I hope this video is useful! It's not a terribly exciting subject, but it's necessary for those of us who earn our money outside of Cambodia and need to bring it in on a regular basis. Remember with this money stuff, there's no right or wrong way to do it, there's just the way that works best for you and your situation. Thanks for watching.
Thank you for taking a stab at this topic. I think the money part isn’t the barrier but how there are different rules in different countries and you need to be aware of some of the hiccups. Great topic!
I was wondering how much you can save in Cambodia. I’m going to be teaching English with a TEFL no bachelors degree. Not very good GCSEs. How will I fair?
You can transfer money from your home bank to your Wise Card, then use your Wise Card to make purchases, pay bills, and even withdraw from ATMs in Cambodia.
I use WISE to transfer funds from Australia to Cambodia, into my ABA acct in USD. The fees are very reasonable, around 1% or a little less and they give you the real rate. It does normally take 2 days for the funds to arrive, but that is not a problem as i allow for it. I am very satisfied with WISE as a funds transfer company.
We tried Wise but were already out of Australia and couldn't set it up because we couldn't complete the verification (code to mobile). We like the immediacy of Remitly, but Wise sounds good too.
Yes, WISE works really well. Not that I am in Cambodia but if I was, I would open an ABA account and it would work as well as it does here in Australia, when I transfer my part pension from the UK, to my Australian Bank. It also takes 2 days normally but you can track your money in their app and they give you a fairly accurate day and a time (Australian time zone) it will arrive in your Australian account.
my fiancee took an ABA account at first as well, but those 'thieves' take much more 'administration costs' than the bank she is using now --> ACLEDA bank
I'm 22 hours early for this one so have to be first :). Defo not a boring topic - stuff like this is very useful and based on your actual experience has some cred behind it, so we will be listening!
22 hours early is very impressive! Jeremy is good at this number stuff, and I had to badger him with questions so I understood it well enough to talk about it. It's not my strong suit, that's for sure. 🤣 See you Sunday!
It’s a bit concerning how a Canadian bank has such a stronghold on transactions in Cambodia. Don’t forget that it was Canada that froze the bank accounts of its citizens when they didn’t like what they were doing. Now they are tracking the heck out of most people in Cambodia.
Yes, no other bank even comes close to ABA in terms of reach and quality of service. I don't know about the things you mention, but there is potential for a lot of tracking of transactions.
@@ForRiel consider what they provide for “free”. Most Khmer people have very low funds. So how does ABA make their money? Selling the immense data they are collecting. Their app is everywhere and the once mainly cash society now has even the smallest transactions recorded. It’s something to be mindful of for those hoping to escape the increasingly communistic West.
Yes, citizens who were using donation money to fund their personal bank accounts, while perpetrating other illegal activities. Those poor citizens were charged and convicted. 🙄. Canadian and Australian banks are the most reputable and safest in the world.
@@dominiquetheeasyminimalist I assume you meant to say, "Canadian citizens legally protesting against a tyrannical government as well as citizens simply donating to a worthy cause". Because that would be an accurate and honest response.
As a tourist I use the Wise MultiCurrency Travel Card to load currencies that I will need on my trip, eg. USD, Malay Ringat, Korean won. The card supports 50 currencies. Depending on where the card was issued (different rules for some countries) you can use it to withdraw cash from ATMs. I also have used the Wise transfer service which is similar to the Remitly transfer service described in your video. I also have a Remitly account as backup.
Wise is interesting. A bit off-topic. For debit card useage. Wise debit cards issued in the US, the card will not work in Cambodia or Vietnam. Revolut is another money transfer option, actual bank, and I believe their debit card will work in Cambodia.
That sounds good for visiting several countries. They need an ASEAN Euro here! We find Remitly to be very good, and as you say, having a few channels open is good in case something goes wrong with one of them.
@stevenjb.9275 Sounds like a US-issued Wise card issue, possibly due to US regulations. My UK-issued Wise card worked every time for me when I visited HCMC and Phnom Penh in 2022. To get money onto my Wise, I transfer AUD from my Aus bank to my Wise virtual Aussie bank account, and its free, zero cost and usually instant via Osko. Then, i use my Wise card for transactions, my AUD is converted to the local currency on the fly at the Google published exchange rate. I could also transfer riel to my landlord's Cambodian bank account for a tiny fee, so I never needed to open a local Cambodian bank account, despite staying for months. Wise is a global and borderless bank account and it rocks. A must- have for all travellers and it saves us from needing to open foreign bank accounts in every country we travel to. Highly recommended 👍👏
Thank you Claire and Jeremy! I'm very grateful for the information you have provided. My wife and I are retiring in July, 2023 (next month). We are so excited! We want to retire in Cambodia. We have been in Phnom Penh several times. Any tips you can give us is greatly appreciated. Thank Again! ⚡️
That's fantastic! So great that you are making the move. Phnom Penh is good fun, but it is much less expensive to live in Siem Reap. Thanks for watching.
Thank you for the information about Remitly = We have US Dollars in Chase Bank and because of their relationship with ACLEDA (using SWIFT) and our Preferred Status with CHASE we can wire funds without fees. The fees come from the accepting bank: ACLEDA is about 1/3 to 1/2 less than Remitly’s fees. I have the advantage of having Khmer family who can sort out details in country for my behalf. As a US citizen, we have to remember to report our funds to our Federal Tax System (IRS) by completing a yearly FBAR (Foreign Bank Account Report).
I use capital one in the USA. Their debt card has no us fees, only the destination country atm fees. I will be slow traveling around the world so getting a new bank acct every three months doesn’t make cents(lol).
Capital One is amongst the Banks with Red Flags. You would be well advised to move some money to another bank. To be caught up in a bank failure is almost the worst nightmare one can experience.
As for another thing to be aware of.... Try and use a Standard Chartered Bank here. You can't. They have office on the riverside but no bank service. That is just one example of how things can be difficult. :-)
Yes. To be honest we have more issues with our Australian bank. They are rubbish to deal with and if I need to call them, the hold time is over an hour.
I watched the whole video all the way through and read most of the comments (the comments compliment your work so well) starting from the first to the last and was shocked, yes shocked I tell you, to see I commented only a month ago. Besides that bit of trivia allow me to repeat how useful this is! Such good work. Thanks (again).
Thanks so much for your kind words. I love how the comments give different perspectives because it's different depending on where you are sending money from. People in the US have some great options that aren't available to us as Australians, so we didn't know too much about them.
Hi Claire! Thanks again for great information. As U.S. citizens we opened a Charles Schwab investment banking account here in the USA specificially for when we are traveling internationally. We can go to almost any atm and make a cash withdrawal with no international transaction fees and also they reimburse us for any fees the atm might charge. So fee free withdrawal most anyplace in the world. Is there any reason we might not want to pay US cash for things like rent or utilities if living in Cambodia? On our recent trip to Siem Reap we brought several hundred dollars in US cash being mostly one, five, and ten dollar bills. As usual we carefully checked each bill for excessive wear, tears and ink marks. On one, one dollar bill there was the smallest tear which we missed. A tuk tuk driver gave it back to us saying it was no good. We understood and replaced the bill. This is not related to your story, but a few years ago we brought 25 two dollar bills thinking Cambodians might enjoy the uniqueness of them. Even in the USA they are not used frequently. We learned very quickly Cambodians did not want them. We did give a few away but we will never bring them to use for regular currency.
You are fortunate to have the option of Charles Schwab. It's not something available to us as Australians, and we have the added issue of a third currency. I think it's good to use your CS card until you can open an ABA account, then you can switch to that instead. It's a fantastic system and you can use it to transfer rent, pay for food at restaurants, groceries, markets, pretty well everything.
Good morning/evening Claire. I usually comment on your videos but admittedly don't have much to say as this isn't very pertinent to my life now here in the USA, so I guess I'll just use this time to say hello!
