FX Rate

I have compared the FX rates currently at two different situations with two different currencies and found out that the FX rate for Bank of China is really GOOD Deal in comparing with other banks such as HSBC, Citibank and even other currency exchange shops.

But Bank of China has 3 exchange rates, you have to be careful, C is always better than B but B is not necessary better than A

a) counter rate which allows you to get as many cash as your want

b) TT rate which you must exchange into your bank book first and you must have a multi-currency account

c) TT online rate which is normally more favorable that the counter TT rate still you must exchange into your bank book first and you must have a multi currency account

* for b and c, please bear in mind, since this is the TT rate, the amount of cash that can be withdrawn each day is different for each currency and you also got to check whether such currency is available at the branch that you visit.

My Recommendation:

step 1 call the counter whether there is enough cash of that currency available

step 2 check with the teller the instant counter rate and the TT rate and remember to bring along your online password

step 3 if the counter rate is better, exchange and get the cash you needed, you are DONE

step 4 if the online TT rate is better, use their computer at the branch and exchange right away and then get the part of the cash that allows that day and get the rest the next day or so..

One thought on “FX Rate

  1. Riti December 3, 2010 / 3:54 pm

    I hate calculations. Can you take one deal as an example for us? say hkd vs jpy. by then, we will see whether it worth to go through step 1 to step 4!

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