A Warning to ANZ Bank Customers in Asia

Update: 24.07.12 A local rep for ANZ contacted me recently, in response to my complaints online, and explained the process which created the charges and led to the missing funds, as described below. Namely, National Australia Bank (NAB) acted as an intermediary for ANZ, and initiated the currency exchanges, which resulted in the loss of funds. NAB was involved because ANZ and the sending bank are not on the same transfer system. As a gesture of good will, ANZ refunded about 50% of the charges. I appreciate the follow-up from ANZ and the gesture. Obviously more needs to be done so that transfers are not such a big mystery--even for the banks involved--and customers like me don't lose so much money, without at least first agreeing to charges. The money I lost is still six times greater than the flat fee that I was expecting to pay.


Banking locally is a common problem for expats and frequent travellers—made no easier when the given banks are located in a Communist and/or corrupt third-world country. Often foreigners flock to bank brands they know from home, however these local branches are bound by ridiculous local regulations, and for that matter may import some of their unfair practices from back home as well.

Thus my experience with ANZ Bank, which I feel led to warn other expats and travellers about.

Simply put: On 2 foreign transfers in British Pounds to a US Dollar account at the local ANZ Royal Bank in Cambodia, I have found more than $220 missing, without explanation. The sender paid all of the bank fees on their end themselves. The local ANZ Bank only charges a flat $10 fee on transfers. There was no reason for the $220 to be missing.

Equally curious was the fact that the funds did not arrive in British Pounds as sent, nor as US Dollars, as they would eventually be converted. Instead, the funds arrived in Australian Dollars. This raised some red flags.

I went to the head ANZ Bank office here in Cambodia and inquired. First it was denied. I was told such a thing wasn’t possible. After I presented documentation (including forms from the sending bank), ANZ in Cambodia blamed the missing funds and erroneous currency exchange on ANZ Australia, as the parent company and intermediary in all foreign transfers. I was told that if I wanted to pursue the matter, I must contact ANZ Australia.

So I both emailed and called ANZ Bank Australia but was told that they would neither provide any information on the transfer nor assist in any way. They told me to instead deal with ANZ in Cambodia. Back and forth, shifting blame; the funds have not been recovered.

I’ve shared my experience with other ANZ customers in Cambodia and Vietnam and some have told me they’ve had similar problems—and some lost far more money than I—but I’ll let them speak for themselves.

When someone handles your money and they take a large sum for themselves, and then conceal the loss with an erroneous transaction, what would you call that? 

If  you are looking for a local bank in Southeast Asia, I’d have to suggest that you do not use ANZ. If you are already an ANZ customer, here are some tips to detect whether you are a victim of something similar:

1.     ANZ lists the currency and amount of all inward transfers in online banking and statements. Did your transfer arrive in the currency sent?

2.     ANZ is supposed to list the fee collected by them with each transfer. In both Vietnam and Cambodia accounts, this is supposed to be a flat fee. Does it differ from what you expected?

3.     ANZ lists the final amount credited to you of inward transfers, after currency exchanges. You can check this amount in Google. Simply enter the following equation in the Google search bar: X CurrencyA to CurrencyB (example: “2 British Pounds to US Dollars”). Google will return the amount. It won't necessarily be exactly the same rate ANZ charges but it will give you a close ballpark. Does it differ from what you expect (minus known fees).

If you answer yes to any of these 3 questions, you might be a victim of ANZ. This isn’t to say you’ll be able to recover the funds… but at least you’ll know what happened…

Have you had similar problems with ANZ? I'd like to hear from you via comments below. Similarly, I invite a response from ANZ.