Getting a better exchange rate means more money for you and your recipient – especially on a large transfer.
As such, it's important to compare exchange rates from several services before sending money overseas. In this guide, we'll go through how you can find the Bank of China's rates and how they compare.
What are the Bank of China's foreign exchange rates?
To find out what the exchange rate is to send AUD with the Bank of China, you'll need to either have an account or call and speak to one of its currency specialists. In Australia, the banks generally add around 5% to 10% to the mid-market exchange rate, so you can expect to see something similar here.
A lot of specialist money transfer services, by comparison, will only add a margin of 1% to 2%. Get some quotes below to see how the Bank of China compares to the other options and to the mid-market rate.
Banks and most money transfer specialists will add a margin to the mid-market rate. The mid-market rate is the current average currency price on the global markets. It's called the mid-market rate because it's halfway between the current buy and sell prices.To see how much you're paying on margins, compare the exchange rates you're quoted to the mid-market exchange rates.
Updated: 05 Apr 2020 03:30:11 UTC
Sending money with the Bank of China: What to know
What we like
Quick RMB transfers. Pre-settled RMB transfers mean you can send money to mainland China almost instantly.
Schedule transfers. You can set up a transfer online to happen at a future date.
What to watch out for
Limited options. If you need to deal with a wider range of currencies or countries, the Bank of China might not be suitable.
Uncompetitive rates. Bank of China takes a margin on exchange rates, while some specialist money transfer services will offer better mid-market rates.
How do the Bank of China's exchange rates compare?
Because exchange rates make such an impact on how much money arrives, it's worth comparing your options before making a transfer.
The table below will show you what your transfer could look like with other services.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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