Send money to Cambodia without breaking the bank when you use the services of a specialist money transfer company.
The southeast Asian nation of Cambodia boasts a wonderful array of attractions for tourists, from the ancient majesty of Angkor Wat through to the bustling modern city of Phnom Penh. Recently many of the islands have been attracting tourists, with their pristine waters and sandy beaches.
In the 2011 census, over 34,000 Canadians reported having partial or full Cambodian heritage. Many Canadians also live and work in Cambodia, volunteering, teaching and working on development. With increasing rates of immigration between the two nations, there is a need for affordable and fast money transfer services.
Whether a friend or relative of yours is travelling through Cambodia and has run out of cash, you need to pay business expenses or help out family members, it’s always a good idea to shop around and find the most affordable transfer option between Canada and Cambodia.
Compare Money Transfer Services below
Banks versus money transfer companies
When you need to send money overseas, one of the first transfer options you can choose from is your bank. Most Canadian banks will make it easy for you to send money to Cambodia – the problem is that they will usually charge high fees and take more than their fair share of your money through poor exchange rates.
In response to the disappointing deal offered by banks, recent years have seen the emergence of a range of specialist money transfer companies. These providers are experts when it comes to transferring money overseas, and they can usually do this much cheaper than the banks can. Their exchange rates are better, their fees lower and they offer safe and secure online transfers to destinations around the world.
Case Study: Bianca Sends Money to Cambodia
Bianca needs to send an urgent cash transfer of $1,000 Canadian dollars to her sister Jane. Jane is backpacking through Cambodia but has unexpectedly run out of money, so she needs some emergency cash from her sister as soon as possible. In an effort to find the best possible deal, Bianca compares her bank to a specialist money transfer company.
|Canadian bank||Cash pickup transfer company|
|Exchange rate||$1 CAD = 0.74 USD||$1 CAD = 0.76 USD|
|Transfer method||Bank transfer||Cash transfer|
|Processing time||Two to five days||Minutes|
|Amount received (in USD)||$740||$760|
Bianca is unable to transfer KHR or the Cambodian Riel since it’s an exotic currency, however USD is widely accepted in Cambodia. By using a specialist money transfer service, she can save $15. Bianca will spend $5 more in fees, however she will be able to send $20 more with the competitive exchange rate. Furthermore, the transaction will be a lot faster, ensuring Jane will receive her emergency funds in a timely manner.
How do I compare transfer companies when transferring and receiving money via Cambodia?
- Exchange rates. Check to see how each provider’s exchange rates compare with those of other transfer companies. You should also be aware that exchange rates are only one factor that can influence the cost of transactions, as you’ll need to consider transfer fees as well. Some companies will hide high transfer fees inside competitive exchange rates. Others may charge higher fees and provide less competitive exchange rates.
- Transaction fees. You will typically need to pay a fee each time you send a transfer, so compare all of the fees each company charges. Some companies also offer fee-free transactions on large transfers, however this is generally when you send large sums of money usually over the $10,000 mark.
- Transfer methods. Some companies offer online or in-branch transfers only, while others also offer over-the-phone and mobile app transfers.
- Flexible options. Limit orders and forward contracts allow you to get a better exchange rate, while scheduling regular payments in advance can save you time.
- Transfer time. Processing times can vary between providers from 10 minutes to several business days. Banks generally take longer to send money, with transfer times up to six business days.
- Minimum transfer amounts. Some companies will require you to send a minimum amount each time, or they may even impose a maximum limit on the amount you can send. Check to see whether those limits will affect your regular transfer needs. These limits can be as low as $5 or as high as $2,500.
- Pickup options. Check to see if your recipient can collect cash from a transfer agent or receive the transfer into their bank account.
- Customer service. Choosing a company with a reputable customer service team is always a great idea. Some companies will offer 24/7 customer service, while others may only be available a few hours a day. Furthermore, some companies will offer a variety of contact options including phone, online chat, in person and email customer service, while others may only offer one or two options.
How do I send money to Cambodia from Canada?
- Specialist money transfer providers. Online money transfer providers offer better exchange rates and lower fees than banks.
- Cash pickup transfer companies. Western Union and MoneyGram offer this handy service.
- Bank transfers. Check with your bank to get an idea of the exchange rates they offer and the fees they charge for international transfers. There is one bank in Cambodia that was founded by Canadians called the Canadia Bank. There may be cheaper transfers available through this bank service to Canadian banks, however you will have to contact the bank directly to find out.
- International cheques. International guaranteed cheques from your bank offer another transfer option. Keep in mind that this is the slowest way to transfer money overseas.
How do I receive money from Cambodia in Canada?
- Specialist money transfer providers. Compare your options today to find out which online transfer companies can help you send funds from Cambodia to Canada. WorldRemit is one service that allows the transfer between the two nations.
- Cash pickup transfer companies. Visit Western Union’s or MoneyGram’s website to find your nearest cash pickup location.
- Bank transfers. You can receive transfers to your Canadian bank account from most countries around the world. As mentioned above, the Canadia Bank may be able to help with this and provide affordable rates.
- International cheques. International guaranteed cheques are a slow, old-fashioned transfer option, however they are a safe way to send funds overseas.
Emergency cash transfers in Cambodia
If your recipient in Cambodia needs an urgent cash transfer, there are several companies that offer this type of service. However, you should be aware of the fact that these transfers tend to cost more than online transfers. High fees and poor exchange rates usually apply, so it’s always a good idea to review the full cost of your transaction before you actually commit to it.
Cash pickup locations in Cambodia/ Western Union / MoneyGram branches in Cambodia
If you want to send a fast cash transfer from Canada to Cambodia, Western Union and MoneyGram can help. With hundreds of thousands of locations around the world, they specialize in convenient and speedy international transfers. You can see the details of some Cambodian cash pickup locations below. Make sure that you have photo ID and a transaction ID number handy when picking up cash.
- Acleda Bank248 Preah Monivong Blvd Sangkat Boeung Sangkat Boeung Raing Khan Daun Penh Phnom Penh,Phnom Penh+855-23-222424Open 7:30am to 4pm Monday to Friday, 7:30am to 11:30am Saturday
- Acleda Bank46 Russian Blvd Paprak Khangtbong Vile Sangkat Kakab Khan Posenchey Phnom Penh,Phnom Penh+855-23-890468Open 7:30am to 4pm Monday to Friday, 7:30am to 11:30am Saturday
- Acleda Bank1-2-3-4 Sivutha Street Phum Mondul 2 Sangkat Svay Dangkum Krong Siem Reap Siem Reap,Siem Reap+855-63-963660Open 7:30am to 4pm Monday to Friday, 7:30am to 11:30am Saturday
22 23 Tep Vong Mondul 2 Svay Dangkum Commune Siem Reap Dist Siem Reap,Siem Reap+855-63-760123Open 8am to 3:30pm Monday to Friday
- ABA BankNo. 10A Block A7E0123 and A8E0123St 289 Corner 516Phnom Penh,98203851Open 8am to 4pm Monday to Friday, 8am to 11am Saturday
- ABA BankNo. 601 Street N. road 1Village Deom SlengPhnom Penh,98630565Open 8am to 4pm Monday to Friday, 8am to 11am Saturday
- Cambodian Commercial BankNo. 130 Sivatha RoadSiem Reap,63964392Open 8am to 5pm Monday to Friday, 9am to 5pm Saturday and Sunday
- Canadia BankStreet Kohker Sangkat Kompong BronakPreah Vihear,64210325Open 8am to 3:30pm Monday to Friday, 8am to 11:30am Saturday
Tips for picking up cash in Cambodia
The Government of Canada advise Canadian visitors to Cambodia to exercise a high degree of caution. No matter where you are in the world when picking up cash from a transfer agent, it pays to keep the following safety tips in mind:
- Only pick up cash from a transfer branch in a safe location
- Try to pick up cash in the daylight
- Don’t go alone. Try to take a friend with you
- Don’t display your cash in front of strangers
- Deposit the funds into your bank account or a safe place as soon as possible
What are the steps to send money to Cambodia?
Although different transfer companies have different transfer methods, you will usually need to:
- Sign up for an account. The transfer provider will need your full name, your contact information and proof of ID. You can usually sign up for a free account online.
- Enter your transaction details. You’ll need to tell the transfer provider where you’re sending the money, how much money you’re sending and the type of currency you would like to send.
- Pay for your transfer. The final step is to review the details of your transfer and then pay for your transaction. You can usually monitor the progress of your funds through the transfer provider’s online tracking service.