Ria Money Transfer has teamed up with Cambodia’s largest retail bank to broaden cross-border money transfer services to and from the country.
The partnership with ACLEDA Bank Plc. will focus on providing services such as cash payments, cash collection in both Cambodian Riel (KHR) and US Dollars (USD), and account deposits, Ria said in a statement.
In addition, the firm said almost 300 cash pickup and payout locations will be added to its network, bringing the total number of locations to 4,318 in the country.
There are reportedly up 1.3 million Cambodians living and working abroad, with more than two-thirds who send money home. According to the statement, $1.25 billion was sent home to Cambodia, last year, an increase of 8% on 2021. Remittances to Cambodia come from France, Canada, the United States, Australia, Thailand, Malaysia, South Korea and Japan, among others.
Ria Money Transfer is a subsidiary of Euronet, the electronic payment services provider which specialises in money remittances. It said that money sent from anywhere in the world through its network to a Cambodian bank account will be delivered in real time, arriving just moments after the sender completes the transaction.
“Remittances continue to be a vital source of income for people in many countries, and at Ria, we are committed to helping people who are living and working far from home have access to the money transfer services they need to build a better everyday life,” added Juan Bianchi, CEO of Euronet’s Money Transfer segment.
