Cambodia Investment Review
ABA Bank has launched its latest promotion waiving SWIFT inward remittance fees and offering cashback when receiving eligible funds from abroad for exporters transferring money to Cambodia.
For every $1 million of funds transferred into Cambodia through the SWIFT global payments system, individuals or businesses normally pay approximately 0.1% or $1,000 of inward remittance fees. This is normally considered a “cost of doing business” to move money around the world.
However, under ABA Bank’s latest promotional offer all inward remittance fees will be waived for SWIFT transfer over $500,000 saving exporters $500. In addition, any transfer over $1 million will also include 0.05% cashback giving $500 cashback for every $1 million transferred into an ABA account.
ABA Bank’s offer will run from June until the end of 2022. To be eligible for the offer, ABA customers receiving funds from abroad can notify ABA Bank by sending an email to [email protected] with “Export Cashback” in the subject and include the ABA account name and number used to receive the inward SWIFT transaction.
The cashback will be deposited into the ABA account mentioned in the email upon verification and confirmation of the inward SWIFT transaction. Click here to find out more about the promotional offer.
ABA Banks assists exporters in Cambodia
Cambodian exports are considered a pillar of the country’s economy with overall goods exports (excluding gold) increasing by 22.8% in 2021, attributed to a 42.4% increase in goods exports to the United States.
Speaking to Cambodia Investment Review an ABA Bank spokesperson said: “This latest promotional offer highlights ABA Bank’s strong support for helping Cambodian exporters freely access the capital they need to drive economic growth in Cambodia.”
ABA Bank is Cambodia’s largest commercial bank by assets and owns the long-term issuer credit rating “B+” with a Stable outlook from Standard & Poor’s Global Ratings Agency (S&P). To read more about ABA Banks’ 2021 annual results click here.
ABA Banks SWIFT transfers to Cambodia
ABA Bank offers a quick transfer of money from abroad for individuals or corporations via Inward Bank remittances through its network of correspondent banks in major currencies.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global payments system, which is used by more than 11,000 financial institutions and companies around the world, across over 200 countries.