Best Ways to Send USD Overseas?

capslock janitor on 03/12/2020 - 21:29
Last edited 15/12/2020 - 13:09

Hi, I need to transfer money to relos in Cambodia.
~$50K
They prefer using USD over there for large sums.

  1. Where do get best exchange rates (w least fee amount)?

  2. Best way/s to transfer it to them (and doesn't take too long)?

It's my first time doing something like this;
So ANY extra tips appreciated. Thanks!

Update -
My plan to send a smaller amount, and if it's smooth, will send the full amount.

Looks like I would fall back on Transferwise if there's no better option from you guys..

I did skim a few of the suggestions:
o Transferwise
o OFX "Occasionally, a third-party intermediary or bank may deduct a fee from the value of your transfer. This fee may vary and OFX receives no portion of it." reas for transfer - in/propp / call
o XE.com maybe, req upload bank statement 6h. "We're reviewing the documents you uploaded.

Once your account is verified you can transfer money."
o WorldFirst maybe, req dealer contact? upload DL where? So many Q's from the get.go, called
o Remitly maybe? "You’ve reached your 7 day(s) send limit. You can only send $2,000.00 right now."
o Skrill maybe, "The most you can send now is 16183.48 AUD."
Send to an email instead?
Skrill Money Transfer is not yet available in the country you are looking for. You can send money to just an email address with a Skrill wallet anywhere in the world!

x WorldRemit>WingMoney limits per txn 1.3k cash, 7k mobile..
x Wing Money req KH address on sign up.
x Revolut no KHM
x Western Union "Send up to 5,000.00 AUD"
x CurrencyFair no Cambodia
x Travelex cash card??
x Moneygram? "The limit for this transaction is 10,500.00 AUD. Please enter a lower amount."
x OrbRemit "Rituraj Dutta
Unfortunately, Cambodia is not one of the countries where we can send funds to." "We cannot send foreign currency to a local bank. That mean USD to a local back in Cambodia."
x KangarooService au-id only
x PayPal bad Fx rates..?

?SendFX
?instaREM
?TorFX
?Banks (HSBC, Citibank..)
?Doesn't Auspost have something too?
?worldfx

Financial

Comments

  • jace88 on 03/12/2020 - 21:39
    +5

    I've never used it before but plenty of people rave about Transferwise.

    • brokenglish on 03/12/2020 - 21:52
      +2

      +1 Don't forget to use the referral link to get one free transfer.

      • capslock janitor on 04/12/2020 - 13:20
        +1

        Cheers guys I sign up with ref and checked,

        ~
        0 AUD

        fee
225.53 AUDOur fee
5.61 AUDDiscount applied
You have a discount on this transfer

You can have a discount for a number of reasons — for example you might have been invited by a friend or followed a discount link from a website.
–219.92 AUD (0.44%)Total fees
=49,780.08 AUDAmount we’ll convert
×0.742650Guaranteed rate
Guaranteed rate

You’ll get this rate as long as we receive your 50,000 AUD within the next 84 hours.
Learn more
(84 hrs)

        Recipient gets
        36,969.18

        Edit +

        To send USD outside the US, we need to use the SWIFT network. It’s more expensive and slower, so it costs $3.2 extra and the transfer might take a day or two longer. Also note that intermediary banks and your recipient’s bank might charge extra fees. Learn more.
        https://transferwise.com/help/articles/2946451/sending-usd-t…

  • whooah1979 on 03/12/2020 - 22:46
    -2

    People that are a bit tech-savvy can send >$10000s to anyone in the world for as little as a few cents or a few dollars.

  • isthatallyougot on 04/12/2020 - 08:27

    Transferwise !!

  • hopper on 04/12/2020 - 10:13

    duck tape

  • cashless on 10/12/2020 - 23:29
    +1

    Transferwise

  • mr_asstight on 10/12/2020 - 23:32
    -2

    Buy USDT crypto then send

    • watwatwat on 10/12/2020 - 23:53

      That has got to be one of the slowest and most dangerous ways.

  • capslock janitor on 14/12/2020 - 20:23

    I have a question about intermediary/correspondent banks if anyone knows…
    Need to know how they take their cut (is it %based or fixed amount, or both..etc)

    So we used TransferWise: sent <$500usd as a test to the Cambodian bank via Swift + Account number.

    Minus $15usd from My bank to Theirs in between.
    (Their Bank charge $10 fee for receiving, )
    but $5 usd seemingly vanished with no record of any sort.

    I ask TW about the $5 and they basically don't know "Intermediary banks take a fee for handling << We cannot see, predict, or have any say on this fee"

    So we then ask the receiving bank, they said to ask the Sender's/bank … Now what?

    Plz help Obviously I don't want to transfer >50K then be charged an unknown amount in the grey area which is the Intermediaries!

    • whooah1979 on 14/12/2020 - 21:01

      It looks a 1.00% slippage from A > B > C. You shouldn't be surprised if they take AUD 500.00 on an AUD 50000 order.

      • capslock janitor on 16/12/2020 - 14:21

        seems ok when you think of it like that,
        But the mysterious B pains me, being unwritten anywhere!

  • cloudy on 15/12/2020 - 13:42
    +1

    Have you tried other providers to see what happens? Might be worthwhile going to OFX or XE and see if there were third fees not listed too.

  • w1nthrophy on 16/12/2020 - 15:27
    -1

    I have U$D in a Citibank U$D account, I need to change it to AUD.

    Perhaps we can trade. I send you my U$D to you relos. And you give me AUD.

    We can use whatever is the google exchange rate at the time of exchange.

    .

    • capslock janitor on 16/12/2020 - 15:30

      hi, it's such a large amount i would not be comfy with that

      also just opened a CitiB ACC yesterday checking it out :)

      • ourcom on 16/12/2020 - 16:16

        Also just opened Citibank multi currency account. Not sure if I understanding correctly, one can deposit AUD and then 'exchange ' to USD in the app. The USD amount will then be available for withdraw from ATM in America locally.

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