Chinese RMB rates..

[stephan]

Last time only saw prc worker n mm queuing at the agent there TT money back home. Nowadays turning to Singapore man queuing remit money to China KC!

[Sinoview]

Originally Posted by coolmanks

Brothers Murali,

There is a post earlier, can use Citibank and transfer? No need to go down to People Park and no credit risk on the TT agent.

In that way, all of China bank in spore like BOC, ICBC etc also can do that....

There must be reasons for these remittance agents to exist....either for cost, convenient etc....hehe....

Can some kind bros enlighten us on these....Hehe....

[coolmanks]

Was quoted 4.69 over the phone. Go down bargain a bit, 4.6950 should be obtainable.

Originally Posted by kelwkw

Bro, any idea what is the TT rate today? Thanks.

Yes the banks both local and citi are very uncompetitive for these amounts. But if you are CK or Mayor, VVIP clients of pte bank, you should get good rate for any amt.

However queue at the ICBC branch is very very long and very slow as well. It is longer than all the agents combined. All prcs unlike at agents you get a mix of Ah pek and PRCs.Must fill in some form in mandarin. No service at all and no idea what is the rate. But can't be too bad in view of the long queue.

Agents is very efficent, all your details are in the computers, for rpt customers, transaction can be completed in a few minutes, in-time to get out of the carpark free.

When I first use them to remmit 1000 rmb I was worried about the credit risks; then this guy came next to me and remitted 100K SGD. I amost laugh out loud.

Originally Posted by Sinoview

In that way, all of China bank in spore like BOC, ICBC etc also can do that....

There must be reasons for these remittance agents to exist....either for cost, convenient etc....hehe....

Can some kind bros enlighten us on these....Hehe....

[Enoki]

Rate at amk hub

Buy 20.80
Sell 466.00

[Tony Stark]

Originally Posted by ReDDHead

China town People park centre,
4.68 toDAY

Bugis junction'
4.66

The exchange rate can't seem to break through 4.68 and above for these past two weeks!

Originally Posted by coolmanks

Agents is very efficent, all your details are in the computers, for rpt customers, transaction can be completed in a few minutes, in-time to get out of the carpark free.

When I first use them to remmit 1000 rmb I was worried about the credit risks; then this guy came next to me and remitted 100K SGD. I amost laugh out loud.

Yes these remittance agents provide a very convenient way to do remittance once you've set up a "membership" card with them.

Don't worry as all these agents must have license from MAS before they can operate. In Singapore cannot suka suka open remittance/financial company without approval from MAS. Sure up lorry lah.

PS: There're some unlicensed agents out there. Some only available through word of mouth. Look out for license certificates for the legitimate ones.

[coolmanks]

Yes, in Singapore remittance agents need a licence from MAS. But that does not mean they would not fail.

BTW were you the young guy who remitted 100K SGD? No wonder, u have members card.

Originally Posted by Tony Stark

Yes these remittance agents provide a very convenient way to do remittance once you've set up a "membership" card with them.

Don't worry as all these agents must have license from MAS before they can operate. In Singapore cannot suka suka open remittance/financial company without approval from MAS. Sure up lorry lah.

PS: There're some unlicensed agents out there. Some only available through word of mouth. Look out for license certificates for the legitimate ones.

[Tony Stark]

Originally Posted by coolmanks

Yes, in Singapore remittance agents need a licence from MAS. But that does not mean they would not fail.

BTW were you the young guy who remitted 100K SGD? No wonder, u have members card.

1000% confirm not me! If 100K Rupiah still possible.

Remit RMB100 also can become member wor!

[Tension68]

ok, super newbie on RMB n exchange rates.. can pls advise.. (math olso no good).. if wan to change SGD 500 to RMB, now rate is how much & how much RMB can I change ah?

I see number i faint liao.

[mebirdie]

Originally Posted by Tension68

ok, super newbie on RMB n exchange rates.. can pls advise.. (math olso no good).. if wan to change SGD 500 to RMB, now rate is how much & how much RMB can I change ah?

I see number i faint liao.

What is the exchange rates got to do with whether you are
"newbie on RMB n exchange rates"


Just use a calculator. Be it rmb, ringgit, thai baht or any currency.

You ask this question i also faint liao

Originally Posted by Tony Stark

1000% confirm not me! If 100K Rupiah still possible.

Remit RMB100 also can become member wor!

Only rich people will remit 100K Rupiah or RMB100.
The admin fees cost almost the same

[storm]

Anyone know whats the rate today?

[Tension68]

Originally Posted by Enoki

Rate at amk hub

Buy 20.80
Sell 467.50

bro me birdie.. de above rate.. if I use calculator is.. err... I use SGD 500 den I multiply like...

500 X 467.50?? den is = RMB 233750 ???

paiseh la, but I reali sux at math n duno about currency conversion.. i only noe how to trade in Foreign Exchange.. but how to convert.. blows me away.

Hmm. let me check the net for simple conversion.

[Zeat]

Originally Posted by Tension68

bro me birdie.. de above rate.. if I use calculator is.. err... I use SGD 500 den I multiply like...

500 X 467.50?? den is = RMB 233750 ???

paiseh la, but I reali sux at math n duno about currency conversion.. i only noe how to trade in Foreign Exchange.. but how to convert.. blows me away.

Hmm. let me check the net for simple conversion.

erm... it should be 500x4.675=rmb2337.5.

[qwertyuiop]

Originally Posted by Tension68

bro me birdie.. de above rate.. if I use calculator is.. err... I use SGD 500 den I multiply like...

500 X 467.50?? den is = RMB 233750 ???

paiseh la, but I reali sux at math n duno about currency conversion.. i only noe how to trade in Foreign Exchange.. but how to convert.. blows me away.

Hmm. let me check the net for simple conversion.

Bro Tension68, hmmm, I also do not know how to calculate man.. maybe can learn from u. By the way, I've up u back. Cheers! Enjoy your weekend.

[Elf8878]

Should be:

SGD500 X 4.675 = RMB2337.50

[mebirdie]

Or

S$ 100 = RMB 467.50
S$ 100 = RMB 467.50
S$ 100 = RMB 467.50
S$ 100 = RMB 467.50
S$ 100 = RMB 467.50
------- -------------
S$ 500 = RMB 2337.50
------- -------------

My maths also very poor. Knows how to "+" not multiply.