one and only

Jul 16, 2008

story of currency exchange

At counter 12, Bank of China, I was ready to exchange some Canadian money to Chinese. The big screen showed that the rate was 6.62, (a little higher compared to two weeks ago, ranging between 6.4-6.5.),

' and please, what's rate for American dollar, cash then?'

The staff flipped the keyboard, 'it's 6.74.'

'And what's trading rates between American dollar and Canadian dollar, then?' I remember same day in the morning, I noticed it was about 0.99 to 1.00.

The girl checked and informed me. ' Buying and selling rates are : 0.9999 /1.0036.'

I was puzzled, ' how come then? If US dollar 's value is similar to Canadian currency, why the rate of Canadian to Chinese is being so low. That's so veird and strange.'

The girl was puzzled too, but she insisted. 'It's the system set by our bank. I don't know.' Okay, then, I decided to keep the Canadian money on my account book, for at least three days ( from the girl, their policy again.)

But seconds after I walked out of the head branch of Bank of China in Zhejiang Province, I realized I could do something else. Of course I didn't go back then, hating for its extremely long waiting quene. About 10 minutes' walk away, there's another Bank of China branch.

The manager was puzzled too. 'If you would like to exchange to Chinese from Canadian, why do you need to do twice.' By Twice, my plan was to exchange from Canadian to American first, then from American to Chinese. I did the first step of trade on its self-serive machine, the got traded at 1.0028 , then to Chinese from American dollar at 6.74. All in all, after these trouble, I traded my Canadian to Chinese at 6.72, 0.1 higher than the bank rate 6.62.

LOL.

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