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Current RMBtoUSD exchange rate on Nathan road in HK

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Aug 16th, 2006, 02:14 AM
  #1
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Current RMBtoUSD exchange rate on Nathan road in HK

Current RMBtoUSD exchange rate on Nathan road in HK

At the Nathan Road money exchangers (close to Mirrador and Chungching Mansions) in HK, what is the average current RMB-USD exchange rate?

On xe.com, it is almost 8RMB to the USD.

Is anyone on location that can give me a quote?
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Aug 16th, 2006, 03:09 AM
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The current rate, per x-rates.com is exactly RMB8 = US$1. Why are you asking? You won't get much better.
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Aug 16th, 2006, 03:26 AM
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Sandy, I won't be able to go over to Kowloon side any time soon, but I can check a few places here on the Hong Kong side in the next day or tow to give you an idea. The rate should be the same on the Kowloon side. Will post again shortly.
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Aug 16th, 2006, 06:33 AM
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i will say again after reading this and similar posts from you over and over, why don't you deposit this money in a china bank and then use an atm card from them to withdraw the money when you get home in canada or whereever??? do they not offer atm cards?? is this the reason??
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Aug 16th, 2006, 07:33 AM
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In my experience, this is a legitimate question. I found on my last trip to Hong Kong that the money changers on Nathan Road did not give even close to the official exchange rate for RMB. The more money you had to change, the better the rate was, but the rate certainly was not the official 8RMB to the dollar.

Bob, with the currency restrictions in China, I'm not at all sure that a foreigner (on a tourist visa) could open a bank account in China.
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Aug 16th, 2006, 09:50 AM
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Go to any major bank in Hong Kong, and they should change RMB to USD for you with rates better than at a Nathan Road exchanger.
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Aug 16th, 2006, 11:26 PM
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I called First International Resources today (852-2511-1378) which is a money exchange company here with branches all over town. They said that they would do an RMB transaction, but would first require that the RMB be exchanged for Hong Kong Dollars at the rate of

1 RMB = 0.97 Hong Kong Dollars

Then they will exchange the Hong Kong Dollars for US at the rate of

7.794 Hong Kong Dollars = 1 US$

In addition they will charge a 1% commission on the total amount exchanged. Both rates seem to be at or pretty close to the official rates, as both the RMB and the Hong Kong Dollar are still pegged to the US Dollar. I don't know what a bank will require, I believe they also charge commission. The bank may also require that the RMB first be converted into Hong Kong Dollars.

First International have locations at various places, the one I know of is at the Fleet Arcade on the Hong Kong side in Admiralty near Pacific Place Mall, but if you call them or look in the Hong Kong Yellow pages, you should find their other locations. I believe they have a branch in or near Mirador Mansions.
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Aug 17th, 2006, 08:12 AM
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I also read the Thorn Tree Northeast Asia board and I think the OP is the same person under a different name who posts there--some of the messages are verbatim. If it is the same person, the reason she wants to know the exchange rate is because she was a Canadian teacher in China and needs to exchange a lot of RMB into dollars but cannot in China. One suggestion for her on that board was to go to HK and make the exchange there.

If the rate from RMB to dollars in HK is 8:1, it seems to me that it wouldn't be a bad deal because it's not that far from the current rate in China, is it?

K
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Aug 17th, 2006, 08:22 AM
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kudzu, yes, Sandy has been posting here for a while so we do know his situation. Given the currency restrictions in CHina, going to Hong Kong to change his money does seem like the good route.
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Aug 17th, 2006, 09:13 PM
  #10
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he or she? what is sandia anyways?
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Aug 18th, 2006, 11:41 PM
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If you take the cash to a casino in Macau you can exchange it to US$ at a decent rate.
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