Costs of transfering money from EU to Cambodia

Last activity 18 January 2019 by marceloscorner

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Rick N.Member18 January 2019 12:03:01

Hello everybody,

I transfered money from my German bank account to my Cambodian .
The lost is ridiculoulsy high and maybe someone can explain why.
This are the numbers:
- German account -$500 (sure there is a € value, depended on the daily exchange rate)
- Acleda Bank account +$459

The employee in my Acleda branch office in Kep told me the costs/fees of $41 are made up from:
- $30 International Banks (which and why this amount?)
- $10 Acleda Bank in PP for the transfer to Kep (this shall be the fee for transfering $1 up to $10,000)
- $1 Acleda Bank Kep, fee for the account change

Some knowledge or similar experiences about that?

JoeKhmerCambodia expert18 January 2019 12:20:38

2166

Hello.

I understand you transferred money yourself.

That is always more expensive than when banks transfer to banks, they have a much lower fee.

You might want to inquire what the costs would be when sending through WU or MoneyGram.

Acleda is an expensive bank, better have Canadia or ABA.

Good luck.

Joe
Cambodia expert
Expat.com team

marceloscornerSerial expat18 January 2019 14:15:41

486

Hi Rick,

I hope everything is fine around our houses in Kep.

You paid expensive bank to bank transfer fees because you didn't use TransferWise or any other "transfer" on-line system. Not Wester Union that is probably more expensive than bank to bank.

Also our ACLEDA is the Wester Union agent in Kep.

On the other hand I'm personally very happy with local cheap fees of ACLEDA.

All the best,
Marcelo

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