Best renminbi exchange rate?

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  1. #1

    Join Date
    Jun 2008
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    9

    Best renminbi exchange rate?

    I need to convert a about several K hkd into renminbi (cash). Does anyone know the best place to get a reasonable exchange rate? The bid/offer spread at the exchange companies in hunghom train station and at lokmachau are rather wide. Would it be any better at HSBC (if they even offer the service).


  2. #2

    Join Date
    Mar 2007
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    You can look at what HSBC is offering on their website


  3. #3

    You should check the "chunking mansions" exchange boots too. I always go there, better rates than the banks.


  4. #4

    Join Date
    Mar 2007
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    13,099

    Dont forget to haggle

    A small word of advice that most people dont actually bother trying. When dealing with the money changers you can actually *haggle* with them and get better rates. On small amounts you can get a few extra dollars. On larger amounts it can be several hundred dollars.

    There are 2 types of money changers. Those owned by mom-pops that are actually working there (you can usually tell by the age of the man or woman serving you); these shops tend to be dirtier and more run-down looking...And then there are the types owned by absent bosses, these are usually manned by younger student looking types; these shops tend to be much much cleaner looking.

    The younger ones working in clean looking shops (just working there) have no empowerment and will just quote you the standard price and will not budge from the quotes.
    The older guys with dirtier shops, they are typically ones that actually own the business will do whatever deal is possible to get and keep your business. Find the dirtiest looking money exchange shop with an older man/woman manning the place and try it :

    If you are going to exchange more than a few hundred, then give it a shot -- ask for a better rate or name your price. More often than not, you will get a better rate than original quote.

    HC


  5. #5

    Join Date
    Aug 2007
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    504

    Sheung wan has a street full of RMB exchange. they generally have the bext rate


  6. #6

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    Mar 2006
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    http://www.geoexpat.com/forum/thread30197.html

    Check this thread above. Very good discussion and also a referral from KIA who I respect much for the Chung King Mansion.

    I go to Berlin Exchange in Central as they publish their rates on line but will vary them if it falls or rises during the day. I have found them to be the best. Caution is if the currency market has some hot risers, then it can be busy as some posters noted on another thread on this place. I also got my RMB there to reduce the likelihood of fake bills.

    I am also surprised at the mention of Chung King Mansion - that place seems pretty err... seedy by my standards. I have done several walk throughs and last time was with a visiting business associate when we were asked by some guy if we wanted... I forget what the product was - legit - and this prompted a huge screaming match between the person who asked us if we wanted to go upstairs and look at some merchandise an and another hawker type. It was a bit unsettling.

    As to haggling. If you have to haggle to exchange currencies, then you are at the wrong place. If this is not an ethical, professional arbitrage business, you shouldn't be there (street boths aside - they just don't give best rates but offer convenient locations which is fine for small sums I guess.

    If it is small dollars no problem on the spreads but if you want value for money and are near Central, compare the prices at Berlin with your bank.

    Now if I am disparaging the Chung King Mansion unfairly, please tell me.

    HK Traveller has a post on that thread that compared on the day he did the check these outfits - check the date on the thread though:

    Since comparison is only possible at the same time, here a result:
    Right now:

    Berlin Exchange Tel. 2523 3403
    USD buy: 7.7930 sell: 7.8080
    RMB buy: 1.136364 sell: 1.144165

    HSBC premier (electronic transfer rate, not cash)
    USD buy: 7.7925 sell: 7.8185
    RMB buy: 1.1375 sell: 1.1550 (rounded)

    HSBC China (electronic transfer rate, not cash)
    RMB buy: 1.138434 sell: 1.147578

    China Foreign Exchange 1/F, Chungking Mansion, Tel. 2316 2611
    USD buy: 7.787 sell 7.80
    RMB buy: 1.137 sell: 1.145

    Pacific Exchange, 1/F Chungking Mansion, Tel. 2724 4980
    USD buy: 7.785 sell 7.81
    RMB buy: 1.135 sell: 1.145475

    Do not change at Chungking ground floor, expecially not at the first shops when you come in, and do not change during non banking hours if avoidable, since the spread is bigger then.
    Last edited by Football16; 08-09-2008 at 11:56 AM.