Hi all,
I live an Sydney and would like to exchange CNY to AUD
My initial thoughts were kvbkunlun but they don't do CNY.
Any thoughts guys?
Thanks!
CNY To AUD in Sydney
shadow131 on 12/07/2019 - 07:42
Last edited 12/07/2019 - 09:27 by 1 other user
Last edited 12/07/2019 - 09:27 by 1 other user
Comments
Comparison:
Travel money oz: AUD$ 1000 -> CNY 4724
Online at Transferwise: AUD$ 1000 -> CNY 5000
That's 5.8% more money.
*I hope this is all accurate, please verify.
Fair amount difference indeed but does OP want cash or to transfer money? If there’s no bank account in CNY to transfer it to, then it’s not an option. Unless I don’t understand transferwise?
I think you, or a friend or business, can send CNY to your transferwise aud/eur/gbp/or usd account at the low cost I mentioned above. I believe that's what it's for. But not 100% sure yet. Big improvement costwise on swift, paypal, cc, patreon ect.
@[Deactivated]: But if OP is in Sydney and has CNY in cash, this isn’t going to work? It only works if the money is in a bank account.
@jjjaar: OP didn't tell us which.
If he just moved to Sydney, for example, and needs to exchange his savings from China, then an online cheap exchange option would save him over 90% of cost. I think with the ease of online banking this is a decent choice.
im wanting to do the same thing too.
Try Red Rates in chatswood. I found them to be the most competitive rates, or Supay in chinatownWhat rate would you pay (approximately).
For example 1.5%, 2%, 6% total cost. Just curious.
deleted - kvb kunlun already mentioned
ask people here if they need CNY and work out a win win rate for both of you?
Last time the best one i found was opposite the entrance to the underground dixon street food hall in chinatown (haymarket) … sorry cant remember the exact name. Previously the best i found was the western union just around the corner from it. TLDR Best options generally in the middle of chinatown.
Try an online company like https://transferwise.com/au/borderless/#coverage, you can use an Atm to withdraw.
To me this type of loww cost international currency exchange (when it matures) will replace the questionably disfunctional Cryptocurrency so many are obsessed with. And all other banking options.
They do Yuan, don't know Yuan/Aud rate, but major currencies are cheap approx 0.5%.
Let us know what you think, if you look into it. I will be joining in future.
Update from their website:
1 CNY = 0.206981 AUD, Mid-market exchange rate (from Reuters)So Cny5000 will yield Aud$1029 currently, minus their fee of 27.35 CNY (or Aud $5.63).
Ended up with Red Rates.
Booked the rate online and just showed up to pay. Thanks all!
Travel money oz.
Not sure what the rate is for your conversion but I always get foreign currency from these guys, CNY incl.