Sending money to Cambodia has become increasingly crucial for Australians supporting family, handling corporations, or paying bills returned home. Whether you are funding a loved one’s schooling in Phnom Penh or covering household expenses in Battambang, choosing the correct transfer method can save time and money. With virtual platforms revolutionising the way we send money to Cambodia, conventional bank transfers and current offerings now coexist—each with its own set of advantages.
Why Send Money to Cambodia?
Many Australians have deep, non-public, financial, or business ties to Cambodia. Here’s why remittances are so huge:
1. Family and Daily Support: To cover the costs of food, education, and medical care, parents, siblings, or extended family members rely on financial support sent from Australia.
2. Bill Payments & Utility Costs: Urban households often use regular transfers to manage their monthly expenses, including electricity, internet, and rent.
3. Small Business and Investment: Entrepreneurs rely on Australians to fund ventures like restaurants, guesthouses, or local tech projects.
4. Emergency Aid & Medical Costs: Quick cash can be beneficial during urgent repairs or medical emergencies.
In all of these situations, it is essential to understand how to send money to Cambodia from Australia in an efficient and secure means.
Methods to Send Money to Cambodia
There are several methods available nowadays for transferring funds from Australia to Cambodia; let us look at common ones:
1) Bank Transfers
It’s possible to utilise traditional bank transfers when sending money from Australia to Cambodia.
• Pros: These methods are often used because they are perceived as safe ways to send money internationally.
• Cons: Bank transfers can be more expensive due to servicing fees, payment processing fees that bank branches might add on for using third-party payee banks, serving international clients/ business users high fee eligibility, especially taxpayers doing taxes abroad and waiting periods attached dealing while taking a longer time than other types such as online remittance services usually do.
2) Online Money Transfer Services
Here is where digital does shine. Online money transfer services such as MasterRemit, Wise, Remitly, or Western Union have transformed international remittances. They utilise technology to offer a smoother and, often, more cost-effective service.
• Speed: Transfers can usually be executed in minutes or hours, a far cry from the old banks.
• Convenience: You can transfer money from anywhere, at any time, using a computer or mobile app.
• Competitive Exchange Rates: These services usually provide more favourable exchange rates and fewer overall fees than banks, so more of your money will end up in your recipient’s hands.
3) Mobile Wallets & Cash Pickup
Cambodia also has an emerging digital payment system, including mobile wallets. Depending on the service you use, you can transfer money directly to a recipient’s mobile wallet in Cambodia. This can be particularly easier for individuals who do not have traditional bank accounts.
Furthermore, most money transfer services in Cambodia provide cash pickup facilities, allowing your recipient to collect funds from a local agent branch within minutes of sending the transfer. MasterRemit facilitates Bank Deposits, Cash Pick-Up, and Mobile Wallet transfers to Cambodia, providing convenience for your recipient.
Things to Think About When Sending Money to Cambodia
Before making a decision about which service to use for money transfers, various essential factors should be considered to ensure a smooth experience.
1) Exchange Rates
The exchange rate affects how many Cambodian Riel (KHR) or USD, a widely used currency in Cambodia, you will receive for your Australian Dollars. You need to always pay attention to the current services provided rate. Even minimal differences in the rates can cause major complications at times.
2) Transfer Fees
Paying attention towards fees charged is vital. Some companies offer fixed pricing, while others charge a fixed percentage fee based on the amount of transfer. Ensure you check the final pricing, including any hidden costs, from all providers before choosing a vendor. At MasterRemit, we stand out from our competitors by providing clear visibility of all applicable fees from the outset.
3) Transfer Speed
How fast do they want it? If you really need money right away, look for services offering instant or same-day transfers. For those who do not seem rushed, a standard processing duration of 1-3 working days could be adequate. MasterRemit works in real-time, offering quick access to various delivery methods.
4) Security and Dependability
Your security and peace of mind is our priority. Always use licensed and regulated providers that have implemented protective measures, such as data encryption, as well as fraud detection and prevention systems. Your money and personal information will be safeguarded. At MasterRemit, we ensure bank-level security through strict regulations, along with SSL technology, which provides secure transactions.
Step-by-Step Guide: How to Send Money to Cambodia from Australia with MasterRemit
MasterRemit provides a secure and straightforward procedure for sending money to Cambodia:
Step 1- Sign up with MasterRemit:
Signing up on our website or mobile app is free of charge. The account creation process is convenient and fast.
Step 2- Verify Identity:
As a regulated financial service provider, we need to verify your identity, which requires providing basic identification documents to ensure the safety of your funds across the system.
Step 3- Enter recipient information:
Choose Cambodia as the recipient country. Next, enter your recipient’s complete name, phone or contact number, and selected delivery method information (i.e., bank account number for bank deposit, mobile number for mobile wallet, or city for cash pickup).
Step 4- Select payment method:
Decide how you wish to pay for your transfer. MasterRemit allows payments through debit/credit cards and bank transfers for your convenience.
Step 5- Confirm and follow the transaction:
Check all the details of the transfer – the amount you’re sending, the exchange rate, the charges, and the sum your recipient will get. Confirm the transaction, and you can then track the progress of the transaction conveniently in real-time via your MasterRemit account.
Top Companies for Money Transfer to Cambodia
When deciding which company is best suited for money transfers to Cambodia, ensure they offer good value services, have a good reputation, and are easily accessible.
1) MasterRemit:
• Pros: Mobile wallet, bank account and cash pickup transfers are all processed instantaneously. Offers low fees with outstanding customer service. The exchange rate is excellent. Security is also outstanding, offering SSL technology and 2FA with bank-level protection—no minimum transfer restrictions.
• Cons: Payment and payout methods for specific corridors may not be available at all times.
2) Wise (formerly TransferWise):
• Pros: They are well-known for charging exceptionally reasonable prices with their fees set in stone, as well as having mid-market exchange rates.
• Cons: In some locations, pickup options are not available, and you may have to wait a considerable amount of time before the funds arrive.
3) Remitly:
• Pros: Promotional deals for new customers are of substantial value. A helpful booker or agent will always be ready for cash pickup in many areas.
• Cons: Other promotional features may not be applicable; a limited range of basic transactions; varying economic conditions. International payments differ based on the country of residence.
4) Western Union / MoneyGram:
• Pros: A wide-ranging worldwide network with multiple cash pickup locations. Many users are familiar with this brand.
• Cons: Compared to online-only services, there may be occasional higher costs and less favourable exchange rates.
By selecting MasterRemit, you are choosing a service that prioritises your connection to Cambodia, ensuring a safe, fast, and economical money transfer to Cambodia. Our goal is to make the process as easy as possible while overcoming distances.