Only just found your RUclips channel. Great to hear an Australian voice for a change, and to top it off, a super informative resource. well done, I'm a convert to your channel! Have been to Siem Reap on a conference years ago but did not see much of it so viewing all your videos with relish in my search for a place for my wife and I to retire in a few years. I was surprised to read that it costs AuD$68 every month to transfer $2,999. This is AuD$816 per year in money transfers YIKES that is high!!! Is there any interest on the account balance from the local bank? I like this suggestion from a poster :"You can transfer money from your home bank to your Wise Card, then use your Wise Card to make purchases, pay bills, and even withdraw from ATMs in Cambodia." ...makes more sense no?
The $68 is the Remitly fee plus the difference in exchange rate when comparing xe.com to the rate offered by Remitly. In hindsight, probably not the best way to explain the cost. I've never seen a rate higher than Remitly offers, even Wise can't get close. You lose way more money with their lower rate over a $2999 AUD transfer. Add to that the fact that ABA is wonderfully universal here, and there's no comparison in my mind. It's great to have you on board! Maybe see you in the Kingdom soon. 🙂
Hello. I'm a new subscriber and will be moving from the U.S. Siem Reap in Dec-January. I find your videos to be very informative and have helped me immensely as I continue to prepare for my retirement journey. Thank you for posting.
Thank you Claire, your info is always so spot on. I used Wise when in Thailand prior to having a Thai bank account, it was a nightmare for me, some transfers took up to a week and I never knew where the funds were during the transfer. REMITLY seems like a good alternative. Plan to be there in June or July. Happy New Year to you and Jeremy
Thanks for the video. Now it would be great to make a video of how to send money from our teaching jobs in Cambodia back to our home country of the U.S.A., since most of us have bills to pay back in our home country.
For ozzies you can get an overseas debit card and load the appropriate currency just be aware of the exchange rates , thats the killer for travelers , for more permanent just be aware of the exchange rate and transaction fees , some do vary depending on your amount , some bank to bank transfers are terrible , just saying so do your home work and ask around to see what suits you ... Catchya...😎😎😎
Exactly, Maddo, 100% agree. It's the full picture of the exchange rate and the fees. We have found Remitly to be good rate-wise and also in terms of speed. Always need to check as things change, too. Catchya!
If you qualify for a premium relationship tier, HSBC is the easiest expat bank to use for both US and Australian citizens (IMO). US domestic banks will typically close your account if you change your address to a non-US address. There is a State Department Credit Union that allows non-US addresses if you are a US citizen (open this before you leave).
From OZ and been in Cambodia for 8 yrs, have banked with ING for many yrs. 18 months ago I get a call to say my acc. would be closed in 2 weeks as I didn't qualify as an OZ resident. Already had an acc. with Bredbank in SR, so Centrelink now transfers my pension directly here at the OZ Reserve Bank rate at time of sending. Agree it is much better if using cash, to get Reil n not $ from your Bank. Still enjoy yr program, be it on a moto or about $'s, lol.
That's such a shame about ING, but it's great you were able to find a good solution. We love getting those nice wads of Riel from the ATM! Thank you for watching. 🇰🇭🎯😁🍍🎉
Australian banks can be difficult - as Clare noted elsewhere. I (we) just spent 3 months in NewZealand and Citi bank (which was taken over by NAB) suddenly closed all my currency accounts and refunded funds by NAB cheques to my Australian postal address. No warning - luckily I had Wise as a backup....
Hi Claire. If you arrive in Cambodia without a lease yet because you have to look around for a rental property, can you not open an ABA account right away? If you took USD from Australia, you would want to deposit it straight away.
I will need to get a Cambodian bank account - but, in the meantime I just go to the ATM and withdraw USA dollars. Kind of an issue sometimes breaking the 100 bills 🤷🏻♂️
You can get out Riel or take it to a money exchanger. Just make sure the bills are in good condition before leaving the ATM. PRO tip, get money at a ABA atm at a branch during opening times.
@@ForRiel fantastic. Thanks for that Claire. I love the news and the nature and the culture videos you both produce, we these nuts and bolts episodes are very useful too, and I appreciate it.
For Australians the ING debit card was wonderful, 5 fee free ATM transactions and rebate of foreign ATM fee. Alas this will change soon I presume you have looked into Ozforex & Wise? What are ABAs ATM fees?
Yes, we looked into those. Wise isn't an option. Once the funds are in ABA, there are no fees to withdraw. So we can withdraw Riel all day long, no worries! Thanks for watching.
Thanks Claire this was very helpful. Just to confirm, there is no way as far as you know to simply etransfer to yourself from your Australian bank account to your Cambodia account?
I have been using wise to ABA but have just tried western Union in Thailand. Pay the money in au dollars on debt card from my Australian bank cost $4 to transfer $500 and you can pick up the cash for a western Union office within 5 min. The rate was good as well. Not sure about Cambodia but I would think it is the same.
Yes, it's probably similar. Once you find a system that works for you and you're happy with it, stick with it! We have been using Remitly for a while now and find that it works seamlessly with ABA. Thanks for watching.
Hi Claire. Tried to use Remitly but they only accept card numbers that have a VISA Mastercard format. They dont seem to accept debit cards with an IBAN number format. Pitty.
I bank with charles schwab. I can take out up to 15000 US per day from any ATM in the world, all fees refunded 3 weeks later. They offer a wire transfer to international banks with a flat fee of $15 never used it. I am using remitly now to transfer $20 per month to Bangkok Bank to keep the account open
Thanks Claire for the useful information. How about transferring money out from Cambodia to other parts of the South East Asian region, say Singapore or Malaysia. Is the sender subject to the same charges? How about taxes? How much in terms of % will it be levied on funds transferred, if any.
This is very helpful! I get paid through Paypal and can't send directly to a Cambodian bank account, so it appears I'll have to keep my American bank account active, transfer from Paypal to that, then use Remitly to send to ABA. At least now I know what to do. Thanks!
Can you get one of those Charles Schwab accounts? They have fee-free withdrawals here (and everywhere as I understand it). Our issues arise because we have to convert from AUD to USD during the transfer, but you are already in USD, so it should be easier. You could withdraw fee-free here and then deposit into ABA once you open an account.
I've made deals with buddies that have bills to pay back home in Canada. I e-transfer my Canadian money into their Canadian accounts, and then they transfer their USD into my ABA account. skip all the fees
Seems way cheaper and easier to just go to the ATM machine and pull $1,000 USD 3 times? I know some banks charge a fee, but mine refunds all those (unlimited, even nasty ATMs like in Peru that charge $10 USD). When I was in Cambodia for 2 months, I had perfect success with ATM machines. I don't know if they really do give counterfeit bills at times, but I recorded a video of each withdrawal and the serial number of each bill that came out just in case.
Yes, for you it might be easier, but we are operating in a third currency. We have to consider the fees and the exchange rate. Banks generally give a very low rate and that's why we use Remitly. Their fees are low, and more importantly, their rate is very close to xe.com
Hey guys. Thanks for another good video. I use OFX to transfer from Commonwealth bank in Aus to ABA or other banks in Cambodia. I also have a Commonwealth bank travel money card that I posted to my Mother in Law in Cambodia and I transfer $ into this automatically via bpay each month. This allows Mum to go to an ATM and withdraw cash. But one issue I found on my most recent trip to Cambodia was the ATMs we’re asking for a 6 digit PIN number. And of course my Australian cards only have 4 digits so I was stranded with no cash in PP which was not fun. Can you elaborate on the 6 digits issue? Thanks.
Sounds like it was working well until the 6 digit thing. From what I can tell, the 6 digit thing is something called ABA Digi Guard, and I think it works like 2FA in Australia but am not sure.
Clare , this may be of interest to your subscribers , I have traveled to Thailand for 20 years, I take AUD cash to Thailand and change it at a bank, BUT, recently I went to the Krungthai bank and the Kasikorn bank, to change cash for Baht, For the first time , EVER, both these banks said NO , no interested, I had to go to the Bangkok Bank , no problem , Also I have been told , which I have never done , You can walk into a Thailand bank with your Australian Bank debit card and make a no fee withdrawal, I have not done this as yet , so can’t say it’s fact, Would this also apply to Cambodian banks, ???????? Peter Mackay Qld
That's really interesting to know. I wonder why they changed it. I would think they are probably offering a rubbish exchange rate if they are allowing a no fee withdrawal - they've got to be making their cut somewhere. I think we can use our ABA card outside of Cambodia because it's a visa, debit card and so should be accepted from what I can gather.
