currency exchange discrepancy?
every where i look the exchange for american to chinese yuan is about .146 yuan to dollar. I go to the bank they tell be a rate of .1696 Why is there such a large discrepancy between bank and online converters?
will the same discrepancy be apparent when I convert back to the dollar?
Transactions costs…you wouldn’t be able to convert money without finding chinese bloke in need of dollars yourself unless the bank charged for the service. The posted rates are bulk rates that the forex market using for transactions in the millions of dollars. They usually charge aorund 3 to 5 cents a dollar to convert. The best rate you can get, is actually through atm machines because visa uses bulk conversion.
