MoneyGram money transfer service in Cambodia
At the present, the banking sector in Cambodia is growing and also is playing an important role in contributing to economic development through the mobilization and allocation of previously unproductive financial resources to fulfill financial needs of the manufacturing and service sector.
The slowdown of global economy affected the World’s capital and financial market, and stock exchange. Cambodia’s economy has also hit strongly but Cambodia’s banking sector has not been attacked badly because Cambodia’s banking doesn’t depend on the international capital market, and borrow loans from foreign banks. And it has not established domestic stock market yet.
The growing commercial banks in the Kingdom of Cambodia are attracting foreign bank investors from Vietnam, South Korea, and India to invest in Cambodia’s market.
Recently, New York-listed money transfer service MoneyGram International – the global money transfer company has tie up with Advanced Bank of Asia (ABA) in Cambodia in order to provide more value to bank’s customers who are available to begin MoneyGram money transfer service at all 8 branch locations in Phnom Penh, Battambang and Siem Reap province.
Advanced Bank of Asia was established in October 1996 operating as a commercial bank in Cambodia. Its activities are focused on product and service innovations such as strengthening its small and medium enterprise loans, card products, Internet banking functionality and expansion of branch networks in Phnom Penh and other key provinces in Cambodia.
MoneyGram service is available at all branches of Canadia Bank and Cambodia Commercial bank in Cambodia.
A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes.
It is fast and secure for sending and receiving money in Cambodia, bank’s customers just only walk into MoneyGram location by completing form and showing a photo identification to transfer funds. The funds will be ready to collect in as little as 10 minutes, subject to agent availability and hours of operation. All money transfer fees are paid by sender. When applicable, a currency conversion fee may apply.
MoneyGram has a network of 180,000 agent locations in more than 190 countries and territories, and it also is the perfect partner to bring fast, convenient and reliable money transfer services to their consumers across Cambodia.
In addition, there is other global money transfer firm Western Union operating in Cambodia through ACLEDA bank, Singapore Banking Cooperation, and Cambodia Asia Bank.
“$41.2 million was transferred into Cambodia last year through ACLEDA-linked Western Union branches and $10.2 million out. In the first seven months of this year, $26.8 million was transferred in and $6.3 million out,” the Phnom Penh Post quoted ACLEDA’s Vice President as saying that.