@@ForRielAt the point in the process where you chose a debit card - was that your ABA card? I'm assuming that you register that in remitly (along with your Australian bank account). This sort of hints to me that you can't register your ABA account number - unless I got it wrong
Smart Aussr❤ Lady. You used to be a teacher there, for now how are you n Jeremy make money for all living expenses there Claire if you don't mind me asking?
Appreciate your video, I just opened a Chase debit account in the UK, no fee for using any ATM abroad, but no doubt you'll incur some local charges. Can any foreigner open an ABA account Ian Cambodia and are you charged for using their ATMs?
Chase sounds good! Expats can open ABA account, just need an ordinary visa (not tourist) and your lease. It's a fame changer once you have that account. Thank you for watching.
With all the talk & everything as clear as mud about expats remitting money into Thailand what is the deal in Cambodia for retiree Expats. As far as I can see online some sources of money including pensions are liable for Cambodia for those who are in Country 183 days or more in a Calendar/Tax year but on practice this is not enforced.
Yes, the vibe and pace of life are different. Vietnam is all about the hustle and it's tiring. We lived in Hoi An back in 2014, so have a good understanding of life there. Thailand would be ok if the visa was easier, but Cambodia is just somehow a better fit for us. We feel good here.
@@ForRielThings have improved a lot in Vietnam... People areuch better off now and a lot less "harassment". I like Natrang - Beautiful beach, just the right place and decent pricing...
I’m from Australia and travelled to kampot, Phnom Penh and Siem Reap in 2019 and fell in love with the country and would love to Iive in Siem Reap but my wife believes we can’t afford to retire early and just do this. I’ve tried showing her the sums but she always uses insurance, medical (because we’re both mid 50’s) and not having enough money to do this as a reason to stay in Australia, (we have enough money). I’m fed up with our government’s penny pinching and would love for my wife and I to have a hassle free early retirement in Cambodia. Do you guys have an accurate breakdown of all ongoing/continuous costs on a yearly or monthly basis as well as start up costs as I’d love to set her mind at ease. Thanks guys and love the videos..
Hi Darren, did you see our cost of living video? It contains all of that information and I hope it will be helpful for you. ruclips.net/video/2K8gF_ZM6BI/видео.htmlsi=PYKhgwA4g2QnUTI9
I watched your video thru a comment on Facebook , why would Americans bother to pay anything to remitly ? I use my credit card to pay anything and do not even have to pay ATM fees ! Pay the credit card directly from USA bank . No foreign fees at all .. When I want cash just debit from my savings to the cheapest ATM here then deposit that directly into “ cash in “ ABA . No limit or conversion whatsoever .
Americans should not bother. It's only necessary if you are working in a third currency like we are with AUD. It costs us more to be here because of the exchange rate as well as the fees.
I have a Schwab account but I usually like to get the most money from a transaction ATM as I can, even though its N/C to me. But all banks are different some give out more per transaction than others.So I was just asking. In the Philippines BGO and Hong Kong bank are 2 examples that give out the most
That seems overly complicated to me, why not simply transfer the money directly from your ANZ bank in Australia to your ABA account in Cambodia or even just withdrawn the money out of an ATM with a visa card, I'm sure you have a reason but you never covered what it is.
Thanks for watching. We don't transfer directly from bank to bank because it's very slow that way. Using Remitly is instant, so no worrying about where your money is. Also, and probably more importantly, Remitly's exchange rate is ALWAYS much better than the bank, and the fees are much lower. We could withdraw cash then re-deposit it into ABA, but again, the ATM fees and bank fees are much higher, and the exchange rate is lower. People from the US don't have as many issues as they don't have to convert from another currency. It's all about the combination of the rate and the fees.
@ForRiel not only that, but if you use a very well known american bank/investment firm called Charles Schwab as your savings account you'll be pulling travel funds from, they'll pay back all ATM fees.
Can i get an ordinary visa on arrival without having a job there or paperwork? I get a retirement pension from the military. Might consider staying there a year but getting mixed reviews on the ordinary visa. 🤔
It's an option, but you have to look at the exchange rate and the fees. Over time, they really add up and that's why we transfer using Remitly. Their rate is very close to XE and the fees are low. Banks generally give a rubbish rate.
Good info thank u.question if I get every month a govt agency check from canada 🇨🇦 in canadian funds in my personal name on the check.can a cambodia bank cash it for me .thank u
I am using a USA bank which is PNC. Recently in Colombia I just used my ATM card and withdrew cash in pesos. All fees were refunded later by the bank. Is it possible to do the same in Cambodia? Thanks for your great videos!
I think it would depend on your bank's agreement with the Cambodian bank. I know Charles Schwab users have no problem here, so potentially could work. Thanks for watching!
We certainly didn't delete it. Sometimes we see comments, but then when we go back later to reply to them, they're gone. I checked the 'Held for review' screen and it wasn't there either. I'm sorry that happened.
@@ForRiel No URL. I've had posts deleted from your page before. I guess YT just doesn't like me! Tried to post again and it's also gone. Shame, some useful info in that post.
That is a real shame and I have no idea why it would happen. I'm happy to post it with a note that it's your comment if you'd like. My email is in the about section.
Hi, this channel is Amazing. I’m moving to Cambodia to become an English teacher. Tefl. I will do my training there in siem reap. I would like to know which company to use to transfer money from UK bank account to Cambodia? Thank you so much it’s well structured and very informative. I’ve watched your other video on the Tefl teaching. Loved it as it answer so many of my burning questions. Keep up the good work. ❤
That's great! Thanks so much for watching. I think Remitly or Wise would work for you. It's easiest to wait until you have a bank account so that you don't have to carry large amounts of cash.
The rate ANZ offers is rubbish, and you have to wait 3 days for the funds to arrive. I think there's a transaction fee as well. Maybe Remitly from your NAB would be better. Compare the rate you get from NAB with xe and let us know how it compares.
@@ForRiel I’m relocating from Eastern Canada to PP on July 14…, I Currently have a National Bank of Canada account. ABA is an affiliate bank of NBoC and but I do not yet have an ABA account until I arrive. Already have a flat secured and I just need to sort out the money transfer / transaction options available to me in the meantime. Keep you posted!
Hi I am Australian and I have an ANZ debit credit card and I also use western union for transfering money while I was living in the Philippines....am I able to use western union in Cambodia for getting money from my ANZ account?
You can, and that would work until you can get an ABA account sorted. WU is a bit more footwork and you have to show your passport to collect. Using an online service like the one in the video is great because you don't have to leave the house.
I have just tried to get an account with Remitly and I think I did it but when I arrive in Cambodia to live will I encounter any problems getting money? I am getting the disability support pension and I am allowed to live in any country around the world so is approximately $2,000AUD enough to live and be able to save money and I am not a snob and don't really care about where I live as long as it is safe and reasonably comfortable! @@ForRiel
I want to direct transfer from my acc in Aussie to my aba acc but no one at the bank seems to know what I’m talking about, I can charge Aussie $ to us& without incurring fees in aust,
Ask ABA for their swift code and get their address. I have made numerous wire transfers from BofA to Bangkok Bank with this process. I can transfer $9,999 USD at a time without my bank having to inform the IRS.
I just need to find out if I can arrive at siem reap airport from Australia in 2024 and get an ordinary visa on arrival at the airport and I don't want the tourist visa either please? Or do I need to go to the Cambodian embassy in Australia first as there are conflicting information about this on google! I also would like to find out from you about health insurance with the costs involved and if you got the insurance in Australia before you moved to Cambodia or did you get your health insurance in Cambodia after you arrived there and how much and what is included in your insurance as there are so many diffent types of insurance available!
