Thunes and ABA team up to reduce remittance costs
Thunes and ABA have teamed up to reduce the cost for Cambodians sending money home from abroad according to a report in the Fintech Times, a website that would you guess it reports on the Fintech industry.
You can check out their site here.
Who are Thunes and ABA?
Thunes is a global payments network that offers virtual accounts and global remittances at cheer rates than many of its rivals with their website stating
“We power payments for the world’s fastest-growing businesses. With a single, simple connection, your business and customers can send payments to – and get paid in – every corner of the world. Instantly”
The company currently operate 110+ payment countries, as well as 70+ receiving countries, with Cambodia via ABA being the latest added to the list.
ABA, or Advanced Bank of Asia are the most widely recognized bank in Cambodia and have by far the largest network of branches and ATM’s although they are not the biggest bank by capital.
Thunes and ABA – what does the partnership mean?
Sending money to Cambodia from abroad can be an expensive business with some companies charging up to 12 percent accdoring to the report and even ABA charging a minimum of $25-30 on all money received, not to mention it also taking days to arrive.
To read about banking in Cambodia click here
The new process will not only be far cheaper, but also offer instant real time bank and cash transfers, thus saving time and money for expats and locals alike receiving money in the Kingdom.
Zhiger Atchabarov, Chief International Operations Officer at ABA Bank, stated, “At ABA, we are committed to providing every customer with fast and convenient access to funds. Therefore, we praise the opportunity to leverage the speed, efficiency and global reach of Thunes to serve our customers’ needs even better. Accelerating digital innovation and value-added services for the benefit of the Cambodian community is core to the Bank’s vision.”
Great news for those us that need to receive money in Cambodia, but the real question is when will PayPal finally work here?
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Author: Gareth Johnson
Gareth Johnson is the founder of Young Pioneer Tours and has visited over 180+ countries. His passion is opening obscure destinations to tourism and sharing his experience of street food.
