan wrote: ↑Mon Nov 01, 2021 2:43 pm Colleagues of mine are telling me to set up an account with ABA, seems to have a good reputation, does anyone have other recommendations of local banks ?
Thanks in advance for the help guys !
ABA, ACLEDA, CANADIA are those I’d recommend. They’ve been around long enough and are used to dealing with foreigners.

ACLEDA is the only one requiring you to have a residency letter in my experience. For the other two, you can get an account with just a > 6 months visa.

Dunno if it changes based on passport nationality though.
And from reports these are good for transferring $$ from o/s

Can't recommend ABA for this. They took $60 in fees from a $300 transfer via TransferWise (aka Wise).

PSD-Kiwi · Post by **PSD-Kiwi** » Wed Nov 03, 2021 9:37 am

@troelshartmann, ABA only took $10 inward remittance fees...the rest were intermediary bank fees, nothing to do with ABA. All SWIFT transfers to Cambodian banks go through an intermediary bank which charges it's own fees.

phuketrichard · Post by **phuketrichard** » Wed Nov 03, 2021 9:56 am

i have CAB
citibank charges me $35/wire, (.. go through an intermediary bank??) not for my swift transfers at least none i can see.
CAB charges $5/wire
thats it

SCB from Thailand and there wire fees are 300 baht ( less than $10)

PSD-Kiwi · Post by **PSD-Kiwi** » Wed Nov 03, 2021 12:27 pm

@phuketrichard yea CAB has the lowest inward remittance fees from what I can see, 0.05% or $5 (whichever is greater)...most of the other banks charge 0.10% or $10 (whichever is greater).

Intermediary bank charges are an odd one, I get monthly inward SWIFT transfers, very rarely am I charged an intermediary bank fee. Many people wrongly assume that the bank receiving the funds are charging high inward remittance fees, as seen by troels comment, but if they check their statement they will see the fees charged by the receiving bank, any other monies that were not received are either due to the outgoing banks fees or the intermediary banks fees.

troelshartmann · Post by **troelshartmann** » Wed Nov 03, 2021 1:16 pm

Happy2 wrote: ↑Wed Nov 03, 2021 6:22 am
carlsagan wrote: ↑Mon Nov 01, 2021 2:43 pm Colleagues of mine are telling me to set up an account with ABA, seems to have a good reputation, does anyone have other recommendations of local banks ?
Thanks in advance for the help guys !
ABA, ACLEDA, CANADIA are those I’d recommend. They’ve been around long enough and are used to dealing with foreigners.

ACLEDA is the only one requiring you to have a residency letter in my experience. For the other two, you can get an account with just a > 6 months visa.

Dunno if it changes based on passport nationality though.

Do any (all) of these support internet banking as well as access via app?

PSD-Kiwi · Post by **PSD-Kiwi** » Wed Nov 03, 2021 1:27 pm

troelshartmann wrote: ↑Wed Nov 03, 2021 1:16 pm Do any (all) of these support internet banking as well as access via app?

Acleda and Canadia have both. Unfortunately ABA discontinued it's internet banking platform for personal customers and can now only use the mobile app, shit decision.

Post by **Clutch Cargo** » Wed Nov 03, 2021 1:31 pm

troelshartmann wrote: ↑Wed Nov 03, 2021 1:16 pm
Happy2 wrote: ↑Wed Nov 03, 2021 6:22 am
carlsagan wrote: ↑Mon Nov 01, 2021 2:43 pm Colleagues of mine are telling me to set up an account with ABA, seems to have a good reputation, does anyone have other recommendations of local banks ?
Thanks in advance for the help guys !
ABA, ACLEDA, CANADIA are those I’d recommend. They’ve been around long enough and are used to dealing with foreigners.

ACLEDA is the only one requiring you to have a residency letter in my experience. For the other two, you can get an account with just a > 6 months visa.

Dunno if it changes based on passport nationality though.
Do any (all) of these support internet banking as well as access via app?

Yeah, Acleda still has it. It's optional and costs 50c a month. They gave me an associated One Time Password (OTP) generator with it when I opened my account last year.

Post by **Clutch Cargo** » Wed Nov 03, 2021 1:45 pm

PSD-Kiwi wrote: ↑Wed Nov 03, 2021 12:27 pm @phuketrichard yea CAB has the lowest inward remittance fees from what I can see, 0.05% or $5 (whichever is greater)...most of the other banks charge 0.10% or $10 (whichever is greater).

Intermediary bank charges are an odd one, I get monthly inward SWIFT transfers, very rarely am I charged an intermediary bank fee. Many people wrongly assume that the bank receiving the funds are charging high inward remittance fees, as seen by troels comment, but if they check their statement they will see the fees charged by the receiving bank, any other monies that were not received are either due to the outgoing banks fees or the intermediary banks fees.

A couple of things with these intermediary bank charges.

It seems to depend on which intermediary is used as to the fee. For example, when I did a swift transfer from my OZ bank account using Transferwise (aka Wise) to ABA I was debited $65 ($55 to intermediary, $10 to ABA). Yet when I did a similar one but using Worldfirst to Acleda I was debited only $15 ($5 to intermediary, $10 to Acleda).

Also, I'm wondering whether if you're transferring from the US it makes a difference. Coz then it's essentially $US to $US and maybe why PR doesn't get charged an intermediary fee?

Post by **Clutch Cargo** » Wed Nov 03, 2021 1:54 pm

Happy2 wrote: ↑Wed Nov 03, 2021 6:22 am
carlsagan wrote: ↑Mon Nov 01, 2021 2:43 pm Colleagues of mine are telling me to set up an account with ABA, seems to have a good reputation, does anyone have other recommendations of local banks ?
Thanks in advance for the help guys !
ABA, ACLEDA, CANADIA are those I’d recommend. They’ve been around long enough and are used to dealing with foreigners.

ACLEDA is the only one requiring you to have a residency letter in my experience. For the other two, you can get an account with just a > 6 months visa.

Dunno if it changes based on passport nationality though.

It really varies which branch of Acleda you go to for the opening account requirements. I got the runaround at a couple last year. Firstly, I went to one in Aeon 1 and they said I needed a business visa. Then I went to one on Monivong (Central Market) and they said I needed either a residency letter from sangkat or an up-to-date tenancy agreement. As I didn't have a current one, I went to their head office in Monivong (near Calmette) and a friendly lady there accepted my Cambodian driver's licence (after a call to the manager). You can read about it here: post400656.html#p400656

Post by **Clutch Cargo** » Wed Nov 03, 2021 2:05 pm

troelshartmann wrote: ↑Wed Nov 03, 2021 7:53 am
atst wrote: ↑Wed Nov 03, 2021 6:52 am
Happy2 wrote: ↑Wed Nov 03, 2021 6:22 am
carlsagan wrote: ↑Mon Nov 01, 2021 2:43 pm Colleagues of mine are telling me to set up an account with ABA, seems to have a good reputation, does anyone have other recommendations of local banks ?
Thanks in advance for the help guys !
ABA, ACLEDA, CANADIA are those I’d recommend. They’ve been around long enough and are used to dealing with foreigners.

ACLEDA is the only one requiring you to have a residency letter in my experience. For the other two, you can get an account with just a > 6 months visa.

Dunno if it changes based on passport nationality though.
And from reports these are good for transferring $$ from o/s
Can't recommend ABA for this. They took $60 in fees from a $300 transfer via TransferWise (aka Wise).

Yeah, I've had a similar experience. I see you have an OZ flag, so if you're transferring from there, another option is AUDSmart https://audsmart.com/en/

They absorb all transfer fees and costs for both intermediary and receiving banks. However, to do that, the exchange rate $A>$US won't be as good as Wise. But in your example above of $300 transfer this will save you a lot. Especially handy for smaller transfers to ABA. I've used them a number of times with no issues. User interface not as fancy as Wise but easy to use.

Bank account

Re: Bank account

Re: Bank account

Re: Bank account

Re: Bank account

Re: Bank account

Re: Bank account

Re: Bank account

Re: Bank account

Re: Bank account

Re: Bank account

Who is online

Register/Login to CEO with your Social Media Account: