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Best way to move money into Cambodia
Posted: Mon May 16, 2022 3:40 pm
by BleedingBlue
I'm moving from Europe to Cambodia and need to
transfer my funds to Cambodia. I'm hesitant about
converting it all into cash as I read larger notes aren't widely accepted and considering the amount I need to convert, I suspect I'll get mostly 100 dollar bills.
Does anyone have any experience using
multi currency cards such as Wise?
Any suggestions greatly appreciated.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 4:00 pm
by Bongmab69
I made myself a WISE-account+ the conected VISA-card, works perfectly in my eyes, good convertion-rates (almost perfect), i could take out 1100 US every time at the ATM from Bredbank, there are several on the riverside. Cost was 19 US on 1100. Only way to get better is change cash near central market, waht i usualy do until my cash is finished, and then use your WISE-card. If you stay for good you can open a cambodian bank-account, thats the cheapest way, but pretty a hassle, as i usually dont stay for more then 90 days, knever tried it, but there are plenty of topics here how to open a bank-account.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 4:05 pm
by Province
Revolut bank card is also good,atm fees 9$ per 1000$ with good rates.Revolut app is also good.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 4:10 pm
by BleedingBlue
Bongmab69 wrote: ↑Mon May 16, 2022 4:00 pm
I made myself a WISE-account+ the conected VISA-card, works perfectly in my eyes, good convertion-rates (almost perfect), i could take out 1100 US every time at the ATM from Bredbank, there are several on the riverside. Cost was 19 US on 1100. Only way to get better is change cash near central market, waht i usualy do until my cash is finished, and then use your WISE-card. If you stay for good you can open a cambodian bank-account, thats the cheapest way, but pretty a hassle, as i usually dont stay for more then 90 days, knever tried it, but there are plenty of topics here how to open a bank-account.
I'll be opening up a bank account once my visa is extended so I just need to understand the best way to access funds during the initial period. It seems putting it all onto a Wise card is the best option and then withdrawing those funds to be deposited into a Cambodian bank account once it's open.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 4:41 pm
by Freightdog
I use Revolut when travelling. A lot. But I only load it with about £200 at a time, in case it goes missing. Contactless payments are then limited to what’s loaded on the card, and I still have the freedom of topping up as I need.
I have old European bank accounts which I use to top up the Revolut, and I frequently use XE app on iPad to move housekeeping funds into my bank account if needed. It’s proving very quick and convenient.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 5:00 pm
by Kammekor
Bongmab69 wrote: ↑Mon May 16, 2022 4:00 pm
I made myself a WISE-account+ the conected VISA-card, works perfectly in my eyes, good convertion-rates (almost perfect), i could take out 1100 US every time at the ATM from Bredbank, there are several on the riverside.
Cost was 19 US on 1100. Only way to get better is change cash near central market, waht i usualy do until my cash is finished, and then use your WISE-card. If you stay for good you can open a cambodian bank-account, thats the cheapest way, but pretty a hassle, as i usually dont stay for more then 90 days, knever tried it, but there are plenty of topics here how to open a bank-account.
When I transfer USD into my ACLEDA account I can transfer 10k USD for 29 EUR using SWIFT.
Local bank account with SWIFT access is king if you want to transfer amounts larger than say 2k USD.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 5:02 pm
by Kammekor
DaveBrazier wrote: ↑Mon May 16, 2022 4:10 pm
Bongmab69 wrote: ↑Mon May 16, 2022 4:00 pm
I made myself a WISE-account+ the conected VISA-card, works perfectly in my eyes, good convertion-rates (almost perfect), i could take out 1100 US every time at the ATM from Bredbank, there are several on the riverside. Cost was 19 US on 1100. Only way to get better is change cash near central market, waht i usualy do until my cash is finished, and then use your WISE-card. If you stay for good you can open a cambodian bank-account, thats the cheapest way, but pretty a hassle, as i usually dont stay for more then 90 days, knever tried it, but there are plenty of topics here how to open a bank-account.
I'll be opening up a bank account once my visa is extended so I just need to understand the best way to access funds during the initial period. It seems putting it all onto a Wise card is the best option and then withdrawing those funds to be deposited into a Cambodian bank account once it's open.
Since you can extend you visa within days of your arrival bringing 1000 USD in cash should be sufficient, after that you can use your newly acquired bank account. Transfers from Europe take less than a working day these days.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 5:10 pm
by BleedingBlue
Kammekor wrote: ↑Mon May 16, 2022 5:00 pm
Bongmab69 wrote: ↑Mon May 16, 2022 4:00 pm
I made myself a WISE-account+ the conected VISA-card, works perfectly in my eyes, good convertion-rates (almost perfect), i could take out 1100 US every time at the ATM from Bredbank, there are several on the riverside.
Cost was 19 US on 1100. Only way to get better is change cash near central market, waht i usualy do until my cash is finished, and then use your WISE-card. If you stay for good you can open a cambodian bank-account, thats the cheapest way, but pretty a hassle, as i usually dont stay for more then 90 days, knever tried it, but there are plenty of topics here how to open a bank-account.
When I transfer USD into my ACLEDA account I can transfer 10k USD for 29 EUR using SWIFT.
Local bank account with SWIFT access is king if you want to transfer amounts larger than say 2k USD.
Ideally I'd transfer the bulk of it via SWIFT and some cash like you suggested but I need to permanently close my bank account where I currently am before leaving.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 6:11 pm
by Kammekor
DaveBrazier wrote: ↑Mon May 16, 2022 5:10 pm
Kammekor wrote: ↑Mon May 16, 2022 5:00 pm
Bongmab69 wrote: ↑Mon May 16, 2022 4:00 pm
I made myself a WISE-account+ the conected VISA-card, works perfectly in my eyes, good convertion-rates (almost perfect), i could take out 1100 US every time at the ATM from Bredbank, there are several on the riverside.
Cost was 19 US on 1100. Only way to get better is change cash near central market, waht i usualy do until my cash is finished, and then use your WISE-card. If you stay for good you can open a cambodian bank-account, thats the cheapest way, but pretty a hassle, as i usually dont stay for more then 90 days, knever tried it, but there are plenty of topics here how to open a bank-account.
When I transfer USD into my ACLEDA account I can transfer 10k USD for 29 EUR using SWIFT.
Local bank account with SWIFT access is king if you want to transfer amounts larger than say 2k USD.
Ideally I'd transfer the bulk of it via SWIFT and some cash like you suggested but I need to permanently close my bank account where I currently am before leaving.
I strongly suggest not to close it, I'd tell them I'm moving temporary and need it to remain open. Closing your accounts back home is a bad idea IMHO. I for sure don't want to rely on just the Cambodian banking system.
Re: Best way to move money into Cambodia
Posted: Mon May 16, 2022 6:20 pm
by BleedingBlue
Kammekor wrote: ↑Mon May 16, 2022 6:11 pm
DaveBrazier wrote: ↑Mon May 16, 2022 5:10 pm
Kammekor wrote: ↑Mon May 16, 2022 5:00 pm
Bongmab69 wrote: ↑Mon May 16, 2022 4:00 pm
I made myself a WISE-account+ the conected VISA-card, works perfectly in my eyes, good convertion-rates (almost perfect), i could take out 1100 US every time at the ATM from Bredbank, there are several on the riverside.
Cost was 19 US on 1100. Only way to get better is change cash near central market, waht i usualy do until my cash is finished, and then use your WISE-card. If you stay for good you can open a cambodian bank-account, thats the cheapest way, but pretty a hassle, as i usually dont stay for more then 90 days, knever tried it, but there are plenty of topics here how to open a bank-account.
When I transfer USD into my ACLEDA account I can transfer 10k USD for 29 EUR using SWIFT.
Local bank account with SWIFT access is king if you want to transfer amounts larger than say 2k USD.
Ideally I'd transfer the bulk of it via SWIFT and some cash like you suggested but I need to permanently close my bank account where I currently am before leaving.
I strongly suggest not to close it, I'd tell them I'm moving temporary and need it to remain open. Closing your accounts back home is a bad idea IMHO. I for sure don't want to rely on just the Cambodian banking system.
I hear you. I don't live in the UK anymore but my bank is open there so maybe I'd be better off transferring the funds into my UK bank first.