Best Method to Transfer money to Cambodia

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Diablo
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Best Method to Transfer money to Cambodia

Post by Diablo »

Hi Folks,

I'm just wondering what is the most cost effective and easy way to transfer money monthly from an Irish bank account (Im paid there and in Euro) to a Cambodian account (i have opened an ABA account) i will be transferring between 1000 and 1500 euro a month here. Your advice would be great. TIA.
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Re: Best Method to Transfer money to Cambodia

Post by Oumedc »

Diablo wrote: Tue Sep 20, 2022 3:29 pm Hi Folks,

I'm just wondering what is the most cost effective and easy way to transfer money monthly from an Irish bank account (Im paid there and in Euro) to a Cambodian account (i have opened an ABA account) i will be transferring between 1000 and 1500 euro a month here. Your advice would be great. TIA.
Xoom.com.ship to your self collect in aba account
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Freightdog
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Re: Best Method to Transfer money to Cambodia

Post by Freightdog »

I have been using XE app quite frequently for a number of years. I manage it with my iPhone or iPad. It is operated as a currency trade. You buy the currency. They deposit it in your bank. You setup a ‘payee’ profile once, and after that repeat transfers are a couple of clicks. You can manage the exchange transactions based on monitoring the market rates. You can easily setup a euro standing order between your own account and their account.

My second option is/was a currency trading company. But their rates didn’t seem quite as ideal in recent years as they had been before they were bought out and changed their name. Plus, they worked UK business hours which could add a day. Largely, works the same as XE.

Directly from your own bank, you can easily do Swift transfers, but you suffer the bank’s own less than preferential exchange rates.

All three options take typically is the same time. 2-3 working days.
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Artisan
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Re: Best Method to Transfer money to Cambodia

Post by Artisan »

https://app.riamoneytransfer.com
open your ABA app - transfers - international transfers - Ria money transfers
enter 11 digits (copy paste from e.g. mail)
easy-peasy
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Re: Best Method to Transfer money to Cambodia

Post by Freightdog »

Artisan wrote: Tue Sep 20, 2022 6:19 pm https://app.riamoneytransfer.com
open your ABA app - transfers - international transfers - Ria money transfers
enter 11 digits (copy paste from e.g. mail)
easy-peasy
But is it cost effective?
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Artisan
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Re: Best Method to Transfer money to Cambodia

Post by Artisan »

Freightdog wrote: Tue Sep 20, 2022 5:03 pm I have been using XE app quite frequently for a number of years. I manage it with my iPhone or iPad. It is operated as a currency trade. You buy the currency. They deposit it in your bank. You setup a ‘payee’ profile once, and after that repeat transfers are a couple of clicks. You can manage the exchange transactions based on monitoring the market rates. You can easily setup a euro standing order between your own account and their account.

My second option is/was a currency trading company. But their rates didn’t seem quite as ideal in recent years as they had been before they were bought out and changed their name. Plus, they worked UK business hours which could add a day. Largely, works the same as XE.

Directly from your own bank, you can easily do Swift transfers, but you suffer the bank’s own less than preferential exchange rates.

All three options take typically is the same time. 2-3 working days.
But is the easy way?
pebbles&nightsky
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Re: Best Method to Transfer money to Cambodia

Post by rogerrabbit »

Freightdog methods are probably best & cheapest to transfer money.

If the money here is for rent & shopping, one option is not transfer but get a Revolut or similar card. Do shopping in shops using card and pay rent with it too. I just wanted to throw this idea here too if you didn't think about it before. This for sure would be easiest and most likely cheapest way to do it too. I used to do it this way before.
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Freightdog
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Re: Best Method to Transfer money to Cambodia

Post by Freightdog »

Artisan wrote: Tue Sep 20, 2022 7:20 pm
Freightdog wrote: Tue Sep 20, 2022 5:03 pm I have been using XE app quite frequently for a number of years. I manage it with my iPhone or iPad. It is operated as a currency trade. You buy the currency. They deposit it in your bank. You setup a ‘payee’ profile once, and after that repeat transfers are a couple of clicks. You can manage the exchange transactions based on monitoring the market rates. You can easily setup a euro standing order between your own account and their account.

My second option is/was a currency trading company. But their rates didn’t seem quite as ideal in recent years as they had been before they were bought out and changed their name. Plus, they worked UK business hours which could add a day. Largely, works the same as XE.

Directly from your own bank, you can easily do Swift transfers, but you suffer the bank’s own less than preferential exchange rates.

All three options take typically is the same time. 2-3 working days.
But is the easy way?
It may not at first effort seem the easiest, but once you’ve worked it through, the saving can run up to hundreds within a few months. I’d say worth it. It all depends on how the banks pitch things. I’ve dealt with UK banks for years- they work well, in the main. But exchange rates are often at robbery levels (limited experience)
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cautious colin
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Re: Best Method to Transfer money to Cambodia

Post by cautious colin »

Diablo wrote: Tue Sep 20, 2022 3:29 pm Hi Folks,

I'm just wondering what is the most cost effective and easy way to transfer money monthly from an Irish bank account (Im paid there and in Euro) to a Cambodian account (i have opened an ABA account) i will be transferring between 1000 and 1500 euro a month here. Your advice would be great. TIA.
I guess it should go without saying. But transfer as few times as possible. Fees add up a lot so if you can manage once every 3 or 4 months it will save quite a lot

Personally always used TransferWise, but I know there have been a few issues with that lately. And do bigger amounts only when needed
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pissontheroof
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Re: Best Method to Transfer money to Cambodia

Post by pissontheroof »

it sounds like you have income there and are moving here and want to get your money here monthly
the best and most economical way is to get a bank there with your dough direct deposit into your acount there
then get a debit card from them and let them know you will be using it here ,
then go to the “ BRED “ bank ( or any other higher priced bank you want )
( aba charges more than most for withdrawal from overseas )
and withdraw your money in dollars in one go evrry month
then when you got it go to a “cash in” machine at ABA deposit that ,
then after that you can withdraw any amount in reil you have from account ..
thats what i do , its the
best and cheapest you can possibly do ..



better to leave more in where you get the most interest , my bank account is checking acct with no interest so i get it all out every month and deposit it here where you get intrest , but if you diethey will get it ..
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