Hi Claire :) I have used Wise to transfer cash from my Australian CBA account, to my Indonesian bank account for years. Very quick and sure. Much easier and quicker than your system, but maybe not so in Cambodia? I assume transfer must be converted to USD, and not Riel? And now for the big question...does your ABA Bank tax every transfer at the standard 20% ? As a retiree, each transfer will be the only record of my pension "income". I assume there will be no requirement for me to do any form of Tax Return? Thank you
Hi guys I am in Siem Reap now and I would love to meet up with you please. I am renting an apartment but unfortunately I don't actually know my address but I am near a market on road 6 near the ABA ATM machines. There is a bridge going over the river with a large outdoor exercise yard next to it and I walk from my apartment to pub street and it only takes me approximately 20 minutes!
Hi Claire, Queries about only using Riel. Was there not a move recently to mandate tendering USD and change only in Riel? (or have I only got half the story) Do vendors not always seem to ask for, and expect, to be paid in USD? - and seed surprised when you give them Riel instead.....
Most prices in restaurants and shops are US $ but they should have the Riel price as well. We mostly pay with our ABA app for everything, and tip in Riel.
@@ForRielthank you for your interesting video, didn't think it was boring at all! 😊 I do apologize if this seems silly but for people use to one currency it gets a bit tricky... with the ABA account when you pay with your app, are you paying the amount in USD? If the item is 4000 KHR are you paying $1 from your account? Thank you for all these videos.
Your step by step guide completely skipped the phase where "CLAIRE the ABA-side recipient" was added in the Remitly app, but okay. Re. the fee - you could also say that the effective fee of using that method works out to about 2.25% - at least for the USD2k range :)
I was wondering how I would get my tax info to prepare my taxes. This comes to me by mail only. I would need a forwarding address in English. Is that possible to have?
@@Circuit7Active I'm in Mexico.I use the US Global mail forwarding service.They scan and email for me.I view it on line.The only important things are insurance,auto and financial.
Doable but a little tight and not too much space for extras like travel. It's about $800 US, so leaves you about $500 after average rent of about $200 and electricity. You'd need an emergency lump sum of $5k, more if possible.
I don't have any emergency money as I am unemployed and living on the Disability Pension for many years now. If my rent is only about $100 - $150 per month and I will not buy a motor bike as I will never use it then $500 USD should be enough I heard on other videos. I probably won't travel as I have been all around the world and for the last 4 years I have been trapped in the Philippines due to covid 19 lockdowns! I only earn approximately $2,000 AUD per month and in Australia this is below the poverty line so I hate it and I have been to Cambodia before in early 2019 and I loved it but this time I want to live permantly in Cambodia and maybe even find myself a wife!@@ForRiel
In that case, you'll be fine. We always try to err on the side of caution especially for people who are unfamiliar with Cambodia/Southeast Asia, but you know the territory and will be ok.
I hope this video is useful! It's not a terribly exciting subject, but it's necessary for those of us who earn our money outside of Cambodia and need to bring it in on a regular basis. Remember with this money stuff, there's no right or wrong way to do it, there's just the way that works best for you and your situation. Thanks for watching.
Thank you for taking a stab at this topic. I think the money part isn’t the barrier but how there are different rules in different countries and you need to be aware of some of the hiccups. Great topic!
I think you're right! It's something everyone needs to understand for their own situation. 😊
I was wondering how much you can save in Cambodia. I’m going to be teaching English with a TEFL no bachelors degree. Not very good GCSEs. How will I fair?
You'll be accepting a lower rate of pay, so less opportunity to save. You'd have to cut your expenses in other ways, I think.
You can transfer money from your home bank to your Wise Card, then use your Wise Card to make purchases, pay bills, and even withdraw from ATMs in Cambodia.
Yes, there are many ways to go about this. We prefer to transfer into ABA because it is so widely used here. Thanks for watching.
I use WISE to transfer funds from Australia to Cambodia, into my ABA acct in USD. The fees are very reasonable, around 1% or a little less and they give you the real rate.
It does normally take 2 days for the funds to arrive, but that is not a problem as i allow for it.
I am very satisfied with WISE as a funds transfer company.
2 days before or in the weekend. 24 hours when sending it on Tuesday, Wednesdays or Thursdays is my experience
We tried Wise but were already out of Australia and couldn't set it up because we couldn't complete the verification (code to mobile). We like the immediacy of Remitly, but Wise sounds good too.
Yes, WISE works really well. Not that I am in Cambodia but if I was, I would open an ABA account and it would work as well as it does here in Australia, when I transfer my part pension from the UK, to my Australian Bank. It also takes 2 days normally but you can track your money in their app and they give you a fairly accurate day and a time (Australian time zone) it will arrive in your Australian account.
my fiancee took an ABA account at first as well, but those 'thieves' take much more 'administration costs' than the bank she is using now --> ACLEDA bank
@@Wouter_asia I have been using an ABA account for 14 months now and have not paid any fees and if i have its been a few cents.
I'm 22 hours early for this one so have to be first :). Defo not a boring topic - stuff like this is very useful and based on your actual experience has some cred behind it, so we will be listening!
22 hours early is very impressive! Jeremy is good at this number stuff, and I had to badger him with questions so I understood it well enough to talk about it. It's not my strong suit, that's for sure. 🤣 See you Sunday!
It’s a bit concerning how a Canadian bank has such a stronghold on transactions in Cambodia. Don’t forget that it was Canada that froze the bank accounts of its citizens when they didn’t like what they were doing. Now they are tracking the heck out of most people in Cambodia.
Yes, no other bank even comes close to ABA in terms of reach and quality of service. I don't know about the things you mention, but there is potential for a lot of tracking of transactions.
@@ForRiel consider what they provide for “free”. Most Khmer people have very low funds. So how does ABA make their money? Selling the immense data they are collecting. Their app is everywhere and the once mainly cash society now has even the smallest transactions recorded.
It’s something to be mindful of for those hoping to escape the increasingly communistic West.
Yes, citizens who were using donation money to fund their personal bank accounts, while perpetrating other illegal activities. Those poor citizens were charged and convicted. 🙄. Canadian and Australian banks are the most reputable and safest in the world.
@@dominiquetheeasyminimalist I assume you meant to say, "Canadian citizens legally protesting against a tyrannical government as well as citizens simply donating to a worthy cause". Because that would be an accurate and honest response.
As a tourist I use the Wise MultiCurrency Travel Card to load currencies that I will need on my trip, eg. USD, Malay Ringat, Korean won. The card supports 50 currencies. Depending on where the card was issued (different rules for some countries) you can use it to withdraw cash from ATMs. I also have used the Wise transfer service which is similar to the Remitly transfer service described in your video. I also have a Remitly account as backup.
Wise is interesting. A bit off-topic. For debit card useage. Wise debit cards issued in the US, the card will not work in Cambodia or Vietnam. Revolut is another money transfer option, actual bank, and I believe their debit card will work in Cambodia.
That sounds good for visiting several countries. They need an ASEAN Euro here! We find Remitly to be very good, and as you say, having a few channels open is good in case something goes wrong with one of them.
@@stevenjb.9275 Revolut fees are very high and they are about to (or already have) increased them.
What bank gives you the most ATM withdrawal and the amount Thanks
@stevenjb.9275 Sounds like a US-issued Wise card issue, possibly due to US regulations. My UK-issued Wise card worked every time for me when I visited HCMC and Phnom Penh in 2022. To get money onto my Wise, I transfer AUD from my Aus bank to my Wise virtual Aussie bank account, and its free, zero cost and usually instant via Osko. Then, i use my Wise card for transactions, my AUD is converted to the local currency on the fly at the Google published exchange rate. I could also transfer riel to my landlord's Cambodian bank account for a tiny fee, so I never needed to open a local Cambodian bank account, despite staying for months. Wise is a global and borderless bank account and it rocks. A must- have for all travellers and it saves us from needing to open foreign bank accounts in every country we travel to. Highly recommended 👍👏
Thank you Claire and Jeremy! I'm very grateful for the information you have provided. My wife and I are retiring in July, 2023 (next month). We are so excited! We want to retire in Cambodia. We have been in Phnom Penh several times. Any tips you can give us is greatly appreciated. Thank Again! ⚡️
That's fantastic! So great that you are making the move. Phnom Penh is good fun, but it is much less expensive to live in Siem Reap. Thanks for watching.
