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Bank Question For Americans.
Posted: Mon May 28, 2018 7:26 am
by Ricky Dunn
When you transfer money from your American bank to a Cambodian bank does it remain in dollars?
Re: Bank Question For Americans.
Posted: Mon May 28, 2018 7:43 am
by General Mackevili
I believe it depends on what currency the account you're transferring it to is in. If you transfer it to a Cambodian bank account insets held in Riel, it gets converted to Riel. If you transfer it to a Cambodian bank account that's kept in USD, then it should stay in USD all the way.
Expect to be hit with about $25 to $50 intermediary bank fees along the way, most likely through Standard Charter.
Re: Bank Question For Americans.
Posted: Mon May 28, 2018 9:12 am
by Ricky Dunn
Thanks, General.
Re: Bank Question For Americans.
Posted: Mon May 28, 2018 9:25 am
by jmagic
My transfers from US banks have always come through in dollars. The Cambodian bank will charge you a small fee for transfer (I think ABA's is $10 or .01%), and the US bank is likely to charge you in the range of $30.
Re: Bank Question For Americans.
Posted: Mon May 28, 2018 9:55 am
by Old8404
The sending bank in USA will (usually) ask if transfer is in USD or Local Currency. You have choice.
Re: Bank Question For Americans.
Posted: Mon May 28, 2018 10:43 am
by Kammekor
The General is right, if you open an account in Cambodia you have a choice: in riel or in dollar. If the account is in riel the incoming dollars will be exchanged to riels and the riels will be added to the account. If the account is in dollars there's no conversion.
If your bank offers you a transfer in 'local currency' you better not use it, the overseas bank will give a very, very bad exchange rate.
Re: Bank Question For Americans.
Posted: Mon May 28, 2018 7:42 pm
by daeum_tnaot
Amazingly, there are even other currency accounts available, such as Thai Baht, British Pound, maybe Euro as well.