Chinese RMB rates..

[binbin81]

4.895 over the ppc.

[hot stuff]

hi, any kind bros can update or provide info on the lastest RMB T/T trasnfer rate at PPC?? thanks and would appreciate. BTW, over the counter exchange rate is it owis better than using T/T option? thanks

[goldpoker]

Originally Posted by hot stuff

hi, any kind bros can update or provide info on the lastest RMB T/T trasnfer rate at PPC?? thanks and would appreciate. BTW, over the counter exchange rate is it owis better than using T/T option? thanks

Of course ...

T/T rate is lower i think quite a bit... call western union to check.

[storm]

Originally Posted by hot stuff

hi, any kind bros can update or provide info on the lastest RMB T/T trasnfer rate at PPC?? thanks and would appreciate. BTW, over the counter exchange rate is it owis better than using T/T option? thanks

TT usually have lower rate as its a service from bank. Bank rates are always lower. Other means of money transfer may be slightly better (1-2 cent higher?). But irregardless TT or other means of transfer, you still have to factor in the service charges.

Eg If I remember correctly, HanSheng at PPC charges $18-20 for each money transfer/wiring.

For Bank TT, its 1/8% of S$ equivalent of remittance amount, usually subject to minimum S$10 and maximum S$100

In summary, counter exchange is always better unless you have a need to transfer money into a China bank account or worried about carry too much cash into China.

Hope this helps

[wetdream2005]

Originally Posted by storm

TT usually have lower rate as its a service from bank. Bank rates are always lower. Other means of money transfer may be slightly better (1-2 cent higher?). But irregardless TT or other means of transfer, you still have to factor in the service charges.

Eg If I remember correctly, HanSheng at PPC charges $18-20 for each money transfer/wiring.

For Bank TT, its 1/8% of S$ equivalent of remittance amount, usually subject to minimum S$10 and maximum S$100

In summary, counter exchange is always better unless you have a need to transfer money into a China bank account or worried about carry too much cash into China.

Hope this helps

Yes it's true that if u transfer fund thru bank, u will get a lower rate. Also the charge will be higher.

But if u TT money thru pte like Hansheng at PPC, u will get a better rate than change money over the counter exchange.
Example
Counter exchange offer $1 - Rmb 4.88
most of the time,
TT(Pte) offer $1 - Rmb 4.89-4.90
Bank TT offer $1 - Rmb 4.86 (long long time no use bank liao)
But remember that this type of pte TT comes with a charge(手续费). normally $10-18. PPC mostly is $15(poor rate) - $18.

So u need to TT around 2-3k to even out the TT charge.

Choose the type of service more suitable for u.

[hot stuff]

hi.. thanks alot for your views. can i conclude it would be adviseable to go money changer if i wanna change RMB for less than SGD2k since the Pte remittance counters charge a fee ard $10-18, and so if i wanna convert over S$3k than just visit the remittance as the rates are better and the charges are breakeven ard that amount..
thanks

[coolmanks]

If cost is your only consideration, yes.

Obviously, you cannot use the remittance agent route if you does not have a RMB account with a bank in China.

Originally Posted by hot stuff

hi.. thanks alot for your views. can i conclude it would be adviseable to go money changer if i wanna change RMB for less than SGD2k since the Pte remittance counters charge a fee ard $10-18, and so if i wanna convert over S$3k than just visit the remittance as the rates are better and the charges are breakeven ard that amount..
thanks

[wetdream2005]

Originally Posted by hot stuff

hi.. thanks alot for your views. can i conclude it would be adviseable to go money changer if i wanna change RMB for less than SGD2k since the Pte remittance counters charge a fee ard $10-18, and so if i wanna convert over S$3k than just visit the remittance as the rates are better and the charges are breakeven ard that amount..
thanks

it's very hard for me to tell u which is the best for u.

I dun even know how much u willing to spend.

Also u need to have a bank account in china before u can even think of remit money to ur account like what Coolmanks mention. Dun think u want to remit to ur gals right.. wait dun know where the money will goes to.. ha ha

But it's very very easy to open a bank account in china anyway. just a passport will do. also dun need to deposit alot of money. i dun remember got any min like singapore.

Also i'm quite surpise of the internet service they provide. quite good. I think maybe better than DBS if not on par.

[AAFuck]

Originally Posted by wetdream2005

Yes it's true that if u transfer fund thru bank, u will get a lower rate. Also the charge will be higher.

So u need to TT around 2-3k to even out the TT charge.

Choose the type of service more suitable for u.

Thanks bro for the detailed information and analysis

[goldpoker]

Any 1 got the update on recent rates?

[Relax-2008]

Just changed this afternoon at Change Alley. Rate: 4.82.

[goldpoker]

Originally Posted by Relax-2008

Just changed this afternoon at Change Alley. Rate: 4.82.

Thanks for the update, wah sian the rate dropping so fast, was like 4.88 or 4.9 last month eh...

[CookiesMonster]

based on the various signal coming out internationally and domestically in PRC, expecting the RMB to appreciate against the USD by year end. I know that those that have DBS account in PRC, can use their card to withdraw $$ from ATM in Singapore w/o charges, limit to a few hundred a day. Not sure if the reverse is true so some bros may want to check it in Singapore. Of course that is assuming the place you are in have DBS ATMs, like Beijing or Shanghai.

[Driftmaster]

Was at PPC crante ard 3pm.
Changed sin to rmb.
Rate: 4.78

Cheers!

[goldpoker]

Haiz ... see the exchange rate of SGD to RMB keep going down, i more down, going in march yet it keeps droping !! omg..