Currency conversion - is it always this good?
Jan 29, 2017, 7:57 am
#1
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Join Date: Mar 2012
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Currency conversion - is it always this good?
I'm staying at a marriott in china and just converted USD for CNY at the executive lounge and they basically gave me the rate on xe.com - i can't remember what I paid for CNY at DTW - but I'm sure it was nothing close to the xe.com rate.
Jan 29, 2017, 10:25 am
#2
Join Date: Sep 2007
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IMHO you should never buy your currency in the US as you are just asking for a bad trade. My experience in China is that the government regulates the currency exchange so you shouldn't get ripped off. However, in for instance Hong Kong the hotel exchange rates are generally terrible and you are much better off at a currency exchange. If you have an atm card that does not have service charges or Bank of America and use one of their partners atms ( China Construction bank in mainland) then you will get to within 3% or so of the published exchange rate which is pretty good.
Jan 29, 2017, 11:27 am
#3
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so is this only china? or could I also get sweet deals in Europe; Australia; Japan; etc.?
D.
D.
Jan 29, 2017, 11:30 am
#4
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In any country, you should only get local currency through an ATM. My banks rebate ATM fees and the exchange rate is almost always Interbank rate or better.
If you're that far off, your bank is ripping you off. I'm not surprised Bank of America does this.
If you're that far off, your bank is ripping you off. I'm not surprised Bank of America does this.
Jan 29, 2017, 3:02 pm
#5
Join Date: Jan 2002
Location: Washington, DC, USA
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You're not getting sweet deals there, you're getting bad deals here.
Jan 29, 2017, 7:00 pm
#6
Moderator: Alaska Mileage Plan
Join Date: Feb 2005
Posts: 12,313
China currency exchange is its own world.
Jan 30, 2017, 1:35 pm
#7
Join Date: Dec 2007
Posts: 993
If one have friends in China or Hong Kong, one almost never exchange in a public place or ATM. The black market rate is much, much higher. If one is in Macau, I find their exchange rates (in a bank) to be the best.