Sunday, June 18, 2017

Taobao Rates

Is it cheaper to pay using Maybank tied to your Alipay account (3% tax in RMB) or internet banking (1.5% service tax in MYR)?

I decided to experiment using a book I bought just now.

INTERNET BANKING

Book was listed as 42 RMB, I was charged 42.63RMB (1.5% service charge).
For MYR equivalent, I paid RM27.22 including service tax 1.5% of RM0.41.

Using 42.63/27.22, the exchange rate today is 1.566 (Malaysia currency drop again wtf).

MAYBANK

Using 42 RMB, 42*1.03 = 43.26 RMB
43.26/1.566 = RM27.62

CONCLUSION

It's cheaper if you just pay with internet banking.

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