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Hello, I am from Albania and I am using WeChat Pay to get payment from my clients. My bank name is American Bank of Albania. However WeChat Pay exchange rates are not accurate with my banks exchange rates. Why is that? Exchange rates are not same everywhere in the world?
WeChat Pay exchange rates are not accurate with my banks exchange rates. Why is that?
You told your bank is American Bank of Albania. This is totally stranger bank for WeChat. Because WeChat is an application which is based on China. Then it became international. The application developers and the app headquarters is in China at the moment. WeChat is not using your bank’s exchange rates but it is using exchange rates of China Construction Bank. WeChat is also using exchange rates of China Citic Bank exchange rates. You can Google these banks and see online rates immediately.
Exchange rates are not same everywhere in the world?
Of course it is not. Exchange rates can even change bank to bank in the same country.
For example:
In OTP Bank: 1 USD is 112.80 LEK at the moment.
In American Bank of Albania: 1 USD is 112.40 LEK at the moment.
I am also living close to your country. WeChat exchange rates are really fair for me and almost same with my bank.
Every banks doesn’t provide the same exchange rates. Especially in different countries. One of my friends have visited me from Latvia for years ago. We were using Greek Drachma on those dates, not Euro. Before she was leaving Greece, she was calculating that how much Latvian Lats he could get with exchange rates. Because Latvian and Greek exchange rates were very different. It is still very different to country to country, region to region, bank to bank… I wouldn’t worry much for exchange rates of Wechat. Those rates won’t be same with Albania or any other country or bank. There is already a good example of Nettsted for the same country but seperate banks.