@@ForRiel Thank you! 🙂
Ok, not terribly exciting Claire, but very important. Thanks.
Yeah we can't avoid these things! 🤣🙏
Thank you for the information about Remitly =
We have US Dollars in Chase Bank and because of their relationship with ACLEDA (using SWIFT) and our Preferred Status with CHASE we can wire funds without fees. The fees come from the accepting bank: ACLEDA is about 1/3 to 1/2 less than Remitly’s fees.
I have the advantage of having Khmer family who can sort out details in country for my behalf.
As a US citizen, we have to remember to report our funds to our Federal Tax System (IRS) by completing a yearly FBAR (Foreign Bank Account Report).
That sounds like a really good solution. How long does it take for the funds to arrive?
I use capital one in the USA. Their debt card has no us fees, only the destination country atm fees. I will be slow traveling around the world so getting a new bank acct every three months doesn’t make cents(lol).
That sounds like a very good solution for your situation. Thank you for sharing.
Capital One is amongst the Banks with Red Flags. You would be well advised to move some money to another bank. To be caught up in a bank failure is almost the worst nightmare one can experience.
Great information!
Thank you so much!
Love you guys!
Thank you so much! I'm really glad it was useful. 😁
As for another thing to be aware of....
Try and use a Standard Chartered Bank here. You can't. They have office on the riverside but no bank service. That is just one example of how things can be difficult. :-)
Yes. To be honest we have more issues with our Australian bank. They are rubbish to deal with and if I need to call them, the hold time is over an hour.
I watched the whole video all the way through and read most of the comments (the comments compliment your work so well) starting from the first to the last and was shocked, yes shocked I tell you, to see I commented only a month ago. Besides that bit of trivia allow me to repeat how useful this is! Such good work. Thanks (again).
Thanks so much for your kind words. I love how the comments give different perspectives because it's different depending on where you are sending money from. People in the US have some great options that aren't available to us as Australians, so we didn't know too much about them.
this was extremely helpful thank you, I was about to have a break down about not having money here and now I can actual eat :)
Happy to help! 😄
Yes very useful! Wish one day I could do the move so it reduce questions and worries.
That's great, I am pleased it's helpful. Thank you! 🍍
Hi Claire! Thanks again for great information. As U.S. citizens we opened a Charles Schwab investment banking account here in the USA specificially for when we are traveling internationally. We can go to almost any atm and make a cash withdrawal with no international transaction fees and also they reimburse us for any fees the atm might charge. So fee free withdrawal most anyplace in the world. Is there any reason we might not want to pay US cash for things like rent or utilities if living in Cambodia?
On our recent trip to Siem Reap we brought several hundred dollars in US cash being mostly one, five, and ten dollar bills. As usual we carefully checked each bill for excessive wear, tears and ink marks. On one, one dollar bill there was the smallest tear which we missed. A tuk tuk driver gave it back to us saying it was no good. We understood and replaced the bill.
This is not related to your story, but a few years ago we brought 25 two dollar bills thinking Cambodians might enjoy the uniqueness of them. Even in the USA they are not used frequently. We learned very quickly Cambodians did not want them. We did give a few away but we will never bring them to use for regular currency.
You are fortunate to have the option of Charles Schwab. It's not something available to us as Australians, and we have the added issue of a third currency. I think it's good to use your CS card until you can open an ABA account, then you can switch to that instead. It's a fantastic system and you can use it to transfer rent, pay for food at restaurants, groceries, markets, pretty well everything.
The ABA account would work as a "debit"card? Thanks for the information.
Very useful information, thank you! We are soaking in all of your tips and know how, can’t wait to put it into practice!
That's great! New video out at 6pm Cambodia time tomorrow.
Good morning/evening Claire. I usually comment on your videos but admittedly don't have much to say as this isn't very pertinent to my life now here in the USA, so I guess I'll just use this time to say hello!
Good to see you, and thanks for commenting even though this one doesn't apply to you. Much appreciated!
Only just found your RUclips channel. Great to hear an Australian voice for a change, and to top it off, a super informative resource. well done, I'm a convert to your channel!
Have been to Siem Reap on a conference years ago but did not see much of it so viewing all your videos with relish in my search for a place for my wife and I to retire in a few years.
I was surprised to read that it costs AuD$68 every month to transfer $2,999. This is AuD$816 per year in money transfers YIKES that is high!!! Is there any interest on the account balance from the local bank?
I like this suggestion from a poster :"You can transfer money from your home bank to your Wise Card, then use your Wise Card to make purchases, pay bills, and even withdraw from ATMs in Cambodia." ...makes more sense no?
The $68 is the Remitly fee plus the difference in exchange rate when comparing xe.com to the rate offered by Remitly. In hindsight, probably not the best way to explain the cost. I've never seen a rate higher than Remitly offers, even Wise can't get close. You lose way more money with their lower rate over a $2999 AUD transfer. Add to that the fact that ABA is wonderfully universal here, and there's no comparison in my mind. It's great to have you on board! Maybe see you in the Kingdom soon. 🙂
Hello. I'm a new subscriber and will be moving from the U.S. Siem Reap in Dec-January. I find your videos to be very informative and have helped me immensely as I continue to prepare for my retirement journey.
Thank you for posting.
Wonderful to hear they've been helpful. Thanks so much for watching.
Thanks for the information and effort.
Thanks for watching, Carl! 🍍
A good and informative video. Thank you.
Thank you so much!
Great video! Always important info.
Thanks for watching, Richard!
Many thanks Claire 😊 Veru useful info 👍
Cheers, Mike! Lovely to have you stop by. 🎯🎉🇰🇭🍍😁💰
Extremely helpful, enjoyed from Toronto Canada...Thanks!!!
Glad to hear it. Thanks for watching.
Thank you Claire, your info is always so spot on. I used Wise when in Thailand prior to having a Thai bank account, it was a nightmare for me, some transfers took up to a week and I never knew where the funds were during the transfer. REMITLY seems like a good alternative. Plan to be there in June or July. Happy New Year to you and Jeremy
Glad it was helpful! 😇
Thanks for the video. Now it would be great to make a video of how to send money from our teaching jobs in Cambodia back to our home country of the U.S.A., since most of us have bills to pay back in our home country.
Same process to send back using Remitly works just fine!
Excellent info
Cheers, mate and thanks for watching!
Good to see you Eddy!
Very helpful 👍👌 - Thanks Claire 🙏
Cheers, and thanks for watching!
For ozzies you can get an overseas debit card and load the appropriate currency just be aware of the exchange rates , thats the killer for travelers , for more permanent just be aware of the exchange rate and transaction fees , some do vary depending on your amount , some bank to bank transfers are terrible , just saying so do your home work and ask around to see what suits you ...
Catchya...😎😎😎
Exactly, Maddo, 100% agree. It's the full picture of the exchange rate and the fees. We have found Remitly to be good rate-wise and also in terms of speed. Always need to check as things change, too. Catchya!
If you qualify for a premium relationship tier, HSBC is the easiest expat bank to use for both US and Australian citizens (IMO). US domestic banks will typically close your account if you change your address to a non-US address. There is a State Department Credit Union that allows non-US addresses if you are a US citizen (open this before you leave).
We just use Remitly and it works really well.
How about ell phones? Can I get a local SIM card?
Good advice. Yes I use XE all the time. :-)
We love xe! Thanks for watching!
From OZ and been in Cambodia for 8 yrs, have banked with ING for many yrs. 18 months ago I get a call to say my acc. would be closed in 2 weeks as I didn't qualify as an OZ resident. Already had an acc. with Bredbank in SR, so Centrelink now transfers my pension directly here at the OZ Reserve Bank rate at time of sending. Agree it is much better if using cash, to get Reil n not $ from your Bank. Still enjoy yr program, be it on a moto or about $'s, lol.
That's such a shame about ING, but it's great you were able to find a good solution. We love getting those nice wads of Riel from the ATM! Thank you for watching. 🇰🇭🎯😁🍍🎉
Australian banks can be difficult - as Clare noted elsewhere. I (we) just spent 3 months in NewZealand and Citi bank (which was taken over by NAB) suddenly closed all my currency accounts and refunded funds by NAB cheques to my Australian postal address.
No warning - luckily I had Wise as a backup....
Another useful/interesting video. How easy or difficult is it to open a non payroll account with ABA or any other decent bank in Cambodia though.
Thanks so much! Opening an ABA account is easy. You just need a lease and passport with an E type visa.
@@ForRiel thank you.
Do you open a joint account, or just an account with 2 debit cards?
Hi Claire. If you arrive in Cambodia without a lease yet because you have to look around for a rental property, can you not open an ABA account right away? If you took USD from Australia, you would want to deposit it straight away.
great information👍
Thank you! 🇰🇭💰🎉🍍🎯
Just bring cash. Under $10000. For 4-6 month stay. Convert at local money exchangers for best rates.
Yes, this is possible but a little risky to carry so much cash.
Amazing video and very useful as always.
Thank you! Appreciate you watching 🙂
Beautiful!. Thank you!.
Thanks for watching! 😁🇰🇭💰🎉🎯🍍
Another good video on needs when on va=ca or relocating. Thanks
Appreciate you watching.
Just had a look at you guys on Andrews channel, and here I am 😀
Lovely! Thanks for coming over. :)
I will need to get a Cambodian bank account - but, in the meantime I just go to the ATM and withdraw USA dollars. Kind of an issue sometimes breaking the 100 bills 🤷🏻♂️
You can get out Riel or take it to a money exchanger. Just make sure the bills are in good condition before leaving the ATM. PRO tip, get money at a ABA atm at a branch during opening times.
@@ForRieluse a Charles Schwab card for any of those ATM wd's or purchases until you can get a ABA bank acct that'll give you a debit card.
Thanks for this good info !
Glad it is useful. Thank you for watching. 🎯🍍🇰🇭🎉🎯💰
Seems kinda complex, but good content. Ty for sharing subscribed
It's because we have to change from AUD to USD. If you're already in USD, you only need to worry about fees, not exchange rate.
That was actually not boring at all. Thank you. Is it easy to open an ABA account?
Great! Yes, it's easy to open an account. You need either a long stay visa or a rental agreement.
@@ForRiel fantastic. Thanks for that Claire. I love the news and the nature and the culture videos you both produce, we these nuts and bolts episodes are very useful too, and I appreciate it.
For Australians the ING debit card was wonderful, 5 fee free ATM transactions and rebate of foreign ATM fee. Alas this will change soon
I presume you have looked into Ozforex & Wise?
What are ABAs ATM fees?
Yes, we looked into those. Wise isn't an option. Once the funds are in ABA, there are no fees to withdraw. So we can withdraw Riel all day long, no worries! Thanks for watching.
OZforex was a no go for me to set up. Got to the ID stage and it wouldn't let me proceed....😢
Thanks Claire this was very helpful. Just to confirm, there is no way as far as you know to simply etransfer to yourself from your Australian bank account to your Cambodia account?
You absolutely can do that, but the rate is usually rubbish. Please do the comparison and let me know! Thanks so much for watching. 🎯 🍍🎉💰🇰🇭
Great channel. Thanks.
Thanks for watching!
Thanks for this topic !!! I would wonder how I would make larger transactions like buying a bike or motorcycle for sure !!!
Same process for any amount, and the fee is the same, so it's better value to bring more across at once.
I have been using wise to ABA but have just tried western Union in Thailand. Pay the money in au dollars on debt card from my Australian bank cost $4 to transfer $500 and you can pick up the cash for a western Union office within 5 min. The rate was good as well. Not sure about Cambodia but I would think it is the same.
Yes, it's probably similar. Once you find a system that works for you and you're happy with it, stick with it! We have been using Remitly for a while now and find that it works seamlessly with ABA. Thanks for watching.
Can't you just transfer money from your Australian bank account directly to your Aba account? Because I can do so from my Dutch account to ABA.
You can, but the exchange rate is usually a lot lower. That's why we don't do it that way.
@@ForRiel Aha. Thanks. I had no idea. I will follow your example and will do it your way then. Thanks for the info!!
Hi Claire. Tried to use Remitly but they only accept card numbers that have a VISA Mastercard format. They dont seem to accept debit cards with an IBAN number format. Pitty.
Ah, I didn't know that! Thanks for sharing. Hopefully, it will help someone else with IBAN. 😔
@@ForRiel Today I used Wise to transfer funds. It will take a few days to process. It sppears to work well.
With wise I pay £6 for a super fast £1000 transfer. From a UK bank account to a Thai bank account.
How was the exchange rate? Both the fee and the rate are good with Remitly. Works for us, but if Wise works for you, that's great.
Good morning/evening
Hello, and thank you for watching!
Brilliant info re my recent question about one dollar us notes people have told me it's no problem
It's not recommended, easier to change into Riel.
I bank with charles schwab. I can take out up to 15000 US per day from any ATM in the world, all fees refunded 3 weeks later. They offer a wire transfer to international banks with a flat fee of $15 never used it. I am using remitly now to transfer $20 per month to Bangkok Bank to keep the
account open
You are lucky to have the Schwab account. It sounds great. Remitly works very well for different currencies.
Thanks Claire for the useful information. How about transferring money out from Cambodia to other parts of the South East Asian region, say Singapore or Malaysia. Is the sender subject to the same charges? How about taxes? How much in terms of % will it be levied on funds transferred, if any.
Unsure about any of that sorry 😞. But I'm sure if you get the app it would tell you.
This is very helpful! I get paid through Paypal and can't send directly to a Cambodian bank account, so it appears I'll have to keep my American bank account active, transfer from Paypal to that, then use Remitly to send to ABA. At least now I know what to do. Thanks!
Can you get one of those Charles Schwab accounts? They have fee-free withdrawals here (and everywhere as I understand it). Our issues arise because we have to convert from AUD to USD during the transfer, but you are already in USD, so it should be easier. You could withdraw fee-free here and then deposit into ABA once you open an account.
@@ForRiel I could look into that. I wasn't aware. Thank you!
I've made deals with buddies that have bills to pay back home in Canada. I e-transfer my Canadian money into their Canadian accounts, and then they transfer their USD into my ABA account. skip all the fees
Smart 😎
Sorry for the strange question, but what is this ABA acct we're talking about? And how would I be able to open one? Is this a Cambodian bank?
@dennispetty4405 yes it's one of the biggest banks in Cambodia. You basically just need a 6 month visa or more to open an account.
go Cambodia!
We love Cambodia!
@@ForRiel indeed 🇰🇭❤️
Seems way cheaper and easier to just go to the ATM machine and pull $1,000 USD 3 times? I know some banks charge a fee, but mine refunds all those (unlimited, even nasty ATMs like in Peru that charge $10 USD). When I was in Cambodia for 2 months, I had perfect success with ATM machines. I don't know if they really do give counterfeit bills at times, but I recorded a video of each withdrawal and the serial number of each bill that came out just in case.
Yes, for you it might be easier, but we are operating in a third currency. We have to consider the fees and the exchange rate. Banks generally give a very low rate and that's why we use Remitly. Their fees are low, and more importantly, their rate is very close to xe.com
Hey guys. Thanks for another good video. I use OFX to transfer from Commonwealth bank in Aus to ABA or other banks in Cambodia. I also have a Commonwealth bank travel money card that I posted to my Mother in
Law in Cambodia and I transfer $ into this automatically via bpay each month. This allows Mum to go to an ATM and withdraw cash. But one issue I found on my most recent trip to Cambodia was the ATMs we’re asking for a 6 digit PIN number. And of course my Australian cards only have 4 digits so I was stranded with no cash in PP which was not fun. Can you elaborate on the 6 digits issue? Thanks.
Sounds like it was working well until the 6 digit thing. From what I can tell, the 6 digit thing is something called ABA Digi Guard, and I think it works like 2FA in Australia but am not sure.
Remitly is awesome
It is. We've been so pleased with how easy it is to use with ABA.
Clare , this may be of interest to your subscribers ,
I have traveled to Thailand for 20 years, I take AUD cash to Thailand and change it at a bank,
BUT, recently I went to the Krungthai bank and the Kasikorn bank, to change cash for Baht,
For the first time , EVER, both these banks said NO , no interested,
I had to go to the Bangkok Bank , no problem ,
Also I have been told , which I have never done ,
You can walk into a Thailand bank with your Australian Bank debit card and make a no fee withdrawal,
I have not done this as yet , so can’t say it’s fact,
Would this also apply to Cambodian banks, ????????
Peter Mackay Qld
That's really interesting to know. I wonder why they changed it. I would think they are probably offering a rubbish exchange rate if they are allowing a no fee withdrawal - they've got to be making their cut somewhere. I think we can use our ABA card outside of Cambodia because it's a visa, debit card and so should be accepted from what I can gather.
@@ForRielAt the point in the process where you chose a debit card - was that your ABA card? I'm assuming that you register that in remitly (along with your Australian bank account). This sort of hints to me that you can't register your ABA account number - unless I got it wrong
Thank you 🙏🏼
You’re welcome 😊
I could use this when i move back.
Glad it's helpful!
Smart Aussr❤ Lady. You used to be a teacher there, for now how are you n Jeremy make money for all living expenses there Claire if you don't mind me asking?
Thank you for watching! We have a range of income sources but we own property in Australia and that's the main thing.
Appreciate your video, I just opened a Chase debit account in the UK, no fee for using any ATM abroad, but no doubt you'll incur some local charges. Can any foreigner open an ABA account Ian Cambodia and are you charged for using their ATMs?
Chase sounds good! Expats can open ABA account, just need an ordinary visa (not tourist) and your lease. It's a fame changer once you have that account. Thank you for watching.
From the ABA website:
For locals
Be at least 15 years old;
Bring the original and valid National ID or Passport;
Complete our Application form.
For foreigners
Be at least 18 years old;
Bring the original and valid Passport (with valid visa) and any document that proves your residential status4;
Complete our Application form.
4 Proof of residence includes the followings:
Multiple-entry visa without leaving the country for at least 182 days in a year;
Proof of residence (house rental contract. certificate of residential address, hotel lease/bill) including a minimum of 6 months tenor in the contract; or
Proof of employment (employment contract, certificate of employment) indicating a minimum of 6 months employment or business license/certificate (if self-employed).
Ahh, gotcha..I see now, nice..thanks!
With all the talk & everything as clear as mud about expats remitting money into Thailand what is the deal in Cambodia for retiree Expats. As far as I can see online some sources of money including pensions are liable for Cambodia for those who are in Country 183 days or more in a Calendar/Tax year but on practice this is not enforced.
Yes, what you have said covers the situation as I understand it. There is currently no mechanism to monitor or collect taxes on these monies.
Why Cambodia and not Thailand or Vietnam? Besides easier visa, anything else better?
Yes, the vibe and pace of life are different. Vietnam is all about the hustle and it's tiring. We lived in Hoi An back in 2014, so have a good understanding of life there. Thailand would be ok if the visa was easier, but Cambodia is just somehow a better fit for us. We feel good here.
@@ForRielThings have improved a lot in Vietnam... People areuch better off now and a lot less "harassment". I like Natrang - Beautiful beach, just the right place and decent pricing...
The visa... Cambodia has the best visa in SE Asia.
Thanks Claire !!!!!
You're so welcome! 🥰
I’m from Australia and travelled to kampot, Phnom Penh and Siem Reap in 2019 and fell in love with the country and would love to Iive in Siem Reap but my wife believes we can’t afford to retire early and just do this. I’ve tried showing her the sums but she always uses insurance, medical (because we’re both mid 50’s) and not having enough money to do this as a reason to stay in Australia, (we have enough money). I’m fed up with our government’s penny pinching and would love for my wife and I to have a hassle free early retirement in Cambodia. Do you guys have an accurate breakdown of all ongoing/continuous costs on a yearly or monthly basis as well as start up costs as I’d love to set her mind at ease.
Thanks guys and love the videos..
Hi Darren, did you see our cost of living video? It contains all of that information and I hope it will be helpful for you. ruclips.net/video/2K8gF_ZM6BI/видео.htmlsi=PYKhgwA4g2QnUTI9
Moving to Siem Reap! Can't live in USA in my area anymore
Great to hear you are moving. Looks like Australia is heading for a recession so things not great there either.
@@ForRiel Thank you. What health insurance do you use?
We use SafetyNet.
@@ForRiel Thank you!
I watched your video thru a comment on Facebook , why would Americans bother to pay anything to remitly ?
I use my credit card to pay anything and do not even have to pay ATM fees !
Pay the credit card directly from USA bank . No foreign fees at all ..
When I want cash just debit from my savings to the cheapest ATM here then deposit that directly into “ cash in “ ABA .
No limit or conversion whatsoever .
Americans should not bother. It's only necessary if you are working in a third currency like we are with AUD. It costs us more to be here because of the exchange rate as well as the fees.
I have a Schwab account but I usually like to get the most money from a transaction ATM as I can, even though its N/C to me. But all banks are different some give out more per transaction than others.So I was just asking. In the Philippines BGO and Hong Kong bank are 2 examples that give out the most
How about using Transferwise?
We didn't set it up before we left Australia, so we can't use it. 😐
That seems overly complicated to me, why not simply transfer the money directly from your ANZ bank in Australia to your ABA account in Cambodia or even just withdrawn the money out of an ATM with a visa card, I'm sure you have a reason but you never covered what it is.
Thanks for watching. We don't transfer directly from bank to bank because it's very slow that way. Using Remitly is instant, so no worrying about where your money is. Also, and probably more importantly, Remitly's exchange rate is ALWAYS much better than the bank, and the fees are much lower. We could withdraw cash then re-deposit it into ABA, but again, the ATM fees and bank fees are much higher, and the exchange rate is lower. People from the US don't have as many issues as they don't have to convert from another currency. It's all about the combination of the rate and the fees.
@ForRiel not only that, but if you use a very well known american bank/investment firm called Charles Schwab as your savings account you'll be pulling travel funds from, they'll pay back all ATM fees.
Can i get an ordinary visa on arrival without having a job there or paperwork? I get a retirement pension from the military. Might consider staying there a year but getting mixed reviews on the ordinary visa. 🤔
No problem $35 and your visa. Send us a PM on Instagram if you have any further information.
@ForRiel awesome. Thankyou. How to see yall in May. :) yall have alot of great videos. Very Helpful.
Why not use crypto ? 10 cents to transfer any amount anywhere in the world.
I don't know anything about it, no clue how to go about it.
I am Cambodia
Thank you for watching!
What about using credit cards , I am an Aussie and would travel with credit cards, even if I’m a semi permanent resident in Siem Reap
It's an option, but you have to look at the exchange rate and the fees. Over time, they really add up and that's why we transfer using Remitly. Their rate is very close to XE and the fees are low. Banks generally give a rubbish rate.
I must be stupid because I don't get it. What do I need Ritley for? Can't I just transfer it from my bank in the USA into a cambodian bank account?
Of course you can. It's all about bank fees. Doing it this way might be cheaper than doing it by bank transfer.
@@ForRiel Oh ok. Thank you. Banking is not my strong suit. LOL
All good, it can be very confusing. Dealing with Australian banks we find this quicker and cheaper.
Good info thank u.question if I get every month a govt agency check from canada 🇨🇦 in canadian funds in my personal name on the check.can a cambodia bank cash it for me .thank u
Unsure about cashing cheques, would be easy to just get them deposited into your Canadian account and then transfer the money 💰
I have a Schwab account and all ATM and exchange fee's are returned to me at the end of every month.
Yes that sounds like a good option if it is available to you. We weren't able to get one of those accounts. :)
I am using a USA bank which is PNC. Recently in Colombia I just used my ATM card and withdrew cash in pesos. All fees were refunded later by the bank. Is it possible to do the same in Cambodia? Thanks for your great videos!
I think it would depend on your bank's agreement with the Cambodian bank. I know Charles Schwab users have no problem here, so potentially could work. Thanks for watching!
You skip by opening ABA account DUH
I just made a detailed post about the various options I've used and it looks like it got deleted. Any particular reason why?
We certainly didn't delete it. Sometimes we see comments, but then when we go back later to reply to them, they're gone. I checked the 'Held for review' screen and it wasn't there either. I'm sorry that happened.
Did you include any URLs? Sometimes that can be a reason that YT deletes a comment.
@@ForRiel No URL. I've had posts deleted from your page before. I guess YT just doesn't like me! Tried to post again and it's also gone. Shame, some useful info in that post.
That is a real shame and I have no idea why it would happen. I'm happy to post it with a note that it's your comment if you'd like. My email is in the about section.
Hi, this channel is Amazing. I’m moving to Cambodia to become an English teacher. Tefl. I will do my training there in siem reap.
I would like to know which company to use to transfer money from UK bank account to Cambodia?
Thank you so much it’s well structured and very informative. I’ve watched your other video on the Tefl teaching. Loved it as it answer so many of my burning questions. Keep up the good work. ❤
That's great! Thanks so much for watching. I think Remitly or Wise would work for you. It's easiest to wait until you have a bank account so that you don't have to carry large amounts of cash.
What is the difference transferring directly from ANZ? I am with NAB and will need to transfer to my ABA account when I move back next year.
The rate ANZ offers is rubbish, and you have to wait 3 days for the funds to arrive. I think there's a transaction fee as well. Maybe Remitly from your NAB would be better. Compare the rate you get from NAB with xe and let us know how it compares.
@@ForRiel thanks for replying
Anybody use ABA for wire transfers from Canada?
I'd be interested to know how the rate compares with xe. I hope someone has done it!
@@ForRiel I’m relocating from Eastern Canada to PP on July 14…, I Currently have a National Bank of Canada account. ABA is an affiliate bank of NBoC and but I do not yet have an ABA account until I arrive. Already have a flat secured and I just need to sort out the money transfer / transaction options available to me in the meantime. Keep you posted!
Wonderful! Opening an ABA account is very easy, and once you've done that, you'll be set!
"NIck and Raychel" were sending money from Cambodia back home to Canada all the time with ABA when they taught English for 1 year in Phnom Penh.
Why do you not carry USD for spending?
Because of the need for pristine notes. Riel is a lot less hassle and for larger items we just transfer to the vendor's ABA.
@@ForRiel thank you, that makes sense.
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Hi.... How reliable are the ATM's... And do you know is there a fixed transaction fee and what is the maximum withdraw amount... Thank you
ATMs are very reliable, but it's always best to choose the ones that are attached to a bank and only use them when the bank is open.
Hi I am Australian and I have an ANZ debit credit card and I also use western union for transfering money while I was living in the Philippines....am I able to use western union in Cambodia for getting money from my ANZ account?
You can, and that would work until you can get an ABA account sorted. WU is a bit more footwork and you have to show your passport to collect. Using an online service like the one in the video is great because you don't have to leave the house.
I have just tried to get an account with Remitly and I think I did it but when I arrive in Cambodia to live will I encounter any problems getting money? I am getting the disability support pension and I am allowed to live in any country around the world so is approximately $2,000AUD enough to live and be able to save money and I am not a snob and don't really care about where I live as long as it is safe and reasonably comfortable!
@@ForRiel
Sorry I meant to say $2,000 AUD per month approximately!
I want to direct transfer from my acc in Aussie to my aba acc but no one at the bank seems to know what I’m talking about, I can charge Aussie $ to us& without incurring fees in aust,
No, best to use the Remitly solution, I think.
Ask ABA for their swift code and get their address. I have made numerous wire transfers from BofA to Bangkok Bank with this process. I can transfer $9,999 USD at a time without my bank having to inform the IRS.
Will have a look thanks
I just need to find out if I can arrive at siem reap airport from Australia in 2024 and get an ordinary visa on arrival at the airport and I don't want the tourist visa either please? Or do I need to go to the Cambodian embassy in Australia first as there are conflicting information about this on google! I also would like to find out from you about health insurance with the costs involved and if you got the insurance in Australia before you moved to Cambodia or did you get your health insurance in Cambodia after you arrived there and how much and what is included in your insurance as there are so many diffent types of insurance available!
You can get Visa's on arrival at the airport $35, no problem at all. We will do a Health insurance Vlog soon.
Hi Claire :) I have used Wise to transfer cash from my Australian CBA account, to my Indonesian bank account for years. Very quick and sure. Much easier and quicker than your system, but maybe not so in Cambodia? I assume transfer must be converted to USD, and not Riel? And now for the big question...does your ABA Bank tax every transfer at the standard 20% ? As a retiree, each transfer will be the only record of my pension "income". I assume there will be no requirement for me to do any form of Tax Return? Thank you
The extra steps is the only why it works with ABA here. No Tax 😇
So...they only tax money earned in Cambodia? Not transferred from overseas?
Hi guys I am in Siem Reap now and I would love to meet up with you please. I am renting an apartment but unfortunately I don't actually know my address but I am near a market on road 6 near the ABA ATM machines. There is a bridge going over the river with a large outdoor exercise yard next to it and I walk from my apartment to pub street and it only takes me approximately 20 minutes!
Just contact us through Instagram or Facebook messenger 😊
@@ForRiel what is your FB messenger details please
@@ForRiel what are your messenger details so I can add you please?
I don't have your contact details for messenger and I don't use Instagram
Hi Claire,
Queries about only using Riel. Was there not a move recently to mandate tendering USD and change only in Riel? (or have I only got half the story)
Do vendors not always seem to ask for, and expect, to be paid in USD? - and seed surprised when you give them Riel instead.....
Most prices in restaurants and shops are US $ but they should have the Riel price as well. We mostly pay with our ABA app for everything, and tip in Riel.
@@ForRielthank you for your interesting video, didn't think it was boring at all! 😊 I do apologize if this seems silly but for people use to one currency it gets a bit tricky... with the ABA account when you pay with your app, are you paying the amount in USD?
If the item is 4000 KHR are you paying $1 from your account? Thank you for all these videos.
Your step by step guide completely skipped the phase where "CLAIRE the ABA-side recipient" was added in the Remitly app, but okay.
Re. the fee - you could also say that the effective fee of using that method works out to about 2.25% - at least for the USD2k range :)
Yes, that's true - might be easier to understand that way. Thanks so much for watching.
Can you get mail from America there?
It's very hit and miss. Many people use a courier service like DHL instead.
I was wondering how I would get my tax info to prepare my taxes. This comes to me by mail only. I would need a forwarding address in English. Is that possible to have?
If you can, it's best to get a PO Box at the Post Office, particularly in Siem Reap
@@heythave Thanks. I will do that. So many things to do and to remember to do before embarking on the journey.
@@Circuit7Active I'm in Mexico.I use the US Global mail forwarding service.They scan and email for me.I view it on line.The only important things are insurance,auto and financial.
Is $1,200 Australian dollars enough money every month to live comfortably in Siem Reap Cambodia?
Doable but a little tight and not too much space for extras like travel. It's about $800 US, so leaves you about $500 after average rent of about $200 and electricity. You'd need an emergency lump sum of $5k, more if possible.
I don't have any emergency money as I am unemployed and living on the Disability Pension for many years now. If my rent is only about $100 - $150 per month and I will not buy a motor bike as I will never use it then $500 USD should be enough I heard on other videos. I probably won't travel as I have been all around the world and for the last 4 years I have been trapped in the Philippines due to covid 19 lockdowns! I only earn approximately $2,000 AUD per month and in Australia this is below the poverty line so I hate it and I have been to Cambodia before in early 2019 and I loved it but this time I want to live permantly in Cambodia and maybe even find myself a wife!@@ForRiel
In that case, you'll be fine. We always try to err on the side of caution especially for people who are unfamiliar with Cambodia/Southeast Asia, but you know the territory and will be ok.