Thunes, a global payments network, has teamed up with ABA Bank so that they can enable Cambodians overseas to send funds back home “quicker and cheaper from around the world.”
As noted in a release shared with CI:
“Previously, customers making international money transfers to Cambodia had to pay high fees averaging close to 12% on a $200 transfer and wait several days for the funds to reach their recipient. Now, powered by Thunes’ last-mile capabilities and extensive global network, Cambodians living, working and studying overseas can send money back home instantly and at more competitive rates.”
For example, a migrant working in Europe may easily send money to friends or family members in their home country in Cambodia using “any bank, money transfer operator, or payment service provider within Thunes‘ network.” The funds being transferred should reach their intended recipient “instantly.”
The release also mentioned:
“In a further boost to efficiency and transparency, locals and expats in Cambodia will also be able to receive real time bank account transfers from Thunes’ extensive network of sending partners, in addition to cash payouts already made available through Thunes.”
Andrew Stewart, Global Head of Networks at Thunes, said they’re pleased to provide this competitive, real-time payments service, which aims to support domestic and overseas Cambodian communities who want faster, more secure transfers.
Stewart added that their partnership with ABA marks a key milestone as Thunes “continues to improve access to Cambodia, one of the world’s fastest-growing economies.”
Zhiger Atchabarov, Chief International Operations Officer at ABA Bank, remarked:
“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.”
With an established expertise in emerging economies, this partnership with ABA “reinforces Thunes’ focus on Cambodia as a key Asian market, with more capabilities to be rolled out in the near future,” the release noted.