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tfunk
Joined: 12 Aug 2006
Location: Dublin, Ireland
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 Posted: Sat Dec 23, 2006 6:19 pm Post subject: Currency to bring to China? |
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Should I bring U.S. dollars or Chinese RMB to Beijing?
Is there any financial advantage of changing Won->RMB in Korea over changing from Won ->Dollars and then changing the dollars into RMB in China.  |
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joeyjoejoe
Joined: 24 Sep 2006
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| Posted: Sat Dec 23, 2006 8:45 pm Post subject: |
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RMB.
if you change from won to $ then $ to rmb you lose two lots of the gap between buy/sell rate and bank rate. changing only once you lose less. |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Sat Dec 23, 2006 9:08 pm Post subject: |
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| joeyjoejoe wrote: |
RMB.
if you change from won to $ then $ to rmb you lose two lots of the gap between buy/sell rate and bank rate. changing only once you lose less. |
Not so fast. If you're converting cash it looks like you'll be better off going through USD. The spread on KRW-USD is +/- 2%. The spread on KRW-CNY is +/- 7%. Even with another +/- 2% spread converting USD-CNY you'll still be better off going through USDs. The only caveat would be if you could get a better KRW-CNY rate in China. But I wouldn't count on it.
If you can do a wire transfer, going straight to CNY looks like a better deal.
You should run the numbers yourself to double check.
KB rates:
http://inf.kbstar.com/quics?page=A003979&dummy=0.4363897934131893
Bank of China rates (it's per $100):
http://www.bank-of-china.com/en/common/service.jsp?category=1099376994100 |
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tfunk
Joined: 12 Aug 2006
Location: Dublin, Ireland
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| Posted: Sun Dec 24, 2006 3:16 am Post subject: |
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Thanks people, I've never really got my head around the whole buying selling business, I'm looking to convert 900,000 won for China in Itaewon on Christmas day.
I'll check out your links huffdaddy and try and figure them out (in the morning, Christmas Eve night and all that).
Ta! (how much money is it possible to lose by making a bad choice...if it was only 20,000 won(on 900,000 won) then I might go for the most convenient/laziest option) |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Sun Dec 24, 2006 3:20 am Post subject: |
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| tfunk wrote: |
| Thanks people, I've never really got my head around the whole buying selling business, I'm looking to convert 900,000 won for China in Itaewon on Christmas day. |
Since it won't be a bank, the spreads might be different.
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| Ta! (how much money is it possible to lose by making a bad choice...if it was only 20,000 won(on 900,000 won) then I might go for the most convenient/laziest option) |
You'll lose 3-4%, so about 27-36,000 won. Based upon my rough calculations. Again, that depends on what the spreads are. |
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Ramones
Joined: 23 Oct 2006
Location: In Hell in my own mind...
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| Posted: Sun Dec 24, 2006 10:39 pm Post subject: |
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If you have a bank account in Korea or wherever you are from you might just do better using your ATM card at a Bank Of China ATM terminal.
I have done this and the surcharges were less than selling my USA money and buying the RMB at a bank or money changer.
I was only charged $1.50 from my USA bank for using an ATM not in one of their banks and didn't see any additional charges from the Bank O China. there are lots of banks in China but Bank Of China ALWAYS worked with my USA ATM card - many other banks did not.
Can't say if it will work with a Korean ATM card but ask your bank. You will save some money using the ATMs at BOC and don't have to worry about walking around with so much cash in your pocket. |
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