Money transfer services in Cambodia are a huge and ever-increasing sector of the economy. The market has recently got more competitive with new companies looking to muscle in on the profits that are to be made. The market leader is a company called Wing who have gained a large client and agent numbers in the past decade.
Money transfer is so important for the people and the economy as many people working in the cities need to send money back to their family in the provincial countryside. Unlike banks, Wing or other money transfer companies can operate out of small shops and other business’ buildings making it easy and convenient to send or receive money just about anywhere!
Wing was originally launched in 2009 and since then has provided ways for Cambodians to send and receive money pretty much anytime, anywhere with the use of a mobile phone.
Wing’s new and groundbreaking products and services have also allowed virtually every Cambodian access to financial services such as local money transfer, phone top up and utility bill payments. Due to these factors combined with the fact that Wing has more agents than any other provider makes it the leading mobile money and electronic payment service provider in Cambodia.
This is so important for many Cambodians who work far away from their families. Now they do not need to worry about how to send their hard earned money back home. Wing provides fast, easy and convenient services so that there is no need to travel far just to pay a bill or do phone top up as people can do it via any Wing agent or from their mobile phones.
Wing also provides solutions to the corporate sector via their enterprise services. Small and medium-size companies can now use Wing’s payroll and disbursement services for their employees. In turn, this allows for the easy growth of small and medium-size business in Cambodia.
The vision at Wing has always been to provide every Cambodian with easy and convenient access to mobile financial services to help and improve in most people’s daily lives.
Wing has recently partnered with Sathapana and Kookmin banks. These partnerships will provide both Sathapana, Kookmin and Wing’s customers with easy, convenient and seamless money transfer between bank accounts and Wing accounts in addition to wallets across Cambodia digitally.
It will also enable Sathapana’s and Kookmin’s customers to make loan repayment digitally through Wing accounts or through one of Wing’s 5,000 Cash Xpress agents across Cambodia. Sathapana’s and Kookmin bank customers shall also have easy access to other Wing services such as phone top-up, utility bill payment, money transfer and more.
Wing has a strong record of social responsibility and donations to charitable causes. This includes Bags to Schools campaign, tree planting, donating water filters and many more initiatives.
Wing Service Charges
Wing provides an excellent service at a very reasonable cost. For best value it is best to setup a Wing account, this way up to $1000 can be sent for as little as $0.30 charge. If you are sending money to an agent for someone without a Wing account to pick up from one of the 5000 agents across the country the charge is as follows: $0-25 is $0.50, $25-50 is $0.75, $50-100 is $1 and up to $1000 is $2.
Wing also offers international money transfer at highly competitive rates.
True Money and several other money transfer companies are competing with Wing for a share in this lucrative market. True Money has established itself in other Asian countries including Thailand and Vietnam, Indonesia, Malaysia and Myanmar.
Now True Money has over 2000 agents in Cambodia making it the best choice if you want to send money to another Asian country where True Money have agents.
The service charges for sending money in Cambodia are very similar to Wing’s and True Money also offer an account similar to Wing’s where money can be transferred cheaper than sending it to an agent for someone to